Rent reform | A conversation with Anthony DeIulio, manager/owner of River Valley Rents
Photo/Courtesy Anthony DeIulio
Anthony and Amanda DeIulio
River Valley Rents
Founded: September 2009
Employees: 0
Startup costs: $2,500
Projected revenue, year one: $25,000
Projected revenue, year two: $35,000
Contact: 357-2813
PO Box 335, Rumford
www.RiverValleyRents.com
What is River Valley Rents?
River Valley Rents is an innovative property management company serving the greater Rumford and Mexico area. My wife, Amanda, and I manage a large selection of rental properties on a monthly basis, provide basic referrals to property owners and have also simplified the searching process for new tenants. Instead of browsing the local newspaper classifieds and spending all day looking at properties, River Valley Rents allows you to log onto our website, browse our complete selection of properties offered by prices, interior/exterior photos, features and, finally, watch a YouTube video tour of the property, literally walking you through each rental.
Why did you start the company?
I’ve been in real estate before, but never owned my own business. We initially came to the area to work in real estate sales, but being in the downturn of the market and not having the connections that life-long local Realtors have, we needed to improvise. When we moved here, it was such a tedious process trying to find that right rental for us — all the ads in the paper looked the same and the properties that we scheduled appointments with 90% of the time were not what we were looking for. We came from a family property-management business in western Maine, so we already had the experience. There were fortunately/unfortunately no property management companies in sight, so the demand was definitely there.
How do you market the company?
In smaller communities where everyone knows everyone, it’s geared mostly to local newspaper advertising, events and activities. We are set up to catch the web surfer looking for properties, but the majority of rentals here in the area go from rental to rental. We focus more on presenting the selection to the locals and making it an easier process for everyone involved. It’s very direct and upfront and we end up with a more informed client.
How do you finance the company?
Being that the startup costs were so little, financing the business was not a major obstacle. We have five-plus years of background experience in property management, which is worth more than its weight in gold. We started with personal savings, and as we grow, we put money aside to grow more. We don’t extend ourselves with lines of credit and reduce the gamble.
What has been your biggest challenge?
Picking up more properties to manage or lining up a referral has been our biggest challenge. There are so many homeowners here struggling to get their vacancies filled, spending their time showing unqualified renters the property, scaring away potentially good tenants and not really presenting their properties out there. Months and even years can pass with those properties being empty.
I say over and over to people that it does not cost anything until we procure a renter that a property owner agrees to … we provide the background checks, advertising of the property and handle all the showings. I call the property owner once I have a tenant that I feel will be a good match. Then I earn my fee.
What has been successful about your business strategy?
Staying modern with technology has always given us an edge. With computers and everything being typed up, looked up online or e-mailed, being more efficient in this allows us to do tasks in a fraction of the time as people trying to do this on their own. Time is money.
What are your goals for your company?
We would like to see it be a stable business in the area that continues to provide a great selection of properties to area tenants, and assists with absentee property owners/investors in management. Nothing big on the sidelines, just a nice steady business that keeps the contacts flowing for our real estate sales and a stable cash flow in a down market.
Interview by Carol Coultas
New Ventures profiles young businesses 6-18 months old. Send your suggestions and contact information to editorial@mainebiz.biz.
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