RadPad

RadPad
Genre Mobile app, real estate, apartments
Headquarters Los Angeles
Key people
 Jonathan Eppers (CEO, Co-Founder)
Tyler Galpin (Creative Director, Co-Founder)
Tim Watson (iOS Developer, Co-founder)
Website onradpad.com

RadPad is a photo-based mobile application where renters can find a new apartment, condo, or home easily via a transparent process with property owners.[1] As of October 2016, renters can no longer pay rent through the app.[2] RadPad became the largest rental service in Los Angeles, the second-largest rental market in the country, in March 2014.[3] The long term future of the company came into question in November 2016 when a liquidation company began listing company equipment for liquidation auction.[4]

Features

Listing photos and videos

Each property listing must have at least three listing photos. Property owners can also upload videos for a virtual tour.[5][6]

Verified listings

RadPad requires that property owners confirm their identities via a two-step authentication process that verifies their phone number and requires them to upload a valid, state-issued photo ID. RadPad also requires property owners to renew their listings every two weeks to keep them current.[7][8]

Quick conversations

Within RadPad's app, a renter can reach out to a property owner to ask questions or set up a viewing. The platform also shows a renter when a property owner has read a message and their location.[9][8][10]

RadPad automatically populates available apartments, condos, and homes based on where the renter opens the app. Renters can walk or drive through their desired neighborhood and see listings in real time.[5][7][6][11][9]

DriveTime DriveTime enables renters to see how long it will take to commute from their workspace to their new home. DriveTime was updated in August 2014 to also include walk, bike, and public transit estimations for renters. [6][12]

My Rent As of October 2016, renters can no longer pay rent through the app.[2]

Products

Consumers

Browse & Search

RadPad launched in 2012 with Browse & Search, enabling renters to scroll through geo and photo-based listings using an iPhone app or mobile browser.[13][9]

Pay with RadPad

Launched in 2014, renters can pay their rent with a major debit or credit card.[14] This service is suspended with no timeline for reinstatement.[2]

Real estate and property owners

List with RadPad

Property owners, landlords, property management firms, brokers and other real estate professionals can list available properties, manage listings and syndicate them to RadPad partners. Listers are required to renew their listings every two weeks and have at least three photos, a verified contact number and email address.[6]

User demographic information

Most RadPad users are in college or under the age of 35. Two-thirds of users are female.[8][15]

History

Jonathan Eppers, Tyler Galpin and Tim Watson founded RadPad in 2012 after attempting to find an apartment in Los Angeles proved to be a terrible experience.[7] Development began in July 2012 in Venice, California, and was released to friends on Facebook in October.[7] In January 2013, RadPad had reached over 10,000 downloads and was invited to join the startup accelerator Amplify.LA.

In mid-2013, RadPad had raised over $800,000 in seed funding led by Deep Fork Capital, one of the very first investors in Trulia.[8][16] RadPad announced in March 2014 that it had raised an additional $1 million in capital.[16][17] RadPad closed its seed funding in August 2014 with an additional $2 million investment round. RadPad has raised approximately $4 million in seed funding to date with the investor team including Michael Huffington, Mike Jones, Justin Fishner-Wolfson, Brian Lee, Tom McInerney, Nasir “Nas” Jones, Happy Walters (Co-President of Relativity Media), Deep Fork Capital, Post Investments, SG Acquisitions, Social Leverage, Siemer Ventures, and Queensbridge Venture Partners. [18] [19]

It was also announced in August 2014 that RadPad had declined multiple acquisition offers.[20][19]

In April 2015, RadPad raised an additional $9M in Series A Funding according to Business Insider.

Founders

Controversy

In 2013, Westside Rentals filed suit against RadPad alleging that they had improperly used Westside Rentals’ brand name by advertising that any apartment listed through RadPad would be automatically listed on Westside Rental’s website. The suit was dropped by Westside Rentals later that year.[21]

References

  1. ↑ Milchman, Eli. "RadPad Is An Easy, Picture-Rich Way To Find An Apartment On Your iPhone [Daily Freebie]". Cult of Mac. Retrieved 2013-12-05.
  2. 1 2 3 "Pay with RadPad Announcement". 2016-10-13. Retrieved 2016-11-04.
  3. ↑ "Santa Monica-Based RadPad Raises $2M in Capital After Declining Acquisition Offers". Santa Monica Mirror. Retrieved 30 September 2014.
  4. ↑ "RadPad". btesto.hibid.com. Retrieved 2016-11-04.
  5. 1 2 Himmelman, Chaya. "RadPad: A Mix Of Instagram, Craigslist for Home Hunting In Santa Monica". Santa Monica Mirror. Retrieved 2 October 2014.
  6. 1 2 3 4 "RadPad: Find Apartments, Condos and Rental Homes, Pay Your Rent or List Your Place". iTunes. Retrieved 2 October 2014.
  7. 1 2 3 4 "RadPad and the Rental Market: A Chat with Jonathan Eppers". Reyhani Law. Retrieved 2 October 2014.
  8. 1 2 3 4 Lora, Kolodny. "Trulia Investors Back RadPad to Make Apartment Rentals Easier". Wall Street Journal. Retrieved 7 November 2013.
  9. 1 2 3 "RadPad Updates Make For A More Functional And Useful App". Renting in L.A. Rental Girl. Retrieved 2 October 2014.
  10. ↑ Grigsby, Breanna. "Instagram of housing hits L.A.". Pepperdine Graphic.
  11. ↑ Anthony, Ha. "With $200K In New Funding, Photo-Centric Rental App RadPad Comes To Austin". TechCrunch. Retrieved 2 October 2014.
  12. ↑ Calimlim, Aldrin. "Apartment Rental App RadPad Gains Real-Time Messaging, DriveTime And More". AppAdvice.
  13. ↑ Milchman, Eli. "RadPad Is An Easy, Picture-Rich Way To Find An Apartment On Your iPhone [Daily Freebie]". Cult of Mac. Retrieved 3 October 2014.
  14. ↑ Kane, Libby. "This App Lets Renters Pay Even The Most Old-School Landlords By Credit Card". Business Insider. Retrieved 2 October 2014.
  15. ↑ Ervin, Jeremy. "Purdue grad expands RadPad". Lafayette Journal & Courier.
  16. 1 2 Kovalesky, Brian. "Funding and Acquisitions Roundup: RadPad gets $200,000 to make finding a rental property less painful". StartUp Beat.
  17. ↑ Wiggin, Teke. "RadPad, rental search app, raises additional $1 million". Inman.
  18. ↑ Primack, Dan. "Fortune Term Sheet - Venture Capital Deals". Fortune. Retrieved 3 October 2014.
  19. 1 2 "Santa Monica-Based RadPad Raises $2M in Capital After Declining Acquisition Offers". Santa Monica Mirror. Retrieved 3 October 2014.
  20. ↑ Parrott, Jeff. "Elkhart native out to change apartment hunting, living". The Elkhart Truth.
  21. ↑ Scott, Hank. "With RadPad, WeHo's Jonathan Eppers Aims to Make Apartment Hunting Easy". Wehoville.
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