Competitive Point of Difference with Bond Finance
What would it look like if you were to offer tenants the flexibility of paying off their bond over monthly instalments? Learn more from Katie Cotton at easyBondpay.
Listen to the Audio
Read the Conversation
Leesa: Welcome to another edition of Rent Roll Insights, I’m Leesa Sinn and joining me today is Katie Cotton from easyBondpay.
Katie: Thanks, Leesa for having me.
Leesa: Katie is going to join us over a four-part series and Katie is going to talk a little bit about what easyBondpay can do to help property management businesses. Katie to kick off the series I’d like to understand a little bit more about easyBondpay.
Katie: So, we launched in February 2016 and we came into the market to streamline the bond payment process, and I suppose when we first came into the market it was funny because most people wouldn’t identify as having an issue because every tenant needs to pay bond. I suppose at the end of the day the only option was you pay the bond, or you miss out on the property. So, we’ve now got this option of being able to pay it off over monthly installments where the agency gets the full bond upfront, tenant pays us back monthly for the term of the lease and there’s no liability in terms of those payments. So, it just works really well. We have three thousand agencies on board nationally and we process hundreds of bonds per day.
Leesa: The thing about particularly leasing, is about speed, so getting tenants into properties quicker. So, with that in mind would you say that bond finance is that competitive point of difference?
Katie: Yes, absolutely I think you know in 2018 now it’s all about the service that we offer our consumers and if we can offer them a great service they continue doing business with us. So, I think if you can have a tenant move into a property sooner, if you can allow them or give them the flexibility of paying things off over monthly instalments it certainly makes it competitive in that space. I think if you look at the McDonald’s experience and I know we’ve had this conversation a lot. If you go through the McDonald’s drive-through and you order a medium Big Mac meal and you get your medium Big Mac meal you would consider that a good service. If you get the straw and a napkin you say it’s a great service, but if their crew person has the bag neatly folded hanging out the window smiling at you and telling you how to have a great day you would consider that an exceptional service and it costs nothing extra to do that. So, I think that’s where we look at with easyBondpay. It costs an agency nothing to get on board with us, all they’re doing is offering another option and then the tenant gets to pay it back monthly for the term of the lease. So, it’s amazing you know what a difference to be able to offer our tenants in a world where monthly installments are so common. We now have things out there like Afterpay you know which launched in 2015, it’s now seen in every major retailer across the country and it’s known as the modern Laybuy. It’s the most convenient way of paying and I suppose if you look at it in the retail space they want to be able to get people to spend more money and what better way to do that then to offer a more convenient way to pay.
Katie: So, if we look at bonds if we want tenants to move into a property sooner what better way than to offer them another option to be able to do that.
Leesa: Absolutely and it costs nothing. A great customer experience it doesn’t cost any anything else.
Katie: Exactly. So, I would say you’re mad if you don’t want to come on board.
Katie: You’re mad if you didn’t.
Leesa: Katie thank you so much you know coming along today we’re going to learn a lot more about you know what else easyBondpay does and how else it can it can help businesses out there. So, please come back, stay tuned and thank you again.
Katie: Look forward to seeing you soon.
Leesa: Thank you.