Just-launched Flat Monthly (www.flatmonthly.com) is an ambitious new web platform that aims to transform the current pain of renting apartments, condos and co-living arrangements in southeast Asia into a pleasant and cost-saving experience for property owners, real estate agents, and renters.
FM aims to take the best practices of Booking.com, AirBnB and others in short-term room-booking and apply them to the special conditions that prevail for medium-to-long term flat rentals in Asia capitals, adding in special features like virtual tours and a virtual concierge for “living services” like cleaning, laundry, and scootas that many tenants request or require.
Governments are cracking down on short-term rentals of private apartments and condos, and in any case longer-terms stays are in the interest of condo owners, agents, and renters too. Landlords and agents don’t want the headache of renting for short periods, and longer-terms renters seek monthly rates and stability for their month or more stays.
Flat Monthly co-founder and CEO Mr. Michael Hogg,
Companies also seek cost-effective rentals for foreign employees and guests, but till now, says Mr. Hogg, “have no convenient way to locate and contract them.”
Flat Monthly, which defines itself as a renttech (rental technology) startup, goes after the problems which have made renting properties difficult, providing an all-online, one-stop flat-leasing solution that lets property owners (landlords) or their agents, while the company prepares at its own high tech 3D virtual tours of the properties, eliminating the needs for time-consuming inspections.
Backed by Australian and Asian investors, and with partnerships in place with top agencies and developers in Thailand and Singapore, the company aims to lead in a niche of medium- to long-term condo, apartment and co-living rentals that has been neglected till now.
Flat Monthly tackles the pain points of apartment rental in Bangkok, KL and Singapore, one by one:
Landlords face an oversupply of vacant flats, which can go months or even years vacant, without any rental income for long periods, producing no income.
The situation is getting worse, as new projects go up, with “freelance” agents and owners trying to scrape up whatever income they can.
Real estate agents don’t have it easy either, chasing frantically after business but ending up wasting hours on fruitless inspections and protracted contract negotiations.
Renters, whether individuals or companies seeking housing for foreign visitors and employees on assignment, confront a chaotic rental process that is time consuming and frustrating, wasting valuable time.
Serviced apartments, hotels, and Airbnb are too expensive for longer stays, with owners expecting rental contracts for a year, or three months at a minimum.
The “sweet spot” of renting for several months to a year is currently nearly impossible.
The Flat Monthly solution addresses each step of the rental process:
Instead of searches lacking proper photos or adequate information, often not even in understandable English, Flat Monthly’s comprehensive, filterable, visual search includes a full set 3D photos, virtual tours, and walkthrough videos, with full and exact information provided. The platform provides for:
- Clear and easy unit selection with an online calendar, an instant book option, and transparent pricing detail for rentals from several weeks to a year or more.
- A transparent digital contracting process which clearly and fairly reflects owner conditions and facilitates an efficient online review and signing which cuts the time to reach a mutually acceptable and fully executed legal agreement.
- Support for any form of online payment, including bank transfers and credit cards, so that paying becomes an automatic, recurring process that proceeds like clockwork and protects all sides.
- Virtual concierge for tenant living services like cleaning, laundry, and scoota rentals, even coffee subscriptions.
The bottom line: Flat Monthly reduces property vacancy for owners, delivering signed contract with assured deposits and payments in a one-stop automated service, increasing yields substantially for owners and improving the productivity of agents.
For renters, the Flat Monthly solutions cuts the painful, often weeks-long search process to a matter of minutes, providing transparent terms, digital contracts, easier payments, and substantial cost-savings for medium to long-term rentals.
About Flat Monthly
Flat Monthly is a revolutionary platform for landlords, agents and tenants to expedite listing, searching and transacting agreements for the rental of condominiums and apartments.
By moving the rental process wholly online, automating many routine tasks, and adding cutting edge features like 3D photography Virtual Reality tours and digital signing, the company offers all parties an innovative way to streamline the rental process end-to-end, saving time and money while achieving more satisfactory results — quicker, easier, and more efficiently the business currently operates in Bangkok and Singapore.
Mr. Michael Hogg
Chief Executive Officer
Phone: +65 90303643