Easy Tenant Screening Through Rentify with Chad Guziewicz

Easy Tenant Screening Through Rentify with Chad Guziewicz
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Table of Contents - Easy Tenant Screening Through Rentify with Chad Guziewicz

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George El Masri [00:00:00] This is George El Masri and you are tuning into another episode of the well off podcast where today I interviewed Chad UVic and he had to teach me how to say his last name, of course. He said that I was the best person to pronounce it out of anyone he's interviewed or been interviewed by. So I take full credit for that. So Chad is actually the co-founder of Rent to Fly. And for those that don't know, Rent to Fly is a tenant screening solution for landlords. So basically, they looked at the old ways of doing things for a landlord, which was basically to look at credit reports to call the landlord or call their previous landlords and their employers. And they said there should be a better way to do this. So by using the power of technology, they actually have been able to work out a deal with the bank, the banking or the banks, I should say. And they they're able to access the last 12 months of the tenants banking history. So you can see what kind of if they've made their rent payments on time, you can see what kind of other payments they've had, like car payments and whatever else you have. Basically access to all of the relevant information you need as a landlord to make sure that you are selecting the right tenant. So if you are interested in finding out a little bit more about the system, I encourage you to listen to the episode until the end. And I truly believe this will be a really useful tool for you as a landlord because it's going to save you so much time. I know I've been there. I've had to call employers, wait for them to call me back. It could take a few hours. Sometimes they don't get back to you the same day. So I think this is an extremely useful tool. And the last thing I want to share with you is that I know a lot of you guys. I've been listening for this to this show for a long time. Sorry. So what I ask you to do is if you enjoy it, please do share it with your family and friends. Make sure you leave us a review. If you're on YouTube, it'd be great if you can comment and like it. And if you're listening to it on our podcasts, be sure to leave us a review there. And one final thing. If you want to download some free reports, you go to Well-off Dossie for its last report and feel free to connect with me there. I'm always happy to connect with any of the listeners. It's great to to speak with you and to get to know you on a deeper level. So that's it. Enjoyed the episode. Welcome to The Life podcast, where the goal is to motivate, inspire and share success principles. I am here with Chad Gasiewicz today, who is an experienced entrepreneur. He co-founded Rent To. And for those that don't know, Rent To is a tenant screening solution for landlords. He was a landlord himself, Chad, that is, and he had first hand experience of the difficulties of not only managing the property, the finding the right tenant, and after dealing with the tenant that caused a lot of damage to his unit, Chad wanted to create an industry standard system to help protect landlords by finding them the right tenant to begin with. And that's where rent came from. So, Chad, welcome to the show. I look forward to speaking to you about rent to find picking your brain on it.

Chat Guziewicz [00:03:01] Thank you, first of all, thank you for having me on your show, and I'm very excited to talk about that and talk about my entrepreneur journey. I've also started another software company before this one. So so I love to talk about all those different things with you and looking forward to the conversation.

George El Masri [00:03:17] Perfect. So I like to start off by asking you about your childhood. Tell me a little bit about where you grew up and one or two things you remember from from those days,

Chat Guziewicz [00:03:25] a childhood that's you know, that's an interesting question. Nobody's asked me that a lot of time. So I kind of I grew up actually in a town called in Georgetown, Holden Hills. You know, I had a normal life, like there's nothing extraordinary or different group. But I had great parents. My parents have been together for twenty five, twenty five, thirty years now. I think something like that. I've been always an athletic kind of guy. I've enjoyed sports and different things. And I was always fascinated about building things. So like when I was a kid, I was kind of obsessed with like Lego. So I had all these like little Lego things together where you build these models and all these different things. I really love building things. So that's probably where some of my love of building companies have come from, from that like building Lego. It's kind of funny and all putting all the blocks and putting all the pieces together and that I really enjoy doing. So it's kind of a little bit about me and my past nights.

George El Masri [00:04:33] And just out of curiosity, what's your cultural background?

Chat Guziewicz [00:04:37] My cultural background is Polish.

George El Masri [00:04:39] Polish, OK, that explains the last name

Chat Guziewicz [00:04:42] that you always have a wick if you ever is. Polish is always WEC at the end. Right.

George El Masri [00:04:49] Which yeah. Which I guess it's pronounced vich.

Chat Guziewicz [00:04:52] Yes.

George El Masri [00:04:53] It's the yeah. Because there's a lot of like Croatians and stuff that have that same ending as well. The same. Yes.

Chat Guziewicz [00:04:58] Very similar. It's the Slavic background.

George El Masri [00:05:01] Yeah. OK, cool. So I know you've started a couple of companies rectifies the one that I was bringing you want to discuss. We can talk about the other ones as well, but I've kind of explored Rectify a little bit. I've been on your website, I've signed up for an account. I'm aware of what you guys are doing. But just so you can explain to the listeners, can you give us a brief description and summary of rent to buy?

Chat Guziewicz [00:05:28] So Rectify is trying to look at the problem differently than what's out there today. So today, most landlords and property management companies use like a credit check to validate people and their information and kind of with rent. Afie When I was a landlord, when I ran my property, the challenge was tenants would come and give you a bunch of information. So like paystubs and where they worked and, you know, and you kind of didn't know how to validate that information. So they would give it to you. And I'm like, OK, how do I know this is right or correct? Or all the stuff you're giving me is is correct. So what me and my partner worked together on was how do we validate that information faster and easier for the tenants and also for the landlords so they can figure out, OK, faster. So then we started looking into the fintech industry where, you know, even like today, if you go to like Cierra, they have these channel partners where you can login with your bank. So we decided, hey, this is this seems like an easier way to validate the information. So what we did is we use the tech industry to actually validate the banking information. So we use banking. So we get 12 months of bank statements to validate the information that's coming so we can actually tell, OK, yes, we can see the payroll coming in. We can see the government income, we can see the people's balances, all the stuff that a landlord, they're paying their bills. We actually check to make sure, oh, yeah, those rent payments are actually coming out of the account and all the information the landlord actually needs to do. And we do that in seconds now instead of spending because the average person takes like two hours to validate by the time you call the employer and look at all that stuff up. This is done in five minutes, right? And we think the information is more valuable than a credit check because we believe, like a credit check, you kind of missing 80 percent of the information that you really need. You really need to know the payroll, the person's balance. Are they paying their bills or are they paying rent, all that kind of stuff and making sure also that a tenant can afford the property? Because when people buy a property today, a bank is doing a stress test on you today to make sure that you can afford that property. Right. And we believe landlords should also do that component, too, just to make sure. Right. So that's kind of like the whole background concept.

George El Masri [00:08:02] OK, I appreciate you sharing that. I just had a quick question that I thought of while you were explaining it. Is there any way for a tenant to cheat the system or to kind of forge information or something along those lines?

Chat Guziewicz [00:08:16] So what happens is we're actually getting it directly from the banks. The bank is providing us with their name and and everything. So there's no way of cheating the system because it's attached to that card. There is no way of cheating it. What we've seen actually a couple times in the past where somebody will enter in a bank card and the name that comes back on the bank account could be a different name. So you know that it's truly their bank account. There's no way of cheating the system. Mm hmm.

George El Masri [00:08:44] Interesting. OK, so so the thing that differentiates you from a regular credit check, as you were saying, just to kind of recap, is that you get access to basically 12 months of bank statements. So that allows you to verify any income coming in. It allows you to verify that rent payments are going out because most tenants now are using electronic means of of rent payment. Yes. So you get to verify that. And then I'm assuming you can verify if they're making any massive purchases or whatever, like if they have really high debt. Do you have the ability to see that if their credit cards are on like maximum capacity or whatever?

Chat Guziewicz [00:09:25] Yeah, we tell you if they're paying their credit cards and we show you any debt payments that they're paying every month coming out, and then we do a comparison balance and we're stripping out all the information that it doesn't really need to share with the landlord. We're summarizing and putting in everything there for the landlord to make the best decision. Yeah. And really, we we believe this is the more superior data to make the best decision with. At the end of the day, credit checks were really made in the past, which there's nothing wrong with them, but they were made for the lending industry, not for checking tenants.

George El Masri [00:09:58] Right. Right. So it was going to ask you, how do you convince a tenant to agree to this? Like, do you have any resources that would kind of break this down for the tenants so that they're not confused about how this procedure works and also so that they're not freaked out, that they're giving you access to all of their confidential information?

Chat Guziewicz [00:10:19] So what happens is everything is 100 percent secure from our end and what a tenant does, we have a video on our site actually explaining how it works. And it's the most secure way of actually providing your data that way, because a lot of what people are doing today is providing email and Sedin numbers in your email. So then what happens? There's no like that's the most unsecure thing you could do is provide a number to somebody because you can't change it. Right. And what we're doing is we're doing it through a direct connection through the banks, totally secure that landlords are only seeing the relevant information that they only need. And what happens over time is that after 60 days, we anonymize the name. So if even if somebody got into our system, you could never match their name up to that data 60 days. And really a lot of the tenants are starting to tell us. Actually like this process, because it's easier and faster, just think about it, if you have to go to multiple landlords, you have to take your pay stub. You have to get this form in that form. Literally, you can just build an account with us, log in, share your banking information. You're done five minutes next and you can go to the next person. So that's where we're actually starting to get the tenants are finding this easier and they can move through the process faster, especially with our housing market here in Canada, where there's just not a lot of inventory. So if you're taking so much time, the next person is going to take your spot. Yeah.

George El Masri [00:11:58] So are you saying that with your system it's the only tool a landlord needs to qualify a tenant? You don't need to go out and get a credit check anymore. You don't need any additional information other than what's provided in with rent. Is that what you're saying?

Chat Guziewicz [00:12:12] That's what we believe that. Yes, today.

George El Masri [00:12:16] OK, so, yeah, sorry, go ahead.

Chat Guziewicz [00:12:19] Yeah, it gives you the most powerful information to make the US really what we. Leave and this is true, is you somebody's bank account, essentially, you're looking for the habits you want to make sure that the person you're renting to is a responsible person, and that's kind of what you're looking for at the end of the day. Can you hear me or. So that's that's really what you're trying to find and it's the most I believe if this technology was around like 15 years ago, we would have used this instead of credit checks. Honestly, it just gives you the information you need.

George El Masri [00:13:03] Yeah, yeah. What I'm hearing from you is that basically this system is designed specifically for the purpose of qualifying tenants for a rental property, whereas other other methods are more so used for banks to qualify people for loans of different sorts.

Chat Guziewicz [00:13:22] You got it. Exactly, yeah.

George El Masri [00:13:24] OK, so you can you kind of walk us through how this works. Like, I know we kind of touched on a little bit, but as a landlord, what do you have to do? And as a tenant, what does it look like on your end?

Chat Guziewicz [00:13:40] OK, perfect. So I'll start with the landlord. So what a landlord would do is come to our site, create an account, and what they would do is they would take all their screening questions and and that into our system. And what we've built it is so it's off to a landlord can either make all the people at the beginning do the banking or what they can do is all the answers and decide after if they want to run the banking for those individuals. So based on their actions, what makes sense then they can do the banking part. And on the tenant side, literally, they get a link from the landlord, they create an account, they answer the questions they put in their user name or their card number and their password, which nobody gets access to. I keep saying that because people are always worried about that and then they're done. And then all the information that they would have normally given in paper is all done in five minutes, depending on how many questions the landlord asks. And it's all

George El Masri [00:14:40] awesome. And who pays for that? Is that something that you can choose to either have the tenant pay for or you as the landlord can pay for that report?

Chat Guziewicz [00:14:47] Right now, the landlords pay for the the report and the report is only nine point ninety nine cents.

George El Masri [00:14:54] Yeah, awesome. And it saves you hours because I've been there before where I've had to call employers. And if there is like two or three people that are registering on the least, you've got to call those people, wait for the landlord to I mean, sorry, the employer to call you back. And this whole process takes, like you said, potentially a few hours. So it's awesome that you get to save a lot of time that way.

Chat Guziewicz [00:15:16] Yes. And with so many with so many people, it's so much faster and easier. And then what you can do is now compare more people as a landlord instead of, OK, I only got this much information from this person. Am I making the right decision? This lets you qualify more people at a lower cost. Yeah, yeah.

George El Masri [00:15:34] That makes sense because even like I have I have in the past used other software where basically they provide you with kind of like a tenant score in some ways and they provide you with a credit score as well. But even not, that takes a while for the tenant to fill out all the all that information. And sometimes the tenants don't feel like doing it. Or maybe they'll go somewhere else where it's the procedures a little bit easier. So I totally understand that.

Chat Guziewicz [00:16:03] And I agree, and really we're just trying to make things easier and more secure between both sides, really just trying to share the right information between both sides that like that's the relationship you're getting into a long term relationship. So you guys want to make sure you have the right information and the proper information. I can give you an example. So like a tenant was always late on his rent payments, for an example, but really it wasn't his fault. Essentially what happened was. Was his employer kept bouncing his checks over time? He still paid his rent, but it was late because his employer was late paying for him. The landlord was fine with that. But now he knows when he goes into that relationship, that's what's going on. Yeah, instead of you wondering what's going on with my payments later in the future, now, you know, OK, this is the transparent relationship that's going on. And I don't know if the tenant would have thought of saying that at the time. Who knows? Right. But now he knows when he gets into it. So it's just that transparent information that really needs to be sure with each other.

George El Masri [00:17:10] So that makes me think of something. If you do purchase a report, is that just a snapshot of that moment or is that something like you would have access to their bank statements for several weeks or several months or something like that into the future?

Chat Guziewicz [00:17:27] It's from that day you run it, but you get 12 months of the past of what happened. OK, OK. You can rerun it in the future if you wanted to, but that's up to you. But right now, it's just up to that date you run it.

George El Masri [00:17:42] Sure. Like if you have a situation where attendance making excuses as to why they're not paying and you were able to to run that application again and see that they're they're blowing all their money on clothes and or whatever, like, you know, not not paying the rent. And they're saying that they just don't have the money. It might be something that you could potentially use in court if you needed to. For some reason.

Chat Guziewicz [00:18:04] I'm just thinking about it. And and that's great. And even on the social service side, there's actually a lot of great tenants that we see that pay the rent and do their stuff on time that would just automatically get ignored because of where they are. But this gives more of a transparent side, even for those sector of the economy.

George El Masri [00:18:24] Right? Right. That makes sense. Now, what about if you're working with a property manager to help you find a tenant? Is this how would you suggest using your system in combination with what they're already doing?

Chat Guziewicz [00:18:38] The property management companies that get started with us just use our product to validate all the banking information so they'll just say, hey, they'll just have the two standard questions that we have is how much do you make and what are you paying rent? And they just send that link out to validate that information for a lot of the prime property management companies so that they can get that quick instead of chasing all the same information down to make it easier for them. A lot of the smaller guys better use our tool as their screening hole, complete screening tool with questions and everything. Right. So we're seeing the mix between both sides. And even if you have a process today, there's nothing wrong with it. But our system is there to help do the financial part that needs to be done.

George El Masri [00:19:23] Cool. Yeah, I mean, I think you've covered most of the system. Is there anything else that we should know about or anything we missed?

Chat Guziewicz [00:19:34] Yeah. So for us, I it's just a different way of looking at it. And I know whenever there's change, people are always worried about change, but it's a different way. Honestly, it's a new way of looking at it and using data to make the best decision on how people are doing. And looking at a financial bank check opposite to a credit check. And that's really what we're here to do. And if people still want to use a credit check, there's nothing wrong with that today. But we are trying to look at it differently. How do we look at it differently? And at the end of the day, when I was a landlord, it was really hard to validate that information. I spent so much time validated and now we're trying to take that away. And we believe nobody's really focused on that segment of the world is how do you take the information that you when you get a whole bunch of leads, how do you validate all the data that they're giving you, the bank statement and all that kind of stuff quickly and fast?

George El Masri [00:20:30] Sure, yeah. I mean, another way that I can see this working is if you have a young couple that maybe don't have too much on their credit report and at least this way, you can see if they're making their other payments, like their credit card payments, all that stuff on time. Are you considering or is there any way for you guys are you thinking about including credit reports moving forward as part of your service, or is that not something that's really important to you?

Chat Guziewicz [00:20:56] We also have that. We've added that. So if people also want to run a credit check, they can actually run that through our system. We did add that component to it. And we've and it's also very good for new immigrants coming to the country because they're obviously not going to have, you know, like credit scores. Right. Because it just doesn't happen. But with us, we have some connections with some of the banks and other countries where we can actually run that information for them and show that they were paying their bills in other countries. So it kind of gives a different way of looking at things.

George El Masri [00:21:31] So I'm just curious, kind of off topic. How were you able to get build those relationships with the banks? I know you said the fintech industry. How were you able to do that in order to have access to all of that information?

Chat Guziewicz [00:21:47] So really what we did is we worked with the different banks and some of the providers that are out there that help aggregate all the data, all these banks together. And it's a whole process you have to go through to get certified and do that. But that's just one piece of doing it. And then it's really coming and analyzing the information that you get and putting it in the proper places and building checks to make sure the stuff that's in that bank statement is correct to what is being said. So we have a whole algorithm, actually. OK, yes, this is payroll. Yes. This is, you know, government income. This is a debt payments. These are not just transfers. These are actual there's a whole system that had to be built on that data. Cool.

George El Masri [00:22:36] Awesome. Yeah, a good job. I mean, you've built something, it's been really

Chat Guziewicz [00:22:41] useful, it's been a fun. A fun journey. We love doing it and yeah, we love bringing it to the world and I honestly, I believe in the next 10 to 15 years, this will be the standard way, whether it's my company or multiple companies, this will be the new way that we used to screen tenants. I just it's so powerful.

George El Masri [00:23:00] Sure. Yeah. Well, especially in Ontario. I mean, I can see how maybe in some other places where maybe they don't care as much because it's easier to evict nonpaying tenants and things like that. But in a place like Ontario, it's perfect.

Chat Guziewicz [00:23:14] Yes. And even in the other provinces, honestly, you still need to validate. You may be able to, but there's always a cost to removing people. So, yeah, but yeah, it's definitely in Ontario where it's really tough. And I'd probably even that I think it's even worse in Ontario. Oh yeah. Close to it but yeah.

George El Masri [00:23:31] So cool. All right, Chad, let's get on or move on to the next section, which is the random five. So I'm going to ask you five random questions and you just tell me the first thing that comes to mind. OK, this is always fun. Yeah. Number one, what should they teach in high school but don't.

Chat Guziewicz [00:23:50] How to budget,

George El Masri [00:23:52] how to budget? Yeah, for sure, there's a lot of things right. A lot of things that should be taught

Chat Guziewicz [00:23:57] in the budget and, you know, like math, just basic math. You know, you could go to the grocery store. People can't even count change. They're like, oh, is this the right about. So math, really? I should say math. Yeah.

George El Masri [00:24:12] Yeah. All right. Number two, when did something start out badly for you? But in the end turned out great.

Chat Guziewicz [00:24:19] Well, that's a good question. That's that's a good one. That's a good one. Stanage terrible. It turned out great. That's a good one, actually. That's that's a good one. You did. You kind of baffled me. Well, I'll give

George El Masri [00:24:38] I'll answer this one for you, Chad. How about your tenent that ended up causing all that trouble for you and basically led to the creation of your company?

Chat Guziewicz [00:24:47] That's a great one. Actually, that is a perfect one. Yeah.

George El Masri [00:24:52] You go number three, what do you think people automatically assume about you when they look at you?

Chat Guziewicz [00:25:01] When when I'm young. So when you're young, people don't always believe what you're selling. So they believe there's like a thing where when people are older, they believe what you're doing. I believe a lot of people don't think we have the that's really they they have challenges with the youth and how we're going to move forward. You know, you're a millennial, you're Y.A., you're you're you're a lot of work, blah, blah. Right. And that that you get that stigma all the time that you're not going to work hard like the rest of the older generation. I find that a lot. Sure.

George El Masri [00:25:38] Yeah. You know, I get that number four. What's weird about you?

Chat Guziewicz [00:25:46] I like a lot of numbers. Yeah, like was just obsessed with numbers like, I don't know, data and numbers and I just people find that strange why you're so into numbers. So, I don't know. I just really like numbers. Yeah. That's why I like math. Yeah.

George El Masri [00:26:03] My wife feels the same way about me. Number five, what's the most rage inducing game you've ever played?

Chat Guziewicz [00:26:17] I used to play risk on the computer. Oh, yeah, so there was an old old game of risk and you would always lose the computer. So it was so annoying. Every time you played, you would lose, you would never win. You couldn't beat the computer. It was just like so upsetting that there's no way I have five hundred troops and they have 20 and I lose. Yeah. Yeah. That was it. All gay that I used to play.

George El Masri [00:26:43] Yeah. Yeah. Cool. So Chad, that concludes the random five. The final question is how do people reach you? And obviously normally I say what services do you provide? But that's pretty obvious. So maybe you could just answer the first one.

Chat Guziewicz [00:27:00] So they can find a website and rent a house, and if they want to sign up any time there's a coupon, if they would like densify, it's just principly 20 and get started if they have any vacancies at the property and we're willing to help them out at any time they need. Awesome.

George El Masri [00:27:18] Thank you very much. Shot. I think this was very informative. I like what you're doing and I wish you all the best with the growth of your companies and everything else.

Chat Guziewicz [00:27:27] Thank you very much. Appreciate your time. And it was love, love being on your show.

George El Masri [00:27:31] All right. Take care. Thanks once again for listening to another episode of the Well Off podcast, just want to remind you that if you do appreciate the content, all I ask is that you comment, maybe like it if you can, on the platform that you're listening to it on and finally share it with friends and family. I'd love to get the message out there and it would mean a lot if you can share it. And finally, I just wanted to offer you as a valued listener, a free copy to the roadmap to real estate investing, which is a document that I've put together which helps you identify what strategy would best suit your needs at this current time. You go over certain things that are included in this document step by step, and it'll hopefully provide you with some clarity. So have a look. You can go to W-W w well off a forward slash guide to download your free copy.

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