MLSs have done an excellent job at facilitating cooperation and compensation for properties for sale, but have largely fallen short of delivering a comprehensive solution for other transaction categories like commercial, new homes, and rentals. The encumbrance in developing this comprehensive marketplace solution can be summarized as, “they are different.” The differences in cooperation and compensation for commercial sale and lease, new homes, and rentals are extensive and require MLSs to invest significantly in modifications to the rules, policies, and all of the software solutions, including the MLS data schema itself.
The most successful path to performance in many markets across the United States and Canada has been to avoid trying to cram commercial, new homes, and rentals into the existing MLS. Rather, MLSs offer software that accommodates these other real estate business verticals. Over the past 12 months, we have examined the success that MLSs are beginning to deliver through Rental Beast, which can be best described as an MLS system for rentals. WAV Group Communications supported Rental Beast with the announcement below.
SOMERVILLE, Mass. – June 23, 2020 – A new service developed for Multiple Listing Services (MLSs) will make up to 8 million rental listings available to real estate agents and brokers nationwide for the first time. Rental Beast, the leading all-in-one online rental listing service, is launching a new program that will enable MLS agents and brokers to connect with more Millennials and tap into $12 billion in annual rental commissions.
Rental Beast seamlessly integrates with MLS platforms, allowing agents direct access to more than 8 million non-MLS listings, the largest number of verified online rental listings available, directly sourced from property owners and managers, and updated in real-time. The new MLS program from Rental Beast also provides Apply Now, an FCRA-compliant online application engine, accessible by clicking a button next to any rental listing within an MLS. By using the Apply Now feature, listing agents and property owners receive fast and secure access to applicant credit checks, eviction history, and background information (where applicable) to guide decisions.
“With the Rental Beast platform, MLSs can deliver measurable value to its members and subscribing agents and brokers by providing a new source of income and a new way to tap into Millennial-driven business without disrupting its single-family resale policies,” said Ishay Grinberg, founder, and CEO of Rental Beast. “More importantly, Rental Beast is helping MLSs become the center of excellence for all real estate data, not just the home-to-home sales market,” he added.
Chicagoland MRED (Midwest Real Estate Data), one of the largest MLSs in the nation serving more than 45,000 real estate professionals in 7,300 offices, recently implemented with Rental Beast.
“MRED has deeply integrated Rental Beast with our rental listings in connectMLS,” said Chris Haran, Chief Technology Officer at MRED. “This makes it easy for agents to provide a secure, easy, and cost-effective online rental application. Landlords then also get a deeply informative background check and credit report to help them evaluate the prospective tenant, all because of their relationship with the agent. Our agents love to have these new capabilities,” he said. MRED agents also enjoy access to Rental Beast University, the industry-leading online learning center for rental information and education.
Grinberg notes that while 87 million Millennials comprise the largest segment of renters (over 60%), they also make up the largest segment of today’s home buyers (38%). And, over 85% of U.S. homebuyers ages 22-29 bought their first home in 2019. “Beyond connecting with future home buyers earlier in the process, Rental Beast connects agents to investors who are constantly buying and selling properties suitable for the rental market.”
More information about the Rental Beast MLS program can be found online at RentalBeast.com/MLS.