2014

UK Tenant Survey

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WHO DID THE SURVEY? The OnBoard Pro 2014 Tenant survey was independently conducted by leading London based polling company, Populus. The survey method was both online and telephone with data collected from 1000 geographically and demographically randomised Private Rental Sector (PRS) tenants in the UK.

The survey structure and questions were carefully analysed to ensure that they were clear, independent, did not lead the respondent and would provide a completely commercially and politically independent barometer of the UK rental market in 2014.

WHO ARE POPULUS? Populus is a leading research & strategy consultancy and a trusted adviser to some of the UK’s biggest companies, individuals and brands.

They use polling, research, evidence and expertise to provide clients with the critical knowledge they need to succeed. Their work helps them identify, understand and influence the critical issues and audiences that can make the difference between success and failure. 

Populus work across two practices – Market Insight and Politics & Reputation – and their team includes experts in qualitative, quantitative and omnibus research as well as strategists from the worlds of business, politics, marketing and communications. 

Q1 On a scale of high to low how would you describe any application fees you paid?

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OUR THOUGHTS … It’s hard to escape the obvious statistic that 45% of tenants thought their application fees were high. This data is taken from 1000 responses from 18-34 year old tenants across the entire UK.

The responses are a mix of fiscal and emotion and the interesting link is in the relative value perception, rather than an opinion on absolute cost. It is because of this response that we decided to explore a more detailed question that focussed on whether the tenants felt that the value for money was high or low.

It is clear from this data that agents and landlords need to find ways to reduce tenant facing prices whilst balancing the need to maintain margins in their business.

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Q2 I believe the UK letting industry represents poor value for tenants.

OUR THOUGHTS … 6 out of 10 tenants in a representative survey felt that the industry represents poor value. This statistic is polarising in isolation, but its impact is compounded when viewed alongside the 45% of tenants who felt that fees were high. The dissatisfaction levels expressed were higher when asked in the context of value rather than pure price.

This result is unescapable evidence of the lack of confidence in the industry perceived by tenants.

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Q3 I believe that tenancy applications are slow and reliant on outdated technology.

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OUR THOUGHTS … Speed and poor process would appear to offer an insight into the difference between cost and value perceptions. It is clear from the above results that tenants feel that the time and efficiency of the application and administrative processes are not adding value or positivity to their overall customer experience.

Technology is available that can leverage process efficiency whilst engaging the tenant more actively in the process. This has a triple benefit of:

Improving tenant satisfaction Increasing margin Reducing time and cost

OnBoard Pro delivers completed tenancies in under an hour, with an average time of 40 minutes.

Comprehensive, safe and quick.

 

   

 

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Q4 To what extent would you be interested in being able to pre-complete applications before meeting an agent?

OUR THOUGHTS … This question was designed to test the appetite that tenants have for being able to pre-apply in order to minimise the time an application for a tenancy took.

Given the trend for online applications, the broad uptake of mobile devices and a general upskilling of technical standards, it is unsurprising to see that tenants would be keen to migrate from paper forms or dictating answers to an agent, if they are able to complete this element from the comfort of their own home.

This result offers a unique opportunity for agents to leverage this desire for efficiency whilst reducing a significant amount of administration cost, transferring the heavy lifting to the tenant who is both supportive and willing.

   

 

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Q5 I think that a more innovative technical solution would advance the UK letting industry further than more government regulation

OUR THOUGHTS … Significant steps forward have been taken via Government regulation over the last 5 years. However, this direct question gives an incredibly strong confirmation that further regulation is not the best solution perceived by tenants.

Rather, in common with what has happened in other industries such as transport, retail and motoring; technology is seen as the best solution.

Agents who are keen to be ready to maximise the benefits of the forecast rise in rental market share, need to ensure that their application and administration processes are as slick and efficient as possible; using technology as a catalyst for profitability and success.

 

 

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WHAT DO OTHERS THINK?

“Technological advances like OnBoard Pro support a more modern approach to lettings which is what tenants want.

All too often private renters are being overcharged with admin and other add on fees.

I am sure the lettings industry, government and tenants would support the success of these new applications designed to provide better value to people renting, saving them both time and money.”

Natalie ElphickeChair, Government

Independent Market Review

“The market and consumer has changed in the last few years and most likely it will continue to change in the future. Agents must recognise this, work hard to take advantage of the opportunities this represents and represent the industry to the best of their ability.”

PresidentAssociation of Residential Letting Agents

(ARLA)

READY TO LEARN HOW TO LEVERAGE THE RESULTS OF THIS SURVEY AND BE A PROFITABLE AND HIGH PERFORMING LETTING AGENCY? …

… we’d be delighted to help.

08452 26 26 06 info@onboardpro.co.uk