PadMatch, LLC

Boston, MA 02134, US
Web Service Software
www.padmatch.com

PadMatch is developing a comprehensive residential rental website/app and property management software that eliminates tenant-paid brokers’ fees for rentals; and facilitates ongoing property management, rent payments, and tenant communication.

PadMatch will be the only company that integrates online apartment rental listings and applications with free property management software and a rental community networking and service platform.

PadMatch is a one-stop solution for renters that provides everything they need from finding and applying for rental units to managing repairs and paying rent. PadMatch also provides everything that property managers/landlords need from reducing property vacancies to collecting rent and managing repair requests.

Prior to PadMatch, many tenants have had to pay four months of rent to move into an apartment in addition to relocation costs. This requirement places a significant financial burden on the tenant.
For example, in downtown Boston, a tenant is usually required to pay first month’s rent, last month’s rent, a security deposit that is equal to one month’s rent, and a broker’s fee that equals one month’s rent. For a $2,500 apartment, the tenant must pay $10k upfront just to sign the lease.

PadMatch can reduce this upfront payment by almost 50%. All listed rental units will be free of tenant- paid brokers’ fees and the tenant can pay a one time $300 fee to in lieu of paying a security deposits. PadMatch is also developing partnerships with cleaning companies, moving companies and various other service providers to give renters a discount on costs when set up through the PadMatch platform.

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Summary

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Company Age Employees Sub-Industry
- - Database & File Management Software
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Property management software/leasing services

PadMatch is a property management software that 1) helps users find and apply for rental housing; 2) prequalifies all applicants prior to visiting the residential unit; 3) arranges property showings; 4) eliminates tenant-paid brokers’ fees for all rentals; 5) allows renters to avoid the prepayment of security deposits; 6) provides discounts on moving activities; and 7) facilitates ongoing property management, security, monthly rent payments, and tenant communication.

The software is provided free to property managers to encourage them to post their listings on the site. The company plans to launch the site and software in August 2019 (property managers will begin onboarding in June and July).

For renters, PadMatch can reduce their upfront deposit costs by almost 50%, eliminating tenant- paid brokers’ fees and, if tenants pay $300, they do not need to prepay the security deposit. For a $2,500 apartment (average price in Boston), the tenant only needs to pay $5,300 instead of $10k

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Managing Director Executive Officer
Richard Murphy

Founder, Managing Director. Richard is a Boston native and Real Estate Broker since 2007. He was the founding Broker of Ascend Realty Group (2007) and PadMatch Realty (2015). Richard studied civil engineering at Northeastern University in 2001 and he earned a BA in Business Management in 2006. He is a combat veteran with 15 years in the Army and the MA National Guard.

Funding

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Funding Goal$1,200,000

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Funding Remaining$1,200,000

Funding TypeEquity

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