Startups

OWNEX | SIMPLIFYING PROPERTY RENTALS

• ByStartupStory     |    June 1, 2022

Ownex, the first tech-enabled real estate rental platform in Mumbai, with a 15-day rental guarantee, free tenant replacement, and complimentary property management services to help optimize the value of a house and improve the quality of living. We are an end to end tech-enabled real estate Property management solution. We manage residential rental properties. Get the best rent, expert maintenance and take care of tenant hassles throughout the life cycle of agreement.

The real estate rental market is fully unstructured and cluttered by the local agents and they just keep running to make as much money as they can make from the flat owner and tenant. and few property management companies are just focusing on the basic problems which is not the need of an hour and which can be easily solved by the local agent during their transactional operations.  

We with the medium of Ownex want to build a property rental ecosystem where we can save not just the money of our clients but also their valuable time and energy and to make the whole process transparent, quick, hassle-free and cheap” said- CEO of Ownex, Mohd. Sajid in an exclusive interview with Startup Story.

Services at OWNEX

• Property management package for flat owner
• House finding package for tenant

Ownex Vision is to make the average turnaround time of tenant finding/property renting to 7 days and onboard 10k paid property under management.

The company is expecting to serve 400+ Clients and take 200+Paid properties under Management by April 2023

 The idea behind the start-up:

Mohd. Sajid with more than five years of experience in this industry, having wide knowledge in every aspect of realestate from property primary sale, secondary sale, renting ,property management to commercial renting. One day Mohd. Sajid and his team analysed that many start-ups have established to structure the real estate to solve the rental issues, but failed to do so. Because in the name of luxury and technology many start-ups are providing other services than customers needed. They are not able to meet customer expectations, they were unable to tackle the brokers, and they never understood the client needs necessities from the start-up, the solutions and services were not matching with the problems due to which many companies failed and many are still struggling and burning a huge amount of money without any cause.

Then Mohd. Sajid and his team raised out these problem statements and found the 3 major issues of renting

1. Delay in Property renting
2. High Tenant replacement charges
3. High Brokerage.

They understood the three market needs -that flat owner just want to  rent out their flat and don’t want to loose their rental & pay a replacement fee to the broker, and paying 1 month’s rent as brokerage, especially without any add-on services is a huge pain point for flat owner and tenants.

This solution has given birth to this start-up.

  What makes OWNEX stands out?

1. OWNEX Rent out the property without charging the Brokerage, with just a Flat service Fee of 25k, irrespective of the rental amount (i.e if the rental is 40k or 1.5 lakh but the service fee is the same)
2. The company provides Unlimited Free Tenant Replacement without charging a single penny
3.  A 15 Days Guarantee in renting the property is to save the rental loss of owner
4. Complementary property management services including free rent collection, and sorting out the service-related issues from Power cuts to Water leakage every service will be done by the Ownex on behalf of the Owner
5. Experienced Team
6. Technology advantage

The business model of Ownex

 They charge a service fee from the flat owner and tenant 25k each, they take a flat 2k commission on each Leave and license registration from their registered vendors, and they charge a 10% referral commission from fit-out furniture vendors, partnered packers, and movers. The net margin of the start-up is very high and its profitable since Day 1

The journey from zero users to 100 users

Getting the first 100 customers for your company is bliss! Said Mohd. Sajid the Co-founder of OWNEX. Most of the customers were acquired through Google ads, referral, and social media (LinkedIn, Facebook), and ¼ through real estate portals. Since the launch raising from zero users to 100 users is a different story. The major marketing techniques planned for the start-up are Digital Marketing, Brand Alliances, Developer partnership, Referral Programs, Society Tie-up, BTL Marketing, Publications & Blogs, PR, and Partner networks. The free tenant replacement strategy is the best marketing which gives them  2-3 inquiries daily through an organic marketing.

Within the first 90 days of the Ownex operation they achieved 14 Lac+ Revenue, Completed  105+ Site Visit out of it 40℅ Are Virtual, Onboarded 30+ Paid Clients, Served 40+ Clients,  Did Strategy Alliance with 1 Real estate Developer,  Recognized By DPIIT, 5 Star Review on Google, 1 office in Mumbai.

The start-up is expecting to have a corporate tie-up with MNC, real estate  Developers with Tier I and II  category , and relocations firm.

Future Plans of OWNEX

After the launch in February 2022, in the first quarter the company has occupied and created its operations in the central part of Mumbai, the company aims to expand its operations and tap investors from south Mumbai in the second quarter, the western part of Mumbai in the third quarter and Thane part close to Mumbai in the fourth quarter. The start-up is expected to generate revenue of  more than1Cr By April 2023. The company is expecting to hire a new team for building in-house technology. The company is expecting to have Tie-ups with with 40% of Mumbai corporates.  The company is planning to launch a India’s 1^st  mobile application of PMS with on ground support  which will available on both android and apple in the last Qtr of 2023.

Ownex message to the flat owner –

“We don’t want our investor to loose their money in the form of paying high brokerage, unfair rental and rental loss . “We want to reduce the communication gap, make the process transparent ,save the time and use the technology wisely to make the rental transaction hassle-free In short”we want to channelized the whole traditional process  -said Co Founder Muhammad Ali Bhaiji.

Ownex message to the tenant–

“Once a tenant move to new house after killing their time and energy on online and offline mode  they have to pay a lots to the market i.e. Security deposit in lakhs to the flat owner, brokerage to the agent, packers and movers charges, maid salary etc.

With Ownex Doesn’t matter whether you want a rental home in one part of Mumbai or the second part of  Mumbai  you just need to connect with a Ownex single person with one single WhatsApp message and we will  provide one-tap services starting from virtual visit of the house  or the physical visit, we don’t want to add the extra burden of brokerage, we don’t want our tenant to pay extra hidden amount for the movers and the packers and other services they can simply choose the cheapest quote from the list of our registered vendors, and we want to save their time”- Said Co founder and COO Pratik Mishra.

Ownex differs from other Prop-tech start-ups we focused on both side of the coin since it’s a matchmaking industry Ownex make sure that both side of this business( owner and tenant) save the equal amount of money and time and get benefitted from process.

Ownex making the fastest rental platform for the flat owner and the tenant, makes the property renting within 15 days also provides complimentary services including market rental thesis report, background check of the tenant (Civil, criminal and HR), Legal documentation, moving report, half-yearly report, provide all the furniture assistance to the tenant, Logistical help, on-time renting, one tap service resolutions, security deposit refund assistance to tenant, request free maintenance. Etc.

Four Helping techs in OWNEX

Single dashboard – it’s a great platform in which the owner and the tenant can raise the service request, check the collected rents, check the tenant’s details and documents, access moving reports, and half-yearly reports, can also the difference or compare vendor work quote.

OWNEX LMS – A software that works for the sales-people and the clients, this software ensures the connected time between the lead and sales team t within five minutes.

Ownex prop dashboard: This provides access to check the last rental history of the locality and the building.

PMS application: Its application will be available in a few year including on ground assistance.

 

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