Delivering a Great Customer Experience
To conclude this 4-part series, Katie Cotton from easyBondpay will also introduce you to their new product for vendors, easyAdpay!
Follow the links below to check out Part 1 – 3 of this series.[/vc_column_text]
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Leesa: Welcome to another edition of Rent Roll Insights, I’m Leesa Sind and joining me today is Katie Cotton from easyBondpay, welcome back.
Katie: Thank you, thank you for having me Leesa.
Leesa: This is the final video of the series.
Katie: That’s sad.
Leesa: I’ll have to arrange another one I think.
Katie: It’s been fantastic.
Leesa: It’s been great to have you along and for those of you who have missed out on the last three videos please click on the links below to check those out. Now Katie before we wrap up this series I’d really like to take a moment to focus on property management business customers. So, can you tell us a little bit more about what easyBondpay has done to help its property management business customers?
Katie: Certainly, I think over the last couple of videos we’ve really spoken about how this has benefits to tenants and how it’s beneficial for our agencies to get on board, but it is really important that our consumers have a great experience and that we’re able to offer them something that’s convenient and I think we’ve used that word a lot throughout the series, but it’s so important to focus on why we do things when they become convenient.
So, if we look at how we get everything started for a tenant, so it’s nice and it’s quick and easy because, bear in mind that if we don’t offer something equally as convenient people revert to credit cards. It’s so easy you know we could walk to a teller and we could cash advance from our credit card and they could pay a $75 cash advance charge to do that, but they do it because it’s convenient. So, we had to come into the market and offer something that was going to be equally as easy as that.
We have an e-fund portal, so what that means from an agency’s perspective is that they will log in, they confirm six basic tenancy details, they click email, the tenant instantly receives a quote, if they accept that by 2:30 PM South Australian time, funds are in the agency’s account at 6:00 PM that night. So, I mean in terms of how we’re offering our tenants a great experience, there’s no better. I think to briefly touch on the fact that we offer a 2% commission to the agency, there’s no cost to get on board with us it’s just simply another option. We’re not here for zero money we are here for cash fund convenience. I think the one thing that we’ve actually forgot to talk about is about our landlords.
Leesa: Yes, very important.
Katie: Exactly and how do we keep them doing business with us because they have to trust us and they have to like us, they are putting their investment into our hands.
Leesa: Lots of trust.
Katie: So how are we then I suppose offering them a great service. So, if we look at a rent roll of 250 properties for example and we have an average rent of $400.00, if we had every tenant move into a property just one week sooner that is an extra $100,000.00 for our landlords overall every year. I think you know I spoke earlier around the small things and people get very caught up sometimes on “it has to be a big thing”. If we’re going to make change in our office it’s got to be big, extravagant, but it’s the small things that in fact make the biggest difference when we look at that.
Leesa: Its very true yes.
Katie: Exactly so I mean if you instead of saying to a tenant, “oh yes of course you can have another week” it’s no, we want them to move in a week sooner, we can offer you easyBondpay, it means you can move in sooner. You know that at the end of the day the only person who pays that vacant property for that week is your landlords. So, if you save them $400.00 yes, it may only seem like one week and one lot of $400.00 but overall that could be $100,000.00 for all of your landlords.
I mean then you’ve got people referring you so then you’ve got more people doing business with you, the landlord’s that are happy staying with you so they don’t move them they in fact buy more investment properties and then you get them to manage on top of that.
Leesa: They tell their friends who have investment properties.
Katie: Exactly. Well don’t they always say that if you have a great experience that those people will tell ten people that will tell ten. Before you know it a hundred people have heard about a great experience as opposed to an average experience.
Leesa: Absolutely in those average experiences that news just spreads and spreads and spreads.
Katie: Doesn’t it. There are so many things out there in terms of technology to voice people’s negative feedback. For us we just want to make things simple and easy and if it’s convenient why not.
Leesa: Fantastic, amazing. Katie has shared with us some amazing insights and some amazing things that easyBondpay can do for property management businesses. Katie know I’ve heard about a new product to market which is helping the sales side of the business and helping vendors in that space. So, can you tell us a little bit more about that?
Katie: So, I suppose after two and a half years of giving the property management world a lot of love we decided we’d come in and help the sales space as well. So, we launched easyAdpay, we’ve come into finance vendor paid advertising. We’re aware that it’s a significant amount of money, but I think more importantly, it is so important that we advertise a property in the right way.
So, we’ve decided to come in and give our vendors the option of paying those advertising costs off over six-monthly installments. So, the agency gets the full VPA upfront and the vendor gets to pay it back over six-monthly installments, there is absolutely no liability on the agency in terms of those funds. So as soon as they get those funds they get to spend that on the advertising package that’s agreed between the vendor and the agency and that’s it, we manage the payments externally and I suppose more importantly there’s no cost to an agency in terms of doing that. You know we like to be able to say that we can offer all these tools that are going to be beneficial and there’s no cost. So, we’re simply saying to our vendors you can either pay the agency upfront in full alternatively you can pay it off via installments with easyAdpay.
Leesa: Excellent so, it’s that message around convenience.
Katie: Yes, it is. It’s not uncommon now to see so many agencies carrying some of those VPA costs and you know maybe five years ago it was a little bit of a point of difference where we carry those costs, but now it’s not because before you know it you’re carrying $200,000.00 of advertising. So, what we want to be able to do is give these agencies the opportunity, the option that they can quickly and easily say to their vendors here you go, this is it. I mean for those who are using easyBondpay you know how easy it is to use that and so obviously when you’re moving into that easyAdpay space, it’s the same e-fund system that we use so it works well. Provide the basic details, you click email and every vendor can get a quote so they then get to decide whether or not that’s the way they want to go to pay their advertising cost.
Leesa: So simple.
Katie: I know we do well with this Leesa we really go out of our way to make sure that everything’s nice and easy to use and we want people to use it. You need to come into the market and offer something so convenient that people want to use it all the time.
Leesa: Sounds amazing. If anyone wants more information how can they get in contact?
Katie: Yes, so you can email me so email@example.com or you can call me 0428 640 278. We have a call center available for tenants. We have a direct property management line for our PM’s. We have a direct line for our easyAdpay clients as well. My role is to manage all of Queensland for both easyAdpay and easyBondpay so you’re most welcome to call me even if it’s to reach out, to get a little bit more information, to get a bit more of an understanding. I can come into the office and have a chat and we can let you know how you can get this up and running in a quick and easy amount of time that’s not going to disrupt anything else that you’re doing in your office.
Leesa: Well it’s been an absolute pleasure having you along throughout the series. We’ve learned a lot about what easyBondpay and easyAdpay can do for a real estate business and for real estate customers.
Katie: It’s been great to be here, thank you so much for having me.
Leesa: You are more than welcome and thank you for tuning into another episode of Rent Roll Insights, we’ll see you again soon.
Katie: Thank you.