Rentlogic, A Ratings Site To Critique Residential Landlords In NYC, Hits A Roadblock!

By | September 27, 2016

NYC landlords balk at transparency

Rentlogic is a new entity created to provide NYC apartment renters with a letter grade along with information about landlords whose buildings they are thinking about living in!

And, at the same time it could potentially help commercial real estate investors who are trying to do their complete due diligence on a building they are thinking about buying.

For those who are fans of transparency it’s a fantastic idea and the original idea behind this article was to promote it!

In fact, New York City real estate firm Citi Habitats also thought Rentlogic was a great idea, entering into a partnership with them and submitting its listings into the database.

But, unfortunately, now the basic premise of the article has changed…

Fast forward 8 days from the agreement and the partnership between Rentlogic and Citi Habitats died! 

The problem? NYC landlords are apparently not fans of transparency as this quote from an article in The Real Deal clearly shows:

The landlords are upset and saying, ‘We don’t want you guys participating in this,’” Daniel Charles, a spokesman for Citi Habitats, told the Times.

The landlords offer their reasoning for their objection that somehow rings somewhat hollow…

Landlords were enraged partly because Rentlogic tracks data for seven years — as long as a renter’s credit history.

But over a seven year period, a building might have been owned or managed by several different entities.
“The new landlord is kind of being punished for the old landlord’s mistakes,” Charles added.

Like the Roger Maris home-run asterisk, however, this ‘problem’ seems as if it could easily be overcome if the will to do so was there.

Clients versus Product Source

The conundrum that Citi  Habitats found itself in raises the age-old question for sales organizations and for their salesman.

In this case it’s whether the real estate middleman owes its allegiance to the renter it should be trying to protect and serve, or to the landlord it relies on for listings?

In this case the question was quickly asked and answered after a mere 8 days!

This type of conflict exists in a great many businesses, not just apartment rentals, where a commission is the ultimate endgame for the salesman.

The key for the consumer is to find those who are in business for the longterm and not simply for quick hits!

So where does Rentlogic go from here?

Hopefully a groundswell of demand for its service from renters pushes listing firms to participate, as the renting public in NYC has the right to know the quality of the building and building owner for the apartments they are thinking of living in!

But if i were a betting man, I would say don’t count on it.

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Michael Haltman is President of Hallmark Abstract Service in New York and a Director of Heroes To Heroes Foundation.

He can be reached at mhaltman@hallmarkabstractllc.com or at 516.741.4723.

 

 

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