myCityApartment.com
We’re a full service real estate brokerage and we aid in the completion of applications and leases and negotiate on the renters behalf.
Upstart name:
myCityApartment.com
Upstart URL:
http://www.mycityapartment.com
Date of launch:
October 31, 2008
Tell us about your upstart business:
I decided to start myCityApartment.com (right now only in Boston because that’s where I reside) after seeing the success that Redfin and other buyer’s agents were having with giving rebates to their clients and decided to do the same for rentals. I noticed that there was no national brand known solely for apartment locating and also that there weren’t any well known locators offering full service with a rebate so I wanted to fill this gap with myCityApartment.
The audience for the site is mostly comprised of 20-35 year old internet savvy apartment hunters looking for a good deal. At myCityApartment.com we offer more than our competitors like Rent.com because we aggregate listings from additional sources like MLS (multiple listing services), offer a full service, have an innovative check out process on the website to set up multiple showings with us at once, and we offer a more lucrative reward. I hope that with the targeted leads that come in through the “finalized tours” on the site, we will eliminate the time and costs involved in the normal locating process.
How are you funding your Upstart?:
Personal Savings
Upstart launch budget?:
$2500
What do you feel is your biggest challenge?:
Getting people to the website and getting them to create a tour with us will be a continuous challenge. With so many websites out there offering free searches of apartments, it’s hard to get traffic and especially to get people to finish their search on your site. Most people search more than one site, especially craigslist, and may call multiple agents for showings. We have the challenge of trying to make them call us first and allow us to show them every apartment that they see because if they rent one that we don’t show then we don’t make any revenue.
What do you see in the future for your upstart?:
The future of myCityApartment relies on its success in Boston. I expect that by late 2009 we will have substantial web traffic and be able to start considering expansion into other major cities.
How has the current economy affected your upstart?:
The current economy has forced our clients to seek less expensive apartments which has resulted in less revenue for us. However, this has also had a positive effect for us because with money being tight, renters are looking for better deals and especially don’t want to have to pay a brokers commission so using us is compelling in that regard.
From a start up perspective, it’s been impossible for me to get funding for the website so I had to use personal savings and a flexible payment plan with my developers. I’ve also opted to keep my costs extremely low by running this business out of home and only hiring employees on a commission basis.
Your Upstart Services:
Apartment Locating Services in Boston, Brookline, and Cambridge MA. Rewards for renting apartments in Boston. Free search for apartments for rent in Boston, Brookline, Cambridge and surrounding areas of MA.
We’re a full service real estate brokerage and we aid in the completion of applications and leases and negotiate on the renters behalf.
Recommended Services / Advice:
I would advise other start up owners to try to boot-strap their business through the first 6-12 months even if they can get funding earlier on. It has been a motivating factor for me to see my business succeed from all of the pieces that I scrapped together and I wouldn’t change it.
Contact email address:
jay@mycityapartment.com
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