Rental Listing Questions:

1. How much does it cost to list with RentBid?

2. Do I have to rent my apartment to the winning bidder?

3. My apartment has a regulated rent. Can I use your service?

1. How much does it cost to list with RentBid?

Nothing! That’s right, for a limited time we have no fees associated with our service. We are a licensed real estate brokerage and will eventually make our money from brokerage commissions. However, even when we do implement these commissions, you (the property manager) will decide to pay the commission, split the commission, or pass the full commission on to the winning bidder.

2. Do I have to rent my apartment to the winning bidder?

No, ultimately the decision on who gets your apartment is yours. However, we have created a system that we believe incorporates all the major factors you need to determine the eligibility of the applicant: credit score, income, pets, diplomatic status, student status, etc. We have also created a type of auction we call “pre-approved”. In this auction you have to explicitly designate all the people who are eligible to bid on your unit. The idea is that you would interview these people during the open house. You would collect their email or username. You would then return to our pre-approved page and submit the identifying information of those you designate as worth of renting your unit. Only those people would be eligible to bid. With these factors taken into account, we can get you a qualified tenant willing to pay the most in rent, and thus you should enthusiastically accept the highest bidder's offer.

3. My apartment has a regulated rent. Can I use your service?

Yes. While the government has taken away your ability to maximize your rent, it has not stopped you from selected the best tenant for your unit. We have created a type of auction where instead of bidders competing on the amount of rent they are willing to pay, they instead compete on who has the best profile. The profile is a combination of their income and their credit score. You determine the weight that you give to each factor. We put that weight into an algorithm that calculates a score. The higher the score, the better the profile of the bidder. Thus the bidder with the highest profile score will become the winner. Finally, you could use our “pre-approved” auction in combination with this. In this auction you have to explicitly designate all the people who are eligible to bid on your unit. The idea is that you would interview these people during the open house. You would collect their email or username. You would then return to our pre-approved page and submit the identifying information of those you designate as worth of renting your unit. Only those people would be eligible to bid.

With this functionality, not only CAN you use RentBid to rent your regulated units, but you SHOULD use RentBid to get the best tenant with the least hassle.