RentPrep has grown quickly in Buffalo
By Dan Miner
Buffalo Business First
RentPrep doesn’t have many clients in Western New York. It is currently in the process of moving from one local suburb to another, shifting to a newly renovated building it acquired in Lancaster. It hasn’t been concerned with local publicity.
All of which is saying that it has flown under the radar since it was founded in 2007 by U.S. Marine Corps veteran Stephen White. That might not be an option for much longer.
RentPrep has a nationwide roster of independent landlords who use its tenant screening service. And it is in the process of rolling out software-as-a-service products that take advantage of its market penetration to help those landlords manage other aspects of their business.
The company has also become an effective content producer, pulling in millions of unique visitors each year. White says its private Facebook group is the largest private landlord community in the U.S.
These moves have left RentPrep as a source of unvarnished potential in a rapidly consolidating industry, with big decisions looming, White said. It could get rolled up into a bigger company, acquire a smaller one or court investors in a bid to significantly expand its operation.
“What we’re becoming is a one-stop shop for people to manage their properties from start to finish, and to connect to other landlords to help them with their own growth,” White said.
RentPrep has 30 employees, about ten of whom work out of its local offices (the entire workforce has been working remotely during the Covid-19 pandemic). White said interior and exterior renovations on RentPrep’s new 4,500-square-foot building – bordered on each side by apartment buildings – will be finished by early 2021.
In the meantime, he said is quickly expanding its team of developers as it builds software products, with plans to hire a handful of new employees in 2020 and quickly ramp up its team this winter.
“We’re serving the do-it-yourself landlord with one to 10 properties,” White said. “It’s a large market that has been underserved in terms of property management tools.”
This article originally appeared in Buffalo Business First.