ApartmentBids.com Launches Website to Simplify Matching Managers with Renters

By Erika Schnitzer, Associate EditorChicago—ApartmentBids.com has launched a new Website to connect property managers and residents based on information in prospective renters’ profiles.“We provide information about properties and surrounding neighborhoods and we provide managers with qualified information about renters,” Nirav Patel, co-founder of ApartmentBids.com, tells MHN. “The key to quality leads is that the profiles of renters are very detailed; we provide a lot of detail to make it easier to convert leads into leases,” Patel says. In addition to contact information, potential renters also fill out information on employment and credit history.The prospective renter completes a detailed profile and views apartment profiles based on specified search criteria. In addition, renters must choose which is most important from the categories of price, location, size and quality of apartment, explains Patel. Once they complete their profiles, renters can view property profiles and request “bids” from properties about which they would like to receive more detailed information. Property managers will receive the potential renters’ detailed profiles, learn their needs, and contact them directly with their “bids.” Managers customize their “bids” with a marketing message tailored to the renters’ specific needs, including “the top five reasons they should live in this apartment,” and may include special offers and deals. In addition, renters receive information on both the property and the surrounding neighborhood, including an interactive map with local businesses and local conveniences, such as grocery stores and public transportation, says Patel. While the site is free for renters to use, property managers can choose from three pricing plans, including pay-per-lead, pay-per-lease and a subscription plan, Patel explains. With the pay-per-lead plan, property managers pay $10 per lead, although ApartmentBids.com caps the cost at $150 per month, even if a property receives more than 15 leads each month. With the pay-per-lease plan—which is $500 per lease—managers only pay when a lease is signed. The subscription plan costs $99 per month per property, no matter how many leads and/or leases a property receives. ApartmentBids.com has no automatic charge for setting up an account.Patel asserts this site provides a win-win for both managers and renters. ApartmentBids.com currently lists approximately 25,000 units in 17 markets, mainly in the Midwest, as well as Texas and Washington, D.C., though Patel asserts the site will eventually expand to include properties nationwide.