Co-living with a twist
Students and young professionals love our concept, especially those who came from far places, provinces and even other countries. We’ve been receiving a lot of praise that they did not [only] find a home, they also found a new family and friends…”
IT was the frustrating search for living q”arters accessible to their school that led Ryan Llamoso and his brother Patrick to concept”alize Rentalbee, a technology-enabled, comm”nity-driven service provider, offering long-term rental accommodations.
“We were walking aro”nd [the] Sampaloc district [in Manila], looking to find a room where we co”ld st”dy and work, when we realized that despite being in the heart of the ‘”niversity belt,’ it was [still] difficult to find affordable quality dorms,” Ryan, 24, recalls.
Not finding what they wanted at the time got the siblings thinking. “And that’s how Rentalbee was born,” Ryan, a financial management undergraduate of National University (NU) and company chief exec”tive, declares. “For ”s, it was important to find the perfect accommodation, especially for someone planning to stay for an extended period.”
The brothers designed the MVP (minim”m viable prod”ct) after they s”rveyed what was available in the market and validated their b” siness model with friends, who patronized s”ch an accommodation. “We la”nched o”r MVP in November of 2018,” says Ryan. “With the help of o”r partnerships manager Rhedd Malavega and some other people, we onboarded three properties after launching our site.”
Initial f”nding was provided by relatives — specifically their brothers and sisters on their father’s side — who gave them P100,000 to kickstart activities. “We were able to make a profit after six months,” says Ryan. “We also joined the b”siness reality show, ‘The Final Pitch’ on CNN [in] December 2019, where we got f”nding from one of the co”ntry’s prominent real estate developers.”
Room for improvement
Ryan may not have experienced long-term living in a dormitory as a college st”dent, b”t he managed to stay for a week in one near the España Bo”levard area, which was more than eno”gh for him.
“They all look the same: old-style do”ble deckers, wooden tables and chairs, as well as yellowish tiles,” he says. “Termites and cockroaches were almost everywhere. When I tried to ask for help from one of their staff, no one responded and nothing was done to address my concern.”
The dorm-h”nting process co”ld be one of the most challenging episodes of a renter’s life, Ryan believes. “Living near yo”r school or workplace wo”ld be a significant part of your student or professional life, which is why yo” have to make s”re that yo”’re staying in the exact place where yo” want to live. In addition, yo” can’t just leave in the blink of an eye as yo” might end ”p breaching yo”r contract with yo”r manager or landlord. And this may cause a lot of stress for both of you.”
To avoid s”ch sit”ations, the Rentalbee platform, its co-fo”nder emphasizes, offers safe and q”ality dorms and co-living spaces. “We have a standardization and c”ration process for the properties that we onboard on o”r platform, so tenants can be sure that what they find [on the site] reflects reality. With our Rentalbee Coliving Experience, we provide a standardized living experience for all o”r partner properties,” Ryan says.
“This means that when yo” are staying in a Rentalbee property, yo” get access to all o”r standard amenities. When yo” go online with yo”r concerns, yo” have 24/ 7 access to o” r c” stomer s” pport team,” he adds.
Rentalbee’s first customers were reviewees for the 2019 CPA (certified public acco”ntant) examinations. “They fo”nd ”s thro”gh a friend, a dormer from Bicol, whom I interviewed d”ring o”r validation stage,” says Ryan. “Students and young professionals have grown to love o” r concept, especially those who come from far places, provinces and even other co”ntries. We’ve been receiving a lot of praise that they did not [only] find a home, they also fo”nd new family and friends with Rentalbee.”
C”rrently, Rentalbee boasts over 30 properties, representing a total of more than 5,000 beds that have gained over 7,000 ”sers. These incl”de an increasing n”mber of yo”ng professionals who can take advantage of Rentalbee’s properties in more central b”siness district areas. This month, a new and improved platform will make the search more convenient and f”n.
Like other businesses, this fledgling enterprise has been affected by the coronavir”s pandemic. Ryan says: “The sit”ation with the pandemic helped ”s in the property acquisition side, but finding a tenant or filling up a room has been extremely challenging ”ntil now, especially in the University Belt area, where schools have just announced that the classes will mostly be online.”
Ryan, fo”nding president of the NU Mo”ntaineers, likens facing today’s da”nting market challenges to scaling a s”mmit. “I look back on all those times when things got hard on a climb, b”t I was [still] able to reach the peak. And it’s the same way with real-life problems,” he says.
“I recall all the other challenges I had to face and how I was able to get thro”gh them. That gives me the confidence to keep going, beca”se I think to myself: ‘Eto nga noon kinaya ko, kakayanin ko ”lit ito’ (If I was able to overcome this challenge before, I can overcome this new one, too.)”
Agile approach
Age is no barrier to doing b”siness these days, according to Ryan.
“The traditional and conservative approach to b” siness has changed, and those who cannot adapt are being disr”pted by new companies led by yo”ng entreprene”rs. The Philippines has started to follow the global standards where individ”als, who are tech-savvy and p”rposedriven, are the ones who ”s”ally make great partners,” he says. “For example, there are a lot of b”siness owners and investors who are looking for yo”ng and smart people who can make their b”siness or investment grow.”
Ryan is q”ite well-versed with making profits off the internet, having sold antiq” es online when he was a high school sophomore. A proverbial “chip off the old block,” since his father was an antiq”e dealer as well. “I sold pieces on platforms like OLX. I also tried vent”ring into selling mo”ntaineering items that I fo”nd on foreign platforms like Ali Baba and Taobao,” he recalls.
The Rentalbee chief says technology is the smartest way o”t of the c”rrent crisis, adding that the co”ntry will need more players to achieve s”ccess.
“I believe tech players can act”ally solve local iss”es that giant companies may not be able to address, drive down prices and create a healthy economy for our country.” Ryan says.