With bidding-based smart negotiations and a spam-free transactional interface for property owners and house-hunters, Colive rentX has been recognised as the best innovation that the proptech and real-tech ecosystem in India has seen so far.
India's leading rental exchange platform was recently felicitated at the annual Corporate Titan Awards ceremony held at The Hilton International, Mumbai, organized in partnership with Business Standard. rentX - Colive's proprietary bidding-based solution to the challenges faced by both homeowners and rental house-hunters, was recognized as the best proptech innovation in the global real estate ecosystem.
"We built rentX with the sole objective of solving one major problem that has plagued both property owners & rental house hunters till date, namely the dependence on listing platforms that merely exchange contact information, leaving both parties at the mercy of human errors, unsatisfactory phone calls, or worse - spam.
rentX solves all of this with a simple, intelligent, AI-driven interface that reduces negotiations to bids that take 2 minutes to place, while both tenants & home-owners are empowered with data-driven, auto-generated benchmark scores such as Net Property Score, CITIL Score, and the precise rental trend for a particular city & micro-market. We're especially pleased at this win because it comes at a time when the real estate industry is in dire need of the right technological innovations to push it forward into an era of Trillion-dollar trade," Suresh Rangarajan, Founder and CEO, Colive.
Colive launched as an operator of managed and fully furnished premium co-living spaces in 2016 and made a mark in the industry as a preferred provider among immigrant millennials aged 18 to 34 (Students, Professionals and Young Couples).
In 2020, when a global health crisis forced lakhs of young residents to flee metros and return to their hometowns, the traditional rental supply ecosystem (Paying Guest Hostels, Standalone Buildings, etc.) faced a crisis in securing a steady supply of leads and tenants. The market model of the pre-COVID era was largely dependent on listings and classifieds, and social marketplace groups, with a huge trial and error-based lead generation & transactional success rate.
This affected both tenants and homeowners, many of whom could not connect, despite there being a clear match of the right supply and the right demand at the right price. This is where Colive pioneered the concept of "rentX" - India's first & largest rental exchange platform, where all property owners could, in effect list themselves on a common exchange of room inventory in the micro-markets they have buildings in, and house-hunters, in turn would be able to "bid" on micro-markets as a holistic outreach mechanism, with a budget of their choosing, thereby initiating responses from all nearby home-owners who have chosen to accept, counter or reject that bid.
Long story short, before a tenant and homeowner meet for the first time, or even before a tenant ever walks into a rental property, the deal is done. This means a total end to spam calls to & fro between incorrectly matched/exchanged leads, unsolicited calls from brokers, and the existential perils of an unmonitored, albeit lucrative industry.
Colive rentX acts as the perfect bridge between tenants and property owners, going as far as categorizing properties according to the budgetary preferences of home seekers, into premium co-living spaces (where Colive acts as the managed asset operator), affordable co-living spaces (networked under the Club Colive banner, where all listed properties are supervised & quality-monitored against a set of 'Colive SOPs' and whose tenants enjoy rent-inclusive retention rewards such as free fitness room access, coworking seats, and private entertainment lounges with cinema rooms), paying guest units (sold under the 'Colive Lite' banner and listed on the rentX bidding platform and supplemented by Colive's on-ground sales fleet), and most recently, Colive's foray into family homes (Colive Max) and homes for India's adult++ (Colive Vanaprastha, aimed at citizens aged above 55).
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( With inputs from ANI )
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