Credit score plays an essential role in everyday life including securing an apartment. PropertyNest, a Brooklyn-baed startup launched in 2018, is a comprehensive real estate listing site focused on New York that helps people find apartments to rent or buy, using their credit score as a filtering tool. Apartment seekers can provide information about a variety of factors related to their financial circumstances to get an approval score that shows the likelihood of being approved. PropertyNest also provides renters and homebuyers with detailed information on how to improve their personal financial situations in order to get a dream apartment.
AlleyWatch spoke to founder Ruth Shin about the role of credit score plays in every New Yorkers apartment hunt, the company’s origin, and future plans.
Tell us about the product or service that PropertyNest offers.
PropertyNest is a real estate listing site that helps New Yorkers find apartments to rent or buy by neighborhood using their credit score as a matchmaking tool. Our unique proprietary algorithm calculates a person’s likelihood of being approved for an apartment, based on their financial credentials.
PropertyNest also offers a wealth of practical information on renting, buying, and improving personal financing to get that dream apartment. In addition, users can browse neighborhood guides and compare possibilities by location for their budget
PropertyNest also features a number of calculators that help consumers figure out neighborhood averages and offers expert real estate advice.
How is PropertyNest different?
We believe that everyone deserves a home. This is true for those who are financially stable as well as those who are struggling. Our algorithm is a matchmaking tool to find the perfect fit for nest seekers among listed apartments/houses by realtors or property owners.
PropertyNest’s function is not only to provide real estate listings and insights but also help consumers navigate the oftentimes intimidating and confusing ordeal of qualifying for an apartment or buying one in New York.
What market does PropertyNest target and how big is it?
Currently, we are serving all New Yorkers who are looking for an apartment within the five boroughs, whether it’s to rent or to buy. We’re also targeting recent grads and young people looking to move to and within New York City. It is about an estimated 1.5-2 million people per month.
What is the business model?
We plan on monetizing our listing site through tiered subscription-based advertising and featured ad placements. As a new site, our current focus is on site traffic growth. For a limited time, we offer free subscriptions and other features for real estate agents and apartment hunters.
What inspired the start of PropertyNest?
I got inspired through my work as a real estate agent in the field and through my past struggles with my own credit score. I am also a born and bred New Yorker and have gone through the process of finding an apartment a few times.
Entering the real estate field, I was shocked to see how many prospective renters didn’t understand the apartment application process, even if they had rented before. Most clients needed to be educated on financial requirements.
Entering the real estate field, I was shocked to see how many prospective renters didn’t understand the apartment application process, even if they had rented before. Most clients needed to be educated on financial requirements.
There were also many clients who were discouraged by their credit or had no idea what their credit score was and how to proceed. I revived my own credit from proverbial death, and I wanted to give these consumers the know-how and tools to improve their credit and navigate the rental market.
Buying or renting a home for the first time is not easy. Especially, first-time buyers need encouragement and guidance. I want PropertyNest to give nest seekers the guidance and tools they need to find their dream home. In turn, that means more qualified renters and buyers which helps real estate professionals.
What makes credit score the key factor in obtaining a home?
Whether it’s renting or buying an apartment, your credit score will always play a major role. First, landlords and management companies use it to assess your willingness and discipline to pay your rent on time. A bad bill-payer may indicate a bad renter – someone who doesn’t pay their rent or pay it on time.
Second, your credit score also comes into play if you are trying to qualify for a mortgage or getting into a co-op. This might even be a factor with some condos. While there is some flexibility for credit as far as mortgages go, the lower your credit, the worse your interest rate may be.
What are the milestones that you plan to achieve within six months?
Our goals right now are to grow our organic traffic and increase agent sign-ups for subscriptions.
What is the one piece of startup advice that you never got?
Websites can break very easily and beta testing takes a lot longer than you think it’s going to take! Always buffer in more time for testing.
If you could be put in touch with anyone in the New York community who would it be and why?
I’d like to meet other people of talent and ability that would be an asset to our company either as a team member or as a partner.
Why did you launch in New York?
New York is the largest and arguably the greatest city in the country, with a diverse population, a dynamic real estate market and vibrant tech industry. It’s the perfect location for a real estate tech startup. I am also a native New Yorker and have worked in New York real estate. I saw a need in the New York City market for PropertyNest. That’s why we launched in New York City.
What’s your favorite restaurant in the city?
It’s difficult to definitively pick just one favorite, but I do love the food and ambiance of Falansai. It’s Vietnamese cuisine but has offerings that are seldom found in most Vietnamese restaurants. Chef Henry Trieu has an eclectic mix of familiar street food with the favorite recipes of his family, along with his own unique creations like autumn rolls and his “globetrotter” series of pho. The memory of the flavor of the dishes will haunt you for days.
