NYC is a city of renters; in fact, 60% of NYC residents are also renters. Despite this overwhelming majority, the NYC rental market is bogged down by inefficiencies for all parties involved. Thankfully the NYC startup UpTop recognizes this, so it built an end-to-end platform that combines a rental listing search engine with property management software. This platform serves both renters and property managers. Renters have the ability to apply for apartments straight from an their smartphones, electronically pay rent, and securely send confidential documents. Meanwhile, UpTop actively markets and advertises on behalf of owners, landlords, and property managers; all for free.
AlleyWatch interviewed the founder and CEO Frank Barletta. Barletta shares how moving 10 times in 8 years gave him the expertise and inspiration to launch UpTop and successfully lead his company to raise Seed funding
Who were your investors and how much did you raise?
Our funding was led by KAL Investments Inc, a U.S. based investment company specializing in disruptive industry performers. We have raised a total of $5.5M through a Seed round.
Tell us about the product or service that UpTop offers.
UpTop is the first free first end-to-end platform that combines a rental listing search platform and a property management software to streamline the way renters, landlords, owners, and property managers work together for the entirety of the renting lifecycle.
Renters can find real listings, communicate quickly and efficiently with the leasing teams, apply straight from their smartphone, sign their lease anywhere in the world, pay their rent electronically without mailing checks or carrying cash around, and easily communicate throughout their tenancies.
UpTop is dedicated to fixing the current residential rental process making it easier, more affordable and less stressful for all parties involved.
What inspired you to start UpTop?
I was inspired to create UpTop because I am a renter and had to move 10 times in 8 years. Each of those times was so difficult and stressful, which made me think that there had to be a better way through use of technology. I discussed the challenges with a lot of different real estate professionals, and I learned that they were experiencing similar issues from having multiple technologies that need integrations, spending large amounts of money for subscription services, experiencing issues managing their portfolios, and lacking relevant data to assist them in making informed decisions.
Similarly, after speaking with renters, they also had related issues such as the difficulty in finding real listings, sending confidential information to owners and property managers, having to deliver a large paper trail to live in an apartment, and writing countless checks which got lost in the mail.
These frustrations caused UpTop to be born and progress to where we are today.
How is UpTop different?
UpTop is different in many ways but our major differentiators are:
- The platform is completely free for owners, landlords and property managers – from lead generation to a full accounting tool.
- UpTop actively markets and advertises on behalf of owners, landlords, and property managers overtime reducing acquisition costs.
- No contracts. No subscriptions.
- “Technology First” – we listen, we build, we execute through advanced technology solutions. RentalTech is critical to enhancing the rental industry.
- Our platform is vertically integrated and built and maintained in our midtown Manhattan offices.
This past November you launched new branding. What inspiration did you draw from to create this brand?
The new brand has been very successful. We have received a lot of positive feedback from clients, renters, and third-parties complimenting the brand and the message it sends.
Our new brand is focused on building blocks – which end with our logo. These building blocks are symbolic because they symbolize the multiple steps in the rental lifecycle, which our technology actively works to enhance. Another reason that building blocks ends with our logo is that we strongly believe that everyone has UpTop aspirations, for some that is living high up in urban areas and for others UpTop could mean personal successes in everyday life.
What market does UpTop target and how big is it?
UpTop’s target market is owners, landlords, reps, or property managers of any size portfolios. Our systems are designed to cater to a landlord with 1 apartment rental unit to large REITs with 100K units.
UpTop is currently targeting the entire U.S. residential rental market.
What’s your business model?
UpTop makes income from offering electronic applications and rental payments with a convenience fee. We do not force anyone to pay electronically and offer this service as a convenience.
What was the funding process like?
The funding process was stressful and difficult at times but also extremely rewarding because it allowed us to receive feedback and advice from multiple third-parties. Additionally, the funding process gave our team a chance to reflect and strategize to ensure that we were on the right path to success.
What are the biggest challenges that you faced while raising capital?
The biggest challenge was getting investors’ attention and ensuring that they listen to our story. For any startup, I believe building and creating trust with investors is the largest challenge; however, it is a critical step in the journey for any startup company.
The biggest challenge was getting investors’ attention and ensuring that they listen to our story. For any startup, I believe building and creating trust with investors is the largest challenge; however, it is a critical step in the journey for any startup company.
What factors about your business led your investors to write the check?
Our investors specialize in disruptive industry performers. They believe that UpTop’s mission to re-segment the rentaltech industry will disrupt and change how people rent around the world. Our investors understand the pain points of renters, owners, and property managers and agree with our rentaltech process to transform the rental lifecycle.
What are the milestones you plan to achieve in the next six months?
UpTop plans to advance its reach among owners, landlords, reps, and property managers in the United States to show them how full end-to-end rentaltech can enhance their businesses.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Try and bootstrap as much as possible, which was how UpTop developed.
If you genuinely believe in your product and people, you already have a successful startup. I advise anyone in this situation to keep knocking on doors, and I would like to offer an ear to anyone who wants advice. It is always great to talk to others and learn from them.
Where do you see the company going now over the near term?
I see our platform improving and solving more problems for renters and owners, landlords and property managers. In the near term, we hope that we can show all parties why UpTop is changing the rental process for the better.
