FROM THE LENS W H Y DIDN’ T I T HINK OF T H AT?
Check Yourself RentCheck’s high-tech solution to security deposit disputes captures millions from investors. BY A S HL EY MCLE LL AN PORTRAIT BY SAR A E SSE X B R ADLEY
RentCheck CEO Marco Nelson and COO Lydia Winkler launched the app with the goal of providing an easy and convenient solution to the problem of rental inspections. The app is designed to be a win-win for both renters and landlords, saving time and money via a virtual inspection process.
2019 NEW ORLEANS ENTREPRENEUR WEEK
IDEApitch winner RentCheck — a locally based startup created by two Tulane alumni — is the first online, automated property inspection platform designed to cut through the struggle between renters and landlords over deposits and refunds. Early recognition locally for the platform was a key factor in the success of the company’s launch. “Winning New Orleans Entrepreneurship Week provided us a stage to tell our story, and was a great catalyst,” said Marco Nelson, CEO, who co-founded the company with Lydia Winkler, COO. “We were in our last semester at Tulane’s MBA program, and winning gave us the momentum to build, raise capital, and hire our first employee, Lucy Warburton, who was VP of product at LevelSet and took a big chance to join us as our head of product.” On August 9, the company announced that it had raised a combined $3.6 million from investors across the U.S. to continue to promote the application in new areas and with more tenants and property managers. After successfully suing a previous landlord after a deposit dispute, Winkler realized she was far from alone in her struggles. According to RentCheck, as many as 40% of tenants end up challenging their landlords over the amount they end up getting back, with an estimated total back and forth of $45 billion per year at stake. The online offering is designed to cut through the red tape by offering virtual, remote inspections that can be regularly scheduled, thus saving both landlords and tenants time and money. “Renters benefit from RentCheck because it protects them against unjust deductions from security deposits,” said Winkler. “It builds trust between landlords and renters. And if we can ease that relationship, the world will be a more peaceful place.”
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BIZ NEW ORLEANS
OCTOBER 2021
HOW IT WORKS Tenants can schedule their own inspections at their convenience. Inspections are virtual, eliminating contact and trips to properties. Property managers can schedule reminders for inspections. Landlords can send automated notifications to tenants for inspections. Standardized reports are gathered and stored in one place.
