Posted: 17 May 2018
Combatting renter concern
Long has London been the most expensive place to rent in the UK. It’s estimated that on average, a Londoner can expect nearly half of their monthly pay cheque to go on rent, leaving them with very little extra cash to spend on the things they really want.
But imagine if someone paid your rent for a month?
East London based developer Red Door Ventures did just that for one of their renters. Committed to providing London renters with quality accommodation that is affordable as well as delivering good quality service, Red Door Ventures sees renter satisfaction as a cornerstone of their business.
A renter with a view
Tamara was the lucky winner and had only been living in her property for a month before she bagged herself the rent-free prize. Tamara lives with her boyfriend and another couple and was immediately drawn to the property due to its spaciousness and accompanying price tag.
“I moved to London over 5 years ago, and I’ve always lived in the Stratford area; it’s been crazy to see how much the rents have increased over that time! Not only have the rents have gotten bigger but it also feels like rooms have gotten smaller,” Tamara explains,
“That was the best thing about finding our flat. We were really taken with how spacious and well-decorated it was in comparison to what else is out there. It even had outdoor space and crucially was affordable!”
As part of welcoming renters to their new homes, Red Door Ventures sign up their renters to Red Door Rewards powered by Vaboo. The Red Door Rewards platform gives all renters exclusive access to savings and discounts from a wide variety of national retailers, so they can save money on the things they care about the most.
“It took some getting used to, I’ve never had a landlord who’s provided that kind of service before! My boyfriend just bought a load of electronics and saved himself quite a bit of money as well as earning cashback!” says Tamara.
Every month via the platform renters can also win competition prizes, “I only applied for the competition on the last day; I could hardly believe it when I’d actually won!”
With extra cash in her pocket, Tamara could do the things she cares most about, “I spend most of my disposable income on travelling the world. Being able to go out and explore the world whilst I still can is so important to me.”
Changing rental landscape
The UK rental market is undergoing a transformation and placing the renter experience at the centre of a service is crucial to staying ahead of the competition and ensuring renter retention.
As Rachel Hanniquet-Brooking of Red Door Ventures explains, “As a local London rented accommodation provider, we thought long and hard about what our renters are up against in terms of affordability and what we can do to help them out. Red Door Rewards was developed to do just that.”
“The private rented sector has long been plagued with poor levels of service and at Red Door we place our renters at the centre of all we do to ensure that they have the best living experience.”
With the emergence of disruptive providers and changes to legislation, those rented accommodation providers who do not embrace new ways to improve service levels and positively engage their renters could see a loss of market share.
“There is little that can be done about the rising cost of renting, but if you can provide a quality of service that corresponds with the rent price then you are responding to the demands of the modern-day renter and will see an uptick in renter satisfaction, loyalty and reputation,” explains Jonathan Stein, CEO and Founder of Vaboo.
“We recently conducted a study that found 86% of the UK renting population are concerned by the rising cost of living. We partnered with Red Door Ventures to develop a platform that counters renter affordability concerns, adds value and delivers a truly renter-centric service.”