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Engrain's SightMap Revolutionizes Fee Transparency for Renters

Engrain has officially announced the launch of its latest feature in the popular SightMap product: robust support for fee transparency. As a leader in interactive touring, mapping, and data visualization software for the built environment, Engrain aims to change how renters navigate the often murky waters of leasing fees. This innovative feature allows renters to toggle between base rent and the total monthly cost that includes any necessary and optional fees.

A Major Shift in Online Apartment Searching

The advent of fee transparency in SightMap marks a significant shift in the online apartment search process. Traditionally, prospective renters have encountered vague pricing structures like 'starting at' offers, which often led to confusion and misinterpretation of the real costs associated with leasing an apartment. Engrain's solution effectively addresses these issues by incorporating essential fees directly from property operators and third-party vendors into the platform. The integration not only clarifies costs but also ensures that users have full visibility on their potential expenses.

At its core, SightMap provides a tailored experience for users. With the new features rolled out in December 2024, renters can input lease terms, select a move-in date, specify the number of applicants and pets, and explore additional rentable items. The platform’s intelligent calculator then instantly provides a breakdown of all applicable fees—organizing them into categories such as monthly recurring fees, application costs, move-in fees, and known move-out fees. This dynamic aspect of SightMap allows for real-time updates based on pro-rated rent amounts, facilitating a seamless and comprehensive overview of potential rental costs.

Meeting the Demand for Transparency

As highlighted by Brent Steiner, founder, and CEO of Engrain, the motivation behind this feature launch is twofold: addressing the industry's increasing demand for price clarity and reinforcing the value that SightMap already provides. The model historically used has fallen short, often listing ambiguous price ranges which can mislead consumers looking for specific information regarding their prospective apartments. Moreover, the comprehensive data model supporting SightMap ensures that all types of fees, whether applied at a property, unit, or renter level, are accurately represented.

The new features also allow third-party operators to customize their pricing displays across various property websites. Flexibility is key, with options to limit allowed occupants and pets, as well as multiple disclaimer fields to clarify various fees. This is pivotal as the demand among consumers for upfront pricing information continues to grow, with regulations from the Federal Trade Commission (FTC) pressing for fee disclosure across various sectors.

Collaborations and Future Directions

Engrain's commitment to transforming the rental experience further manifests in its collaborative efforts with multifamily property management software providers. By extending APIs to incorporate all fees and expenses on ILS listings, Engrain ensures that leasing platforms remain streamlined and user-friendly across the board.

Over 200 apartment website platforms and agencies currently utilize SightMap, reinforcing its position as an essential tool for navigating the complexities of property fees. Additionally, Engrain’s comprehensive data model has been published as a standardized framework—a Rosetta Stone of sorts—and can adapt to the National Multifamily Housing Council's standards, adding layers of utility and accuracy to fee mapping across different platforms.

Conclusion

As renters become increasingly savvy in their online shopping approaches, the importance of fee transparency cannot be overstated. Engrain's SightMap emerges as a solution that not only simplifies the rental process but also positions itself as a frontrunner in the ever-evolving landscape of real estate technology. With consumers now expecting clarity and straightforwardness when considering rental options, Engrain is at the forefront, prepared to support this monumental transition in apartment renting.

For more information, visit Engrain's official website.