Casalova Launches Rental Marketplace with $50,000 Unpaid Rent Protection for Landlords
First rental marketplace to provide landlords with a Rent Guarantee
Toronto, ON, April 5, 2016 -- Today, Casalova, an end-to-end real estate rental platform, launches with a $50,000 Unpaid Rent Protection for landlords. From the search to the signing of the lease, Casalova streamlines the entire rental process for both landlords and tenants. Casalova is the first rental marketplace in the world to offer a $50,000 Unpaid Rent Protection. The service is available for any residential property in the Greater Toronto Area (GTA) that is owned or operated by a landlord or property manager. The online platform allows landlords to promote their listings and acquire qualified tenants, while also enabling tenants to search for listings, schedule viewings, make offers, and pay rent.
“Casalova was built from our own renting experiences. We were shocked at how long, broken, and fragmented the renting process was so we set out to create a solution that worked for both landlords and tenants,” said Ray Taaeb, CEO and co-founder of Casalova. “After speaking with hundreds of landlords and real estate investors, we found that they have little to no protection in the rental market. Every landlord’s biggest fear is their tenant not paying rent, which is a loss the majority cannot afford to risk."
Landlords who list their properties through the platform are offered the Casalova Care Package, which allows Casalova to handle the entire process of finding, vetting, and securing qualified tenants. Casalova’s proprietary algorithm matches landlords with qualified tenants by determining a Tenant Risk Score which takes into account factors that have historically been shown to predict whether a tenant is high risk or not. Everything from professional photography to showing properties and securing rent payments is handled by a team of professional Casalova Agents. Every tenant booked through Casalova is guaranteed for $50,000 in rent payments for the duration of the lease agreement in case the tenant defaults. Casalova’s fee to landlords for the Care Package is one month’s rent, which is only paid when a tenant leases the unit.
Casalova’s protection package covers rent until the tenant is evicted for non-payment of rent, which is an average of three months in Ontario, or until the $50,000 limit is reached. If a tenant defaults, the entire eviction process is handled by a team of paralegals at no additional cost to the landlord so that the landlord doesn’t waste any time or money. Landlords are then paid every month by Casalova until the tenant is evicted.
“The Guarantee is in place to combat the very one-sided regulations in Canada that don’t offer any protection for landlords against delinquent and ‘professional’ tenants. We are offering a promise to landlords that we believe our proprietary algorithm will match them with a dependable and reliable tenant,” said Taaeb. “Prior to developing the algorithm, most landlords just relied on a credit score to assess the tenant risk. This form of screening is outdated and one dimensional, so we decided to look at a multitude of factors that actually affects tenant reliability.”
With data scientists on the team, Casalova has developed a proprietary machine learning algorithm that considers a wide variety of variables that will affect a tenant’s ability and reliability when it comes to paying rent. Traditional factors, such as the credit score and rent to income ratios are considered, combined with non-traditional factors that the learning models picks up and incorporates over time. This unique algorithm will allow landlords to quickly understand and evaluate a variety of tenants using a benchmarked tenant score.
Casalova is a free platform for tenants and offers a simplified solution to the rental process, enabling users to search for listings, book viewings, make offers, and pay their rent all through the platform. Once matched, a tenant can pay rent through pre-authorized debit, visa-debit or credit card payments all online.
The team at Casalova also developed Neighbourhood Match, a proprietary algorithm to match tenants with neighbourhoods in the Greater Toronto Area that most suit their personality. The algorithm takes into account variables such as age, marital status, lifestyle, education and income. The learning model mines data from all 140 neighbourhoods in Toronto and includes six municipalities: Old Toronto, Etobicoke, North York, East York, York, and Scarborough.
Casalova (pronounced ka-suh-low-vuh), is a Toronto-based software service that streamlines the rental process for both tenants and landlords. Landlords are protected with a $50,000 Unpaid Rent Protection on every tenant booked through the site. Casalova was founded by Ray Taaeb, CEO and Curtis Layne, CTO in 2014. For more information visit Casalova’s website at www.casalova.com.
For further information, please contact:
Morgan Craig, Account Executive