All-in-one service saves landlords an average of 75% of their time on a weekly basis
Today NestEgg, a fintech software startup building the future of property management, announced a new "Bring Your Own Contractor" feature that is now available for the 12 million independent landlords in the US.
This new feature immediately gives landlords the ability to use their own contractors and have NestEgg save time by having their team coordinate services and handle billing. It also directly connects landlords with pre-vetted contractors, all of whom are trusted and recommended by other NestEgg users. NestEgg can now quickly locate the right vendor and contract them for work when a maintenance issue arises for any of their landlords rental properties across the US. This white glove service of maintenance and coordination comes at no extra cost for landlords and all billing and invoicing is performed automatically in the app.
Finding qualified and trustworthy contractors for a maintenance issue is the most timely and costly problem for landlords who often spend 75% of their coordination time on this issue alone. This new feature simultaneously addresses the ongoing issue of irregular business for vendors who bid on jobs against other contractors and, on average, get only 1 in 7 of those jobs.
"Bring-your-own-contractor to NestEgg is a revolutionary solution to maintenance issues that will help bring millions of landlords to the place where real estate investing can be an effortless and long-term solution with zero headaches," said Eachan Fletcher, CEO & Co-Founder at NestEgg.
NestEgg saw a 70% spike in maintenance issues rising during the pandemic as renters spent more time in their apartments putting a strain on properties. In turn, this brought more work for landlords and their trusted vendors. NestEgg’s features are turnkey at every corner further emphasizing how a BYOC for maintenance, coordination, and payment compliments NestEgg’s mission to help independent landlords generate wealth.
NestEgg developed the feature after listening to pain points from landlord users who spend whole weekends finding contractors to resolve unexpected - and often trivial - maintenance issues. NestEgg also surveyed contractors who regularly spend 1-2 days a week quoting for work they don’t get. BYOC instantly addresses this inefficiency for both parties.
"By far the most time consuming part of being a landlord is getting maintenance issues resolved. Since the pandemic, my tenants have been spending more time at home so more maintenance issues have been coming up. I don't have a lot of free time and having to be the middle person that arranges the repair by reaching out to my tenants to find out when they are available, and then having to call my contractors to see what works for them, along with all follow ups is a major headache! Using Bring Your Own Contractor on NestEgg has been a total game-changer. NestEgg coordinates repairs directly from beginning to end with my tenants and contractors I've been working with for years, saving me countless hours," says Rachel, a landlord user on NestEgg, from Texas with six rental units.
Once maintenance jobs are completed, NestEgg immediately issues the invoice and will instantly wire the funds straight into a contractor's bank account. NestEgg will charge landlords the price of maintenance serviced directly with a credit card they have on file.
NestEgg is a 24/7 helpdesk for busy independent landlords that can fix problems at their rental properties using smart technology powered by real local experts. Their software helps landlords in three ways: streamlining the maintenance, administrative tasks associated with owning a rental, and offering rent collection and assurance via the app. The company is headquartered in Chicago and services landlord users across the United States. Learn more at https://nestegg.rent/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200819005028/en/