In November 2020 Money.co.uk wrote about the benefits of renting and why some people might choose this route over purchasing based on individual circumstances and preferences.
Speedier moves, no responsibility for property repairs, security of rental amounts and the ability to rent a bigger home than perhaps they could afford to buy are just some of the advantages to renting over buying.
Younger generations are inherently more transient than their parents or grandparents. The numbers of those choosing to branch out and live in a popular city or stay where they attended university continues to rise and moving for employment is a key consideration for those carving their early path in life.
All this combined presents agents with a modern demographic of renters whose wants and needs differ to traditional desires.
Benefits to agents
The huge advantage for agents is they are in the enviable position of being able to make second, third and fourth sales to a single consumer off the back of the initial home move transaction.
This market desire and demand removes the need for the hard sale. Renters are a captive audience waiting for someone to offer them solutions to their moving needs. Having the solution available is most of the battle won.
Modern renters are loyal to providers that can offer ease, speed and great customer service. So, agents who can provide a slick rental journey have a great opportunity to complete other transactions with the same tenants as part of a single process.
More money, less problems
Aside from the obvious financial benefits, there are many other reasons to offer additional insurance and home move services to tenants;
- Insured tenants are “good” tenants. Those keen to protect their belongings are typically more responsible and their liability toward landlord property damage is covered.
- Sticky customers stick around. The more products you offer a tenant as a single point of supply, the more likely they are to stay with you. In doing so you increase your lifetime value of your customer base and reduce your customer acquisition costs.
- Remove the headaches. In offering these services through a third party, you’ll reap benefits of your own such as reduced admin, for example, utility company notifications.
See a penny, pick it up
It really can be that simple.
With the introduction of technology solutions on the rise, integrating additional services into an existing journey is simpler than you think. In doing so, the route to sale is made readily available to your existing pipeline with little to no effort from you.
You’re probably already completing many of the key steps in your existing pre-tenancy process that could easily incorporate services that result in sales made to your movers.
By simply “switching on” additional steps in your pre-tenancy process, you’ll begin to see new income from existing transactions – with no need to find new customers to create more revenue.
Give more, get more
It’s a simple enough concept but we don’t mean you should bombard customers with lists and lists of upsell opportunities. Just give them what they need and/or something they can’t get direct or elsewhere.
By partnering with suppliers, often you’ll be able to offer tenants deals which they would not otherwise have access to. This gives them more reasons to buy through your customer journey. It’s a win-win situation all round.
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