Lorent: The integrated Platform for end to end renting Services

By Subhanshu Goyal on October 20, 2015 9 Comments / 5933 views

Hi Fellow members,

I recently joined this forum and has been learning quite a lot from informative posts and discussions, being someone who is a relative noob(:D) but with a open and receptive mind.

I would like to introduce my startup Lorent Services, which is essentially an integrated platform for end to end renting services. So it’s a property listing portal, where you can furnish your property online (buy/rent furniture/electronic equipment) and avail on demand services like Pest control,packing and moving etc.

This 2 min video
is a quick intro to what we are trying to create. Also explains how we are providing offline assistance to our customers too.

Now I believe the USP of our venture is the unique brokerage model, wherein we compensate for the brokerage charged in terms of complimentary services like Packing and Moving, Pest control, Medical consultations (tied up with evaidya), Meal (swiggy) / DTH/ Broadband/ Movie/Cab(Uber) vouchers, Gym Trials (tied up with Playnlive) etc. Our idea is not only to get people a flat on rent, but help them move into it and live happily ever after. We are also trying to create a Loyalty program wherein our customer would get hyperlocal deals in areas they have shifted.

complimentarypackage While all the major players are improving their online presence and presentation(some of the doing a commendable job), none of them are willing to venture into Offline assistance, a dark abyss controlled by a nexus of brokers which, by a modest estimate control 80% of the properties being rented in Gurgaon. Now we are trying to solve this huge mess, aided by technology and our unique brokerage model which will put us on par with these local brokers.

Now we have field tested our idea and the initial response has been phenomenal from users.Now while we are planning to expand to Noida soon, and other big cities later on, I would like to ask the community :

1. What kind of operational challenges we may face?

2. We understand this is not a very investor friendly product, because to my limited knowledge,I understand that investors nowadays are only putting their money into something which has already been validated in the west or there is already a startup here(see what is happening to on demand services). We have a ready pool of customers who are already paying a huge sum for shoddy service. But still what kind of problems this alternate model of brokerage may face, while trying to raise funds?

3. If there is someone here who has in depth knowledge of Real Estate industry and the challenges we may face, I would love to have his feedback.

Any kind of suggestion/criticism/ feedback is welcome.

I thank you all for your support.

tweet us @lorentservices

Comments

Subhanshu Goyal

9 Comments

asha chaudhry October 21, 2015, 8:23 am

holy smokes!

how big is your team?

this does seem a bit ambitious. but i would love for it to be available to me in goa 🙂

i like your vid – but i my first reaction is “this is too good to be true!”

the second thing that comes to my mind – how much would you be charging the customer?
Subhanshu Goyal October 21, 2015, 10:10 am

Hi Asha,

Thanks for the encouraging words.

We have a team of 5 co founders and 10 employees, currently serving Gurgaon.

Regarding the video, yeah we get that a lot but that is the the standard practice with us.

Unfortunately Goa isn’t in our immediate expansion plans but its definitely an incentive.

We are charging as per the market standards,(15-30 days of Monthly rent ).

But once this mode of brokerage gains acceptance,and we streamline our processes even better, we plan to

radically lower the costs.
Alok Rodinhood Kejriwal October 25, 2015, 4:53 pm

I really like the brick and click approach.

Who are your customers? End users or brokers?

That will help in making a grander scale plan
Subhanshu Goyal October 26, 2015, 3:44 am

Thanks for the appreciation Alok.Our target base is end users only. We would love to have your insight

on this.
Sridhar Rajendran November 4, 2015, 5:34 am

Hey Subhanshu,
The idea looks good and loved the video which conveys the message very elegantly.The website is tastefully done and easy to navigate. I guess this is the first time I am hearing about such an end to end service. Interested to see more growth in this area. Good luck to you guys.

Btw just curious, is ‘Lorent’ a play on the words ‘low rent’?
Subhanshu Goyal November 5, 2015, 6:08 am

Hi Sridhar,

Thanks for the feedback. Yes we are probably the first in the “assisted search” domain.

“Lorent” is an acronym for “living on rent”.
asha chaudhry April 2, 2016, 7:04 am

hey subhanshu,

how’s lorent doing??
Subhanshu Goyal April 3, 2016, 2:41 pm

Hi Asha,

Lorent is going strong, we just reached 2500 properties in Gurgaon with around 200 deals last year.Android app on its way, so exciting times ahead.:)
Manish Sisodia April 3, 2016, 4:57 pm

Hey Sudhanshu,
Like everybody is doing I would also add that the video is very attractive. But between your post and the video I would say your post puts it all in better perspective.
I live in Kharghar which could be a perfect location for services of your kind as 80% of residents are transitory. In transferable jobs. There is a big movement happening on a daily basis in most societies here.
Regarding the model – thinking aloud – I would suggest that if you are looking at lowering your charges than instead of doing that why don’t you join hands with the brokers, share the proceeds, You have a ready to deploy army. I am not from that vertical but this could be trick waiting to happen.
All the best!

Rgds
Manish