13 November 2018 | Jonathan Stein
When I started managing rented properties in 2004 I set out to be a fair landlord. As my portfolio grew over time, I became more and more aware of the financial risks and challenges that renting property involved. This was evidenced in 2013 when I had a number of tenants in arrears, when previously I’d never had a problem.
This had a significant negative impact on my bottom line, so I wanted to get to the bottom of why it was happening.
Were my renters unhappy with the property? Did they feel the service they received didn’t match up with the rent they paid? Had their circumstances changed? I wanted answers to these questions, so I could do something about it.
The reaction was overwhelming; it all boiled down to affordability.
From this - Vaboo was effectively born. I had been working within the corporate rewards sector, and it struck me if corporations give back to employees, why couldn’t you do the same for renters? After all they are my customers.
Not only would this improve a renter’s sentiment towards myself and my properties resulting in less late payments, but also the discounts I was offering were going to help renters counter affordability concerns by saving money in all other aspects of their daily life.
I went about building a perks and engagement platform developed with renters specifically in mind.
After an initial trial period, I found arrears were less of a risk, evictions were avoidable, my general costs were reduced and managing my properties became much easier.
Vaboo has come a long way since then. Our perks and engagement platforms now include customisable branded dashboards, strategic feedback capabilities as well as a new service we’ve just launched that helps agents earn extra revenue.
And of course, we still offer the best everyday savings to renters that help them combat affordability.
From my own experiences, as well as those echoed by Vaboo’s clients, giving renters access to money-saving offers not only helps counter affordability concern but also results in positive engagement which overall benefits a lettings business.
Discover what one of our platforms could do for your lettings business. Request a no-obligation demo.