The Ronens’ Real Estate Journey | Story by J.P. Morgan – Transcript
Every month, the first few days of the month, we’re just chasing people for payments.
So I wanted our business to become more digital, so I can save my dad time so he can focus on the things that he loves doing.
My father started this business doing everything by paper, keeping originals, and nothing being online. He would do the collection of rent on his own.
And the process of collecting rent is very time consuming...It’s terrible, actually, you know? People always have excuses: check is in the mail, or I forgot to write the check.
You know, my dad never enjoyed doing it. It’s a lot of work and he had so much on his plate already, I thought that that’s where I could help him out. Chase offered this product called Story where small-business owners would have access to this rental management software. When they announced that opportunity, we immediately jumped on it because we knew how much value it could add. We were actually surprised at how easy it was to implement into our business.
Just clicking on my iPad, I was able to find that all my tenants paid. [laughs] And that’s awesome.
So what I try to do is I take him to the unit when it becomes vacant, and then I’ll walk with him and say, “This is where I think everything has to go.” And I explain to him. The thought is that at least he’ll get a little idea of what goes into each unit. And if one day he’ll have to hire somebody, at least he’ll understand the process.
He’s just so good at what he does, I don’t think I could emulate it to a T. But I just want to learn as much as I can. You know, he’s not going to be around always to do this part of the business. I really cherish these times and I’m happy we get to do this. It’s changed my life, it really has.
My story is not I woke up one day and I’m here. It took many years of hard work. And I think he understands that. And hopefully he’ll be able to pass it on to his next generation. That’s my hope.
David Ronen built a successful multifamily rental business in Los Angeles, but collecting rent checks and record-keeping were chores that held the business back.
David’s son Daniel joined the business and helped his dad go digital. They signed up for Story by J.P. Morgan, shifting rent collection online. It has given David more time to focus on showing Daniel the ropes and securing the family business’s future.