Managing Apartment Turnover: From launch to $10M Series A, with Rent Ready’s Jonathan Kite

Entrepreneurs are always looking for the next big idea, something that doesn’t exist yet.  The next Facebook. The next Uber. The next Netflix.  But the reality is that the next million dollar idea is a company that simply solves a problem that exists in the world.  And for Rent Ready CEO Jonathan Kite, he saw that turnover at apartment complexes was too complicated – the painting, the carpeting, the deep cleans – and he set out to solve that one problem.  With a recent Series A round of $10M, he’s well on his way.

Transcript

Trevor Schmidt: Hey everyone, I wanted to hop on real quick to tell you about a special giveaway that Hutchison PLLC is putting on for listeners of this podcast. A few episodes back, Robbie Hardy shared the unbelievable story about how she used a magic 8-ball to help her decide whether or not to sell her company. All signs pointed to yes for her, and she had a successful exit. Well, we all have major decisions to make every day, so Hutchison thought it would be fun to give away one magic 8-ball each month in a drawing. And to enter the drawing, all you need to do is write a review on Apple Podcasts or wherever you listen – and let us know by sending an email to podcast@hutchlaw.com

Trevor Schmidt:Hello, and welcome to the Founder Shares Podcast. We’re so happy that you’ve chosen to spend some time with us. I’m your host, Trevor Schmidt. I’m an attorney at Hutchison law firm in Raleigh, North Carolina. We work with founders and entrepreneurs as they fight, grind, stress and push to bring their visions to reality. We are inspired by their incredible stories of success, failure, reworking and trying again.

Today’s guest is Jonathan Kite, Co-Founder and CEO of Rent Ready, a technology designed to make apartment turnover easy and efficient for apartment complexes. 

Here’s the problem. Apartments will turn over 50-55% of their units every single year. With the average apartment complex having 200-250 units, that’s about 100 times a year that the apartment managers need to coordinate carpet cleaning, painting, deep cleans, and maintenance, everything that comes with moving in new tenants. 

Jonathan Kite: And when you think about having to schedule, you know, three to five different vendors, a hundred times over in a year, and all of the touch points, like, just think about in your own personal life, when you work with any kind of contractor, like a handyman or an electrician or a plumber. That process of finding them, vetting them, scheduling them, handling that invoice I’m going to guess is likely not a 10 out of 10 experience for you.

Full Episode Transcript

GIVEAWAY: A few episodes back, Robbie Hardy shared the unbelievable story about how she used a magic 8-ball to help her decide whether or not to sell her company. All signs pointed to yes for her, and she had a successful exit. Well, we all have major decisions to make every day, so Hutchison thought it would be fun to give away one magic 8-ball each month in a drawing. And to enter the drawing, all you need to do is write a review on Apple Podcasts or wherever you listen – and let us know by sending an email to podcast@hutchlaw.com.

Hosted by Trevor Schmidt, Founder Shares is brought to you by Hutchison PLLC, and is edited and produced by Earfluence.

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