Over the last 15 years in the property industry, I’ve always been struck by the private rented sector’s reticence towards change.
Now, more than ever, change is coming to the sector. ARLA has recently estimated that letting agents are set to lose up to 20% of their annual revenue due to the tenant-fee ban. It’s a tough time to be a letting agent, but those prepared for the changes will become the leaders of tomorrow.
The biggest challenge facing traditional letting agents is identifying new revenue earning opportunities. I wholeheartedly believe that the key to doing this is by investing time in better understanding your customers.
There are very valuable lessons to be learned from the services industry when it comes to customer experience. Commitment to understanding customer behaviour, need and want as well as the recent invention of the CCO (Chief Customer Officer) is a clear indication that the saying ‘customer is king’ has never been more relevant.
But, what does this mean for the private rented sector?
The tenant/letting agent relationship has long been plagued by negative stereotype in equal measure. However, embracing prop tech solutions that promote regular and positive engagement with your customers is a sure-fire way of subverting these traditional stereotypes to the overall benefit of your business.
Vaboo’s perks and engagement platforms are the simple way of tapping into your renters demands. By giving your renters access to exclusive everyday savings in exchange for business-critical feedback, you can identify the kind of service add-ons your renters would be happy to pay more for and avoid wasting valuable time and money on service additions there is no appetite for.
We recently surveyed over 3,000 UK renters and found that 70% would be happy to pay more for access to money-saving perks. To benefit from this kind of insight is to understand exactly what renters want to see from a service.
We’ve just launched our brand-new platform which is completely free. It will allow you to positively engage your renters, better understand what service add-ons they want and what’s more you can also earn additional revenue.
Why not request a no-obligation demo and discover what we could do for your lettings business?
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