Today we’d like to introduce you to Ryan Coon.
Ryan, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.
My first job out of college was working for a large, global investment bank. In the little free time I had, I also helped my family manage our small portfolio of investment properties. Because time was so valuable, I started looking for ways to streamline and automate the tedious, time-consuming tasks associated with rental properties.
I was using powerful technology tools during my day job and just assumed that someone would have built tools to help landlords like me. I turned to Google and was surprised to find that the only rental management tools on the market were designed for large, institutional real estate investors with hundreds or thousands of units. These platforms were too complex and too expensive for me.
DIY landlords like me, who collectively own 55% of all the rental properties in the US, were being completely ignored. Because better options didn’t exist, we were stuck using outdated technology like Craigslist, Excel spreadsheets, and pen and paper.
I started talking about these problems with my friend, Laurence, who was also helping manage rental properties. We talked about the challenges we faced with collecting rent via checks, finding contractors to handle maintenance issues, finding and screening tenants, and creating leases that complied with local ordinances.
I was relieved that I wasn’t the only landlord frustrated by the lack of technology tools. We started talking about these problems and decided to do something about it.
Laurence and I both left our full-time jobs, taught ourselves to code, and launched Avail.
Today, Avail does all the heavy lifting DIY landlords used to have to handle manually: you can screen tenants, process maintenance requests, accept payments. It streamlines the whole process.
We were pretty pleased with what we accomplished, but the real proof came when other people started signing up. We were like, “We built this. And people are using it.” What’s happened since is kind of mind-blowing.
Currently, 70,000 landlords use Avail. And beyond what we’ve meant to landlords, I think we mean a lot to our employees. We’ve never had an employee leave the company voluntarily, which is a big deal to me. It means that everyone in the office is passionate about making this work.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
As with growing any business, we hit a few bumps here and there. When building the platform, we made a mistake that many first-time founders make. We didn’t invest enough in ensuring our brand was aligned with our target market.
For example, when we started Avail, it wasn’t called Avail. We were trying to provide solutions for renting, so, “Rentalutions” was born. For years we stuck with it, but companies change, and so we needed to rebrand to encompass what truly mattered to us.
Avail – what should we know? What do you guys do best? What sets you apart from the competition?
Avail is an online platform that makes the entire rental process easier for DIY landlords and their tenants. There are more than 8 million landlords in the US who manage properties themselves. These people generally have full-time jobs and manage properties on the side. Until Avail, managing rentals was very time-consuming. It’s exciting hearing from landlords that our platform has reduced the amount of time they need to spend on their properties. It allows them to spend more of their free time with friends and families.
But we’re also making it easier to be a renter. I have friends who complain that they have to keep ordering checks solely because their landlord only accepts rent payments via check. If your landlord uses Avail, you can pay online, which makes life simpler.
Plus, we’re in the age of renters. Right now, more Americans are renting homes than at any time in the last 50 years. That means there’s more opportunity than ever for people who want to invest in real estate. And retirement benefits are a lot less secure than they were a generation ago. Real estate as an investment vehicle is looking more attractive to people who might not have considered it in previous generations when you were guaranteed a pension or even a 401(k). It’s something you can manage yourself. It’s something you can count on, whether you’ve got a full-time job or you’re making a living in the gig economy.
And Avail makes it easier to manage that investment.
What is “success” or “successful” for you?
Who else deserves credit – have you had mentors, supporters, cheerleaders, advocates, clients or teammates that have played a big role in your success or the success of the business? If so – who are they and what role did they plan / how did they help.
My co-founder, Laurence Jankelow. We met in college, learned to code together, and built this company together. I’m really proud of the team we’ve built. Dedicated, hard-working, smart. Just amazing people.
Pricing:
- Tiered levels range from less than $9 per month to $50.
Contact Info:
- Phone: 312-508-3786
- Email: hello@avail.com
- Facebook: facebook.com/helloavail
- Twitter: @helloavail
Getting in touch: VoyageChicago is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
