Fox Business
Expand
Browse All Video
Watch Live

You're watching...

App Aims to Take The Pain Out of Finding an Apartment

Details

  • Description

    Blake Pierson on how the ‘Lovely’ app will end your apartment search nightmare

  • Duration 6:31
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Cisco's like -- the founder and chief executive Bob lovely.

And all -- the talk about some lovely jewelry were actually talking about finding.

A place to live have been Blake thanks so much for joining us first of all.

Thanks for being with -- -- and it talked just a little -- article lovely I don't know so I associate that tells a little bit about the name in and how it relates to.

Finding an apartment which is really what your business is all about.

-- our goal is to help.

-- responded perfect department.

And for most ranchers and cities like New York City year San Francisco that are very competitive very painful process that we -- to take the pain out of that process of finding them.

Renting an apartment and really help you find a place that you love.

Yeah I and Indy we know that that rental market is exceedingly tight and elsewhere the things that came out of the housing collapse is that maybe people aren't buying houses which is odd because.

Really no better time with the low mortgage rates at historical lows and a lot of housing prices coming down but yet.

People are are flooding the rental market -- even more difficult to find a place to live particularly in.

Cities like -- Cisco in New York where you're sort of constrained by geography there's only so much room and then.

How is that playing out in in plain to you as a strength or weakness here.

Well it's really.

Plan -- -- strength fill us in terms of our products coming our product really was founded to to sort of satisfy.

And meet some of the you know the problems that red river basin to markets like San Francisco and New York City for the exact reasons that you mentioned it being very competitive.

Say you know its differences getting myself an open house and he might be competing -- when he other renters looking for an apartment.

And really a lot of the tools that we designed was to help you know make it easier to finance -- -- to resonate for instance that.

You know around her and brings an open house -- stand out the landmark Rangel black -- this -- is doing really well.

That you know.

Basically get real time alerts for apartments -- make money market seeking to first call and learning and be in the front of the line yet that always helps Blake talked to us about how the technology works.

It basically I I can have.

Tell you what I'm looking for and then you're out continues to look forward until until -- the stops.

It does is almost like -- have a friend our personal assistant sort of looking for apartments for yield airline business and along comes on the market that -- search criteria.

You get notified about it railway so it works on the mobile up for instances -- -- your search criteria you can find a location very easily.

On downfield blocker few blocks for neighborhood.

I say your search your price criteria and -- as -- as an apartment comes on the market that fits that criteria.

-- get notified about it right away through it.

Push alert or through email as well so who are you partnering whether -- with the big real estate.

Brokerage houses or who are you are working with I understand you're doing something with Craigslist as well.

So we have close to thirty different data partners.

Providing us with data from across the United States.

We do get Chrysler -- through one of our vendors and we get data -- you know what's in the larger multifamily.

Communities like -- in places like that.

So we do we have a lot of different providers they give us you know mostly inventory in any given city.

Which is important obviously for renters have access here in real time.

Now and then then they did million dollar question here is.

What does it cost me to use it and is there a fee for others if today via phone and apartment or and an apartment building and I want to -- -- you.

So what are the fees there.

As a -- it's absolutely treaty use our our website and obviously are happy in dollar -- from iTunes -- -- treaty is.

As a landlord and -- -- long -- landlord who might have one or two units is simply treaty is it's actually free for any once he's right now.

Dozen apartments -- rents in the future will will be charged in.

Some of the larger property owners but right now as we really focus on the product it's completely free for everyone and we'll continue to be free for consumers is that that your basic model then you'll be charging the real estate brokers or.

Some -- that the big apartment -- perhaps say is that where the revenue streams gonna come from.

Exactly a lot of the monetization will come on the supply side so in terms of listing around transactions and we actually generate at least for landlord or a large apartment complex.

Now how many listings have you guys generated thus far and in how many matches yeah I'm sure you're tracking -- for some kind of a -- ratio.

So we have hundreds of thousands of apartment rentals across the United States and -- -- pretty frequently as you can imagine and competitive markets.

You know listing -- only -- in the market for a few days so the united inventory that we have parents ever.

Very frequently in terms of the number ranchers who have actually rents and apartment through us that's actually not something that -- track yet.

We obviously get a lot of feedback from renters who reach out to us and thank us for -- our website are mobile out that help them find an apartment.

But it's a little bit more complicated there because there's obviously and offline keys to that when they actually finally is.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- You trying to to -- some of them maybe some of the independent guys suited to come in and actually use the -- or is it -- too much of a competition you know against them.

We don't really view brokers is there's competition but it hasn't been a segment of the market that we focused on not just yet.

As you can imagine brokers -- play you know pretty significant role in markets like New York City.

Boston Chicago they play a little bit lesser role you know markets like San Francisco.

The Los Angeles but you know our goal is to really build a product that works for an entire rental market.

And we really approach -- on a market by market basis only.

You know -- in some markets -- York city and Boston obviously their component of that market I don't know satisfy.

We don't really view them as competition now that he has also generate some interesting data -- imagine in terms of sort of you know what it what is a square foot at cost in Boston vs San Francisco vs new York and LA and in different types of of residences buildings reits.

Are you gonna try monetize that data at some point.

We haven't -- about monetizing yet but even -- is -- a great point we do have a ton of data.

You know that we sit on top of we actually have a person on our on our team is is basically hit a scientist reports through a lot of this data.

On and it's something we're trying to understand internally is that we can build you know make Smart product decisions but it's certainly something to be of value to.

Large property owners.

Developers Philippines who you.

-- -- building properties assesses a finger at about their target price point and target locations.

-- I EM Blake thanks so much for joining us here we're gonna wrap up with a quick view of your website but once again thanks for joining us and share in the story of lovely and may -- helping some folks out there find an apartment or giving them an idea of where to start looking.

Great thanks a lot all right.

Load More