Rentals.com Launches First 'Virtual' RentalOffice for Owners and Managers of Residential...

Business Editors

REDWOOD CITY, Calif.--(BUSINESS WIRE)--June 22, 2000

Application Service Provider (ASP) Helps Owners and

Managers Minimize Vacancies and Manage Renter Relationships

Rentals.com Introduces Web Site Builder and Announces

Strategic

at New Orleans Conference

Rentals.com (www.rentals.com), the premier provider of online residential rental management services, today announced the launch of the first Web site builder designed to meet the needs of owners and managers with residential rental properties of any size at the National Apartment Association conference in New Orleans.

The Rentals.com Web site builder is a cost-effective and convenient one-stop resource with a full suite of flexible, interactive tools that enable owners and managers to create "virtual" rental offices to effectively market and manage their businesses both online and off - from advertising and screening applications to collecting rent payments and interacting with prospective and current residents.

"This innovative online rental management solution was developed by experienced property owners and managers who have used it to more efficiently market and manage their large portfolios of residential properties," said Vince Giovannotto, co-founder and CEO of Rentals.com. "Now Rentals.com has tailored this proven technology to meet the needs of all owners and managers in the residential rental market. Through Rentals.com, owners and managers can create personalized Web sites with custom Web site addresses. In addition, they have access to all the resources they need to successfully manage the entire rental process and improve communications with prospective and current residents."

Rentals.com Becomes Largest Sponsor of NAA Education Programs

Rentals.com also announced today that it has entered into a strategic partnership with the National Apartment Association (NAA), the leading authority in the multi-housing industry. Through this agreement, Rentals.com will be the exclusive sponsor for both the Certified Apartment Property Supervisor Program (CAPS) and the Rental Owners Course (ROC), making the Company the largest sponsor of the NAA education programs.

"As the former CEO of the Tri-County Apartment Association, one of the country's largest local apartment associations, I know that members depend on associations to provide them with valuable and comprehensive industry information," said Terry Feinberg, Vice President, Association and Industry Support at Rentals.com. "With this partnership, Rentals.com is supporting the NAA's continued efforts to provide highly targeted educational programs, such as ROC and CAPS, for multi-housing professionals who seek ways to learn about the industry and manage their businesses more efficiently."

The CAPS course caters to mid to upper level management personnel in companies with large properties and portfolios, and is currently being completely re-written to better fit the needs of the industry. The Rental Owners Course (ROC) was specifically designed for independent owners who manage small properties. The 18-hour ROC allows for flexibility in scheduling and training, and provides the critical information necessary to efficiently and effectively manage these properties.

"We are delighted to be entering into this partnership with Rentals.com. Their sponsorship of the ROC and CAPS courses is invaluable to the continuity and success of the NAA's education and certification efforts," said Douglas S. Culkin, CAE, CIE, Executive Vice President at NAA. "Additionally, Rentals.com is helping many of our members who have been hesitant about adapting the Internet into their real estate businesses by providing them with an e-business solution that supplies all the essential tools needed to operate a residential rental business online."

Rentals.com Web Site Builder Simplifies Online Rental Management

For the first time, property owners and managers can set up their own interactive Web site through Rentals.com in a matter of minutes. Owners and managers, with rental properties of all sizes, can integrate their personalized Web sites into their existing operations and streamline their rental businesses both online and off, with tools that enable them to:

- Market vacancies online while increasing the effectiveness of

traditional advertising channels by driving renters to their

property specific Web sites;

- Manage properties conveniently by creating and editing

detailed unit-level rental listings instantly, processing

applications and credit checks online and handling online

maintenance requests;

- Track inventory, marketing messages and other critical

information instantly to decrease vacancies by planning

turnover, adjust marketing by tracking renters behavior and

arrange maintenance and advertising in advance with up-to-the

minute inventory reports;

- Interact with prospective and current residents to schedule

viewing appointments, answer questions and fulfill maintenance

requests;

- Process rent payments online with EFT or credit cards

(available later this summer);

- Obtain news and advice from experts in the Real Estate

industry.

Rentals.com also benefits consumers, including prospective and current residents. Online resources include free customized searches from a comprehensive listing of properties, customized "area" searches by address, interior and exterior photos, 360(Degree) virtual property tours, online scheduling of viewing appointments and online rental applications. Rentals.com also provides current residents with a secure resident's page where they can send and view the status of maintenance requests. Residents will also be able to pay rent electronically via EFT or credit card.

Rentals.com's services are free for renters, making it easy and cost-efficient to find a rental property online. Owners and managers can access Rentals.com's full suite of management tools at an affordable cost. For a limited time, property owners and managers can try the service free for the first 90 days.

About Rentals.com

Founded in early 1999 by experienced property owners and managers, Rentals.com is the premier provider of residential rental management on the Internet. Rentals.com is designed to meet the specific needs of all owners and managers of residential rental properties by offering an e-business solution that enables them to market, manage, and track their properties online, saving both time and money. Providing a flexible suite of tools that includes property-specific Web sites and custom Web addresses, Rentals.com enables owners and managers to brand their rental properties online. Rentals.com also provides renters with a free, full-service resource to simplify the rental process. The Company is funded by Sequoia Capital and SOFTBANK Venture Capital and has offices in Redwood City, CA. Additional information about the Company can be found at www.rentals.com.

About the National Apartment Association

NAA's mission is to serve the interests of and maintain a high level of professionalism within the multifamily housing industry to better serve the rental housing needs of the public through lobbying efforts on federal, state and local levels, continuing education, and certification programs. NAA is the largest broad-based organization dedicated solely to the multifamily housing industry. Representing approximately 27,000 rental housing professionals who own or manage more than 4.1 million apartments nationwide, NAA members include property owners and managers, management executives, developers, builders, investors, leasing consultants, service technicians and related business professionals throughout the United States and Canada. NAA currently has 155 state and local affiliated associations.