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Insight

Digitalise Your Tenant Onboarding

Technology has transformed virtually every aspect of our lives, including how we approach the property market, with many tenants now favouring digital interaction. Research by Rentalraters.com found that one-in-seven tenants rent “without viewing”. This trend is set to continue, with online reservations and virtual viewings becoming the new normal during the last few years.


With 91% of all tenants likely to use a mobile device the next time they are looking for somewhere to live according to research by Revel, it’s imperative that landlords ensure prospective tenants can easily find and browse their property portfolio online. Although many landlords list their properties on third-party sites like Zoopla or Rightmove, having their own website that lists out their properties for rent can also be beneficial. This may seem counterintuitive at first, however this allows the landlord to take greater control of the content shown, as well as managing what next steps perspective tenants should take. For instance, by capturing their immediate interest and allowing the prospective tenant to go straight into the onboarding process, this limits the likelihood that they will continue to browse and search for alternative properties elsewhere.


What’s more, end-to-end tenancy management software solutions such as Spike Lettings, can be white-labelled and completely customised to tie into your existing marketing website, creating a seamless experience which can also help to build brand awareness. If they still want to advertise on third-party platforms, then they have the ability to manage, control and publish all listings from a central place.

Why Digitalise the Onboarding Process?

By digitalising the applicant journey, prospective tenants can view the progression of their tenancy in real-time, communicate with the lettings team, sign contracts, and even make payments, all online. Being able to see where they are in the process can also help to manage expectations of how far along the journey they are. With every tenant following the same automated onboarding process, end-to-end tenancy management software like Spike Lettings can also provide examples of accepted documentation and a clear indication of which documents still need to be produced by the applicant, saving hundreds of admin hours having to chase for the right documents and speeding up the onboarding process. As well as having the potential to handle all reservations inhouse rather than relying on outsourced lettings agents.


Tenancy management software can also make tenant screening, arguably the most important part of the rental process, easier. Early detection of tenants who could cause damage to the property, break their tenancy, or pay rent late will also help landlords begin the tenancy with the best possible option. As online applicants increase, it’s vital that landlords are equipped to prevent fraud. From identity theft to fake bank statements, an unprepared landlord runs the risk of accepting bad applicants, which may lead to issues down the road.


Companies like Flatfair play a role in making the tenant onboarding process much slicker by eliminating the need for upfront deposits. Tenants can simply pay a one-off membership fee equal to one week’s rent (+VAT) at the start of their tenancy, authorise their debit card and settle bills at the end – similar to hotel’s check-in and out.

Managing Tenants Once They’ve Moved in

Once a tenant has moved in, resident portals can make the lives of landlords and tenants easier. According to research by NMHC and Kingsley, 58% of renters would rather pay rent using a resident portal rather than a property website via laptop/desktop. When rent is easy to pay, tenants are more likely to pay it. If they have to jump through hoops to pay their rent, the chances of it being late increases.


With a complete end-to-end tenancy management solution like Spike Lettings, landlords can also send out reminders to tenants a day or two before their rent is due and can even automate confirmations to let them know that their rent has been paid. Instead of waiting around for payments to come in or having to chase down tenants across multiple properties, they can easily view the status of each property, what rent has been paid, and what has yet to come in, all via a single dashboard.

Summary

The face-to-face business style of the property industry is changing forever, as online reservations become the new normal. Digital solutions such as Spike Lettings, can manage a tenant’s journey in its entirety, from initial enquiry, through the reservation stage, all the way to moving in, building a life there and connecting with the community.

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Case Study

One Crown Place Chooses Spike Global for Luxurious New Homes in Shoreditch

One Crown Place is a newly completed development of 246 apartments spread across two strikingly contemporary 28-storey and 33-storey towers on the edge of the City of London, just three minutes’ walk from Liverpool Street Station. As well as one-bedroom to three-bedroom homes, it includes a wealth of community facilities, which is why a robust resident engagement portal was absolutely vital.


Leading resident engagement and property management software provider Spike Global has risen to the challenge by creating a completely bespoke version of its Spike Living portal for the development. Fully tailored to the facilities that are available at One Crown Place, the software will help new residents to make the most of all the on-site facilities as well as get to know the local area through discounts on goods and services nearby.


The development, designed by KPF architects, is intended to be a complete new community in the heart of London and is well-equipped with facilities that are available for residents. These include a quiet workhub with bookable workstations and meeting areas; a series of communal spaces which will be used for meetings, talks and free craft-focused workshops; a screening room for a personal cinema experience; a well-equipped gym; a terrace garden with carefully divided outdoor rooms and quiet corners and a dining room and adjacent kitchen for celebrations and gatherings.


With such a wide range of facilities on offer, along with a 24-hour concierge service to book tickets and deal with mail, One Crown Place needed an equally flexible resident engagement portal to ensure that everything runs smoothly – so the company turned to Spike Global.


Jeremy Heath-Smith, CEO of Spike Global, explains: “Our software makes everyday living both more straightforward and more exciting. On one hand it can enable all kinds of everyday transactions to happen swiftly and simply via a smartphone app, whether it’s arranging for a parcel to be collected, booking a desk for the day or reporting a maintenance issue. Meanwhile, it can also open up a world of fun activities, enabling residents to book a workout or a workshop, or discover what the local area has to offer through exclusive residents’ discounts on everything from haircuts to restaurant meals.”


Spike’s portal also enables residents to connect with each other, providing a safer and more localised alternative to conventional social media, as it is only open to individuals who live in a particular building, helping newcomers to meet their neighbours while staying safe from strangers and scammers.


Caroline Decleves, Residence Manager at One Crown Place, says: “We are aiming to provide the feeling of a luxury five-star hotel, with beautifully finished apartments and high-quality facilities. Spike Living provides a user-friendly way for residents to engage with everything that is on offer and helps everything to run like clockwork.”