Member Article

Renters live online –meet expectations or risk extinction

Traditional property firms face extinction if they fail to meet renters’ technology-driven demands for a better customer experience.

That’s the claim being made by one property expert in the aftermath of an industry-leading conference exploring technological innovation in property.

Proptech Tech 2016 took place last week in London, bringing together leading lights in the traditional and modern property sectors.

Attendees included Ajay Jagota of Dlighted an insurance backed deposit-free renting solution.

He said: “Until recently I’ve been pretty dismissive of a lot of the so-called digital innovation in the private rented sector, mainly as it’s tended to be real emperor’s new clothes stuff in practice. Doing the same old things but cheaper on the internet, as if in 2016 online was somehow revolutionary.

“Previously we had high street agencies and technology driven start-ups in opposing camps talking tough on “disruptive” technology. But each camp’s expertise existed in isolation, limiting any significant change in the market. We are now finally seeing genuine collaboration between the two with technology firms harnessing the consumer’s user experience and high street corporates offering deeper insight into the world of property..

“Historically a lettings agent’s client has been the landlord. Now we have to focus more on the renter as the ultimate consumer of our product. And renters live online – they have certain expectations when it comes to customer service.

“Companies are realising that they will lose customers if they do not meet those expectations. Let’s face it, consumers tend to have a pretty awful view of us as an industry. That’s why, for example, Zoopla have made so many high-profile acquisitions including U-Switch, software group and invested in many more including Fixflo.

“Innovation gives us the opportunity to address that animosity by providing a better service. That’s one of the key reasons why my businesses have abolished deposits – because by asking for them you’re basically saying to your customers ‘we don’t trust you’.

“The High Street graveyard is full of businesses which became extinct because they failed to move with the times. The message is clear – adapt or die.”

This was posted in Bdaily's Members' News section by Ajay Jagota .