Driving business value through modern tenant and resident experiences with an enhanced application process
Tenant expectations are rising rapidly. With easy access to exceptional online experiences, from eCommerce services like Amazon to purchasing insurance, holidays or even setting up bank accounts without the need for human contact, consumers are used to being able to access the products and services they need instantly online. And, if they’re able to easily track the progress of far more trivial purchases online, it’s no surprise that they expect to be able to do the same for important life events such as moving house.
Tenant experience is key to agents’ success
Tenant experience is rapidly becoming a key differentiator for sales and lettings agents. While historically agents have placed much of their focus on delivering an excellent service to landlords, many are realising that tenants and residents are more than simply a means to an end.
Happy tenants reduce churn, boost brand reputation via positive reviews and drive new business via word-of-mouth referrals. Over the longer term, today’s tenants could also be tomorrow’s buyers, sellers and landlords, meaning that relationships forged with residents could grow and deliver significant returns over the long term.
With increasing competition from the Build-to-Rent sector, which has put resident experience at the heart of its proposition, agencies are increasingly recognising the value of modernising their own tenant experience, to streamline their internal processes and reap the brand benefits of exceeding expectations.
The tenant application process – a vital first interaction
As a tenant’s first interaction with your agency, the application process sets the tone for the entire relationship. A slick, unified experience delivers a first impression that will stay with a tenant for the long term, increasing the chances that they’ll give your agency the benefit of the doubt should they experience problems with their tenancy in future.
More importantly, the initial contact method also sets the standard for future communications and behaviour – if tenants are introduced to a digital platform from day 1, they’ll be more comfortable using this throughout their tenancy than if their initial contact was via telephone and the platform was brought in at a later date.
Deep integration to deliver real-time data
For sales and lettings agencies, real-time access to data is the key to delivering a modern, digital tenant experience. Without this, it’s impossible for digital channels to fully replace in-person or telephone communication processes or deliver the real-time updates and notifications tenants expect from an app-based platform.
The latest version of MRI’s Tenant Application Process, updated with a host of new features, creating a unified integration with MRI Sales and Lettings to achieve just that.
Pulling property details in real-time alongside financial information from MRI Qube PM, the Tenant Application Process allows tenants to complete the entire application process digitally and fully independently. With the MRI Tenant Application Process, tenants can provide everything from basic applicant and contact information to employer details, guarantor and next of kin information. Creating a lease is then automated, allowing applicants to pay pre-tenancy funds (including configurable additional charges for elements like pets or parking spaces), provide referencing information and sign their AST agreement. With the entire process handled digitally, agents can move straight to the referencing stage with no need for manual input before this point.
A streamlined, elevated tenant experience
With no need to communicate with agents over the telephone or attend offices in person, tenants can handle every aspect of the application process in their own time, allowing unparalleled flexibility to complete their application whilst juggling their other responsibilities, such as work or childcare.
Tenants can begin an application and save it halfway through – for example, if they need to collect additional information from other applicants, and pick it up to complete later at their convenience. If a property is let before they’ve completed their application, they’ll be notified and prompted to browse other alternative properties instead.
And, with the ability to instantly see the progress of their application via an online account, the tenant application process offers a significantly upgraded experience compared to non-integrated application systems which simply forward details to an email address and require agents to respond via telephone.
Measurable ROI for sales and lettings agents
With a seamless tenant experience, agents benefit from improved resident satisfaction, leading to longer-term tenancies, increased referrals, and the potential for cross-selling opportunities in future when tenants become ready to buy or even let their properties.
The benefits also extend to agents’ day-to-day operations. With no need to manage paper-based processes or in-person applications, agents benefit from valuable freed-up resource time to spend on viewings, building client relationships or driving new revenue streams.
Learn more about MRI Tenant Application Process
To discover more about how MRI’s upgraded Tenant Application Process could support your business to deliver an exceptional tenant and resident experience, contact the MRI team today for a personalised demo.
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