Property Rentals: Why your rental reputation is important, and how self-referencing will become...
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Transcript of Property Rentals: Why your rental reputation is important, and how self-referencing will become...
Self Referencing and your Rental
Reputation
Logan Hall - co-founder and CMO Movebubble@loganjehall
The UK Property Market• The numbers of young renters is going to increase by approximately 1.3 million to 3.7 million by 2020..!
• Crisis of supply • Development cannot fix (short-term)
• Kate Barker reported 260K new homes pa to reduce inflation to only 1.1%
• Only 115K properties pa. • Minimum deposit increases • European model • Longer tenure • A consumer led market
• 9 million and counting• Policy makers, banks, investors offer longer term macro economics solutions
What does this mean for renters?
• Super competitive• Stressful..! • Better application for property• Longer tenure (rent increase vs good renters)• Technology focussed (time saving) • Renters do not want to use agents
• 95% of renters feel they have been overcharged or ripped off by letting agents!
• 89% of renters think fees are extortionate of they don’t understand what they are for!
• 72% of renters said they would not choose to use their agent again!
What an application might look like….
What does this mean for you..?
• A real opportunity BUT• You have to get it right• Technology focussed• Built on transparent open relationships• Consumer leveraged• You will have more visibility• Less mistakes • Feedback enabled
How can you protect yourself?
• Agent (?)• Referencing process • Feedback from renters • Ask applications to have completed Self-
Referencing • credit• employment • references • peers• ID verification • payment history
It takes a lifetime to build a reputation, and only a minute to ruin
it.
Your rental reputation
• Ebay/Uber/Airbnb/TripAdvisor
• Renters will look for ratings/reviews.
• Expected • Open reviews • Verification of details • Profile sharing • Powerful asset
Are you going to get ahead?