It’s been eight months since we launched Knox with the mission of turning rental property ownership into a hands-off financial product. Today, we’re thrilled to report that our award-winning business is growing at an exponential rate.
We are humbled that every week, homeowners ready to move, as well as landlords who already own rentals, are choosing to put their homes in the Knox program so they can reap the benefits of investment property without having to do any of the work. With this, more and more Boston residents are beginning to experience what it means to be a tenant in a Knox property.
Knox is building technology that turns investment property ownership into a hands-off financial product that benefits both property owners and tenants. In support of this commitment, here are a couple of areas we’re focused on:
Being the best landlord
The vast majority of landlords and property managers do the bare-minimum to maintain their units, and only fix something when they absolutely have to, ignoring the benefits of preventative and scheduled maintenance. This is simply not the Knox way. We don’t just want to rent “ok” properties—we strive to be the absolute best landlord, which benefits both property owners and tenants.
We take a proactive approach to making sure that the apartments and houses we rent are well-maintained and comfortable to live in. With Knox, preventative maintenance is a technology-driven, automated component of our platform. Our deep data collection on each home empowers us to keep them in great shape, and deliver faster resolutions to the inevitable issues that arise.
People who rent an apartment or house from Knox receive the company’s high-quality rental property services, including:
- Proactive maintenance and management—Before moving into a unit, Knox ensures that everything is working well and the home is clean. Knox also keeps a database of all major systems, when they were last serviced, and schedules for proactive maintenance. Appropriate, timely maintenance keeps tenants happy and saves homeowners money in the long run. Happy renters stay, reducing turnover and the threat of vacancy.
- 24/7 call line and professional service—Knox always has a member of staff on call to address issues. If a problem arises, Knox’s software ensures that it is addressed by the appropriate professional as fast as possible. We aim to fix any issue in a matter of hours, not days or months. Fast resolution keeps tenants happy and makes them know they’re supported, which we all appreciate.
- Automated rent payments and transparent lease renewals—With Knox rentals, there’s no need to remember to put a check in the mail each month. Knox also manages leases professionally, ensuring that tenants have ample time to decide on a lease renewal, while reducing the possibility of vacancy should a tenant decide to move.
- No brokerage fees—As part of our technology-enabled business model, Knox never charges a brokerage fee. This saves tenants and property owners money and drives more demand for the units in the Knox program. Increased demand allows Knox to source the best tenants at market rates.
Ensuring a truly frictionless experience for our customers
In order to deliver on our promise of “Frictionless Ownership,” we will continue to ensure that people whose homes are accepted into the Knox program can simply sit back and build wealth while Knox handles all the details of rental property ownership.
This means continuing to enhance our software systems for optimizing the rental property ownership experience, and partnering with a deep bench of seasoned experts to handle all tenant needs that software cannot address (such as fixing a leaky sink).
As we plan for the year ahead, one area of our business that will stay the same is our simplified success fee structure that aligns our incentives with those of the property owners. Knox only makes money when units are rented, does not charge brokerage fees or management fees, and does not upcharge maintenance costs. The owner simply sits back and receives a check from Knox each quarter.
Knox is off to a great start, but this is just the beginning. We look forward to helping many more people in Boston and beyond build wealth through rental property ownership in 2020 and beyond.
- David Friedman and Spencer Taylor