Although we may not all be flying around in hovercrafts just yet, the twenty-first century has brought with it an entirely new era of innovation that human beings as little as a few decades ago, probably couldn’t even comprehend.
The day that our species chooses its new living quarters through a digital screen has finally arrived... and whether we like it or not, it is of paramount importance that we move with the times.
In this blog post, we’re going to be exploring the new phenomenon that is ‘tech-savvy renters’ and how you can make your property more appealing to this generation, by embracing and flowing with the digital way of life.
The digital age
Technology is a quickly-changing, ever-expanding landscape and it is fair to say that technology now rules a pretty large portion of our world, and certainly the millennial generation (those born between 1981 and 1996, who were growing up when the internet was unleashed on the world).
From ordering breakfast through to booking twice-a-year holidays in just a few clicks; from same-day delivery packages through to on-demand movies and music, technology has literally placed the world at our fingertips. We allow speed and convenience to majorly impact our buying decisions, and slow service? Well, that instantly equates to a bad online review.
The lettings industry plays its part in this new digital age too, as a portion of the people using this technology are, of course, renters.
Research shows that younger households are more likely to rent privately, with 25-34 year olds representing the largest age group currently living in privately rented accommodation. With millennials making up this entire age group of renters, letting agents are having to adapt to new trends so they can keep hold of these renters while attracting new renters, at the same time.
So, what is a tech-savvy renter?
Keeping in mind that a large portion of millennials - or pretty much anyone that is well-versed in the happenings of the world wide web - rely on the internet for daily maintenance of their lives as well as important decision-making, we cannot overlook the necessity of tech when it comes to these people renting a new home.
The tech-savvy renter is someone who not only prefers, but rather expects speed, convenience and ease-of-use when looking for something online, including their new rental home.
This is the person who would rather deal with an issue through their fingertips using an online customer service chat system, rather than put phone-to-ear and call a customer service helpline for a voice-to-voice conversation.
The tech-savvy renter is someone who, today, consciously or unconsciously demands that everything about the rental process from start to end, including ongoing maintenance, be handled online.
It is great to see a shift already happening in this area, as lettings agents are beginning to become more digitally-savvy as time goes - ensuring they are able to retain and attract new renters in today’s highly competitive private rental property market.
Movebubble and tech-savvy renters
Our research into this area demonstrates that 36% of renters value tools like in-app filters, and 37% of renters think our multiple area search option is useful for saving time.
Our findings show the importance of speed, convenience, ease of use and swift communication when it comes to the time-poor, tech-savvy generation in their search for a new home, and that is why we have specifically tailored the Movebubble platform to meet these growing needs and demands.
Communication is key
Good communication with agents when on the search for a new home, isn’t a new development for renters, however. Sometimes renters can be looking at multiple properties all at the same time... and having to deal with multiple agents all at the same time can become a head-banging experience.
Communication between renter and agent should be an easy and accessible process for all renters. There is a significance in being available when renters are, and not just on a typical 9-5 weekday structure. In fact, our research shows that 52% of enquiries actually happen outside office hours.
Furthermore, 53% of renters prefer an in-app chat option. We’ve worked hard at creating a platform that allows renters to search for the properties they want, speak to multiple agents at the same time and arrange viewings at times to suit them, all through a click of the finger. This easy and quick communication through a digital phone screen helps to build renter-agent trust, and as we all know, this trust is key in building long-term, happy relationships - not just between renter and agent, but between agent and landlord, too.
The future of lettings
The proportion of households living in the private rental sector has doubled over the last decade, with almost one-quarter of all households predicted to be renting privately by the time the year 2021 comes around.
Additionally, it is estimated that millennials make up around 50% of the current renting population here in the UK, with half of the millennial population predicted to be renting well into their 40’s.
The private rental market is growing and the above figures represent a massive potential for lettings agents to tap into these opportunities - but only when they’re ready to fully embrace the demands of the tech-savvy generation. It would most certainly put them at the forefront of the market and highlight their importance as the bridge between renter and landlord.
To find out more about how you can partner with Movebubble and get your properties noticed by the tech-savvy renter, contact us here today.