RentUp, an Egyptian proptech (Property Technology) startup, has announced the launch of its reverse marketplace, which works as a reverse auction for renting properties, connecting landlords and tenants under one umbrella, in its bid to bring differentiated value to stakeholders across the real estate sector.
Egypt’s real estate sector holds immense significance to the local economy, as it contributes 16%to its gross domestic product (GDP).
However, the sector’s full potential has not been truly tapped. Founded in 2020, RentUp is set out on a mission to accelerate the pace of transformation in the real estate sector using state-of-the-art technology. With the user experience at the core, the startup chiefly works to facilitate transactions for landlords and tenants, enabling a greater conveyancing process for both parties.
Through RentUp, tenants or home seekers can simply list a request on the platform, providing details such as their budget and preferred location, the type of contract as well as any other relevant information. Landlords can then check these proposals and start directly connecting with customers without the need for third parties or intermediaries. The solution offered by RentUp helps landlords secure deals fast, increase the occupancy rate as well as maximize their revenues while providing customers struggling to find leads with personalized property recommendations based on a simple-to-use technology.
“The key reason behind the launch of this startup was to address the deficiency in the process of finding property for a tenant on one hand and the deficiency in the process of finding a tenancy contract for homeowners on the other hand. This, in turn, will help save the time, effort and money of millions involved in the real estate value chain and ecosystem.” Yehya Negm, CEO and founder of RentUp said.
Contrary to all of the solutions in the proptech market that works on a concept called “traditional marketplace” which has proven its inefficiency over the years, RentUp brings a reverse-bidding (Reverse Auction) solution, enabling landlords to hunt for potential Tenants through its marketplace.
The launch of the marketplace follows the startup’s recent completion of a six-figure pre-Seed round led by Japanese investors, which specializes in technology development and fintech innovation. In its endeavour to scale its business across its home market, Rent Up is planning an ambitious business expansion strategy that will amplify its reach to more cities across Egypt, starting with Red Sea coast cities such as el Gouna and Sharm el Sheikh, among others.