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Kerfuffle helps estate agents make the right proptech and supplier choices by providing independent advice on solutions available in the market. In this video, Kerfuffle’s consultants Simon Whale, Richard Durrant, and Paul Morgan, provide a Gogglebox style review of Vaboo.
The consultants raised a few questions over the session and they asked the team at Vaboo to elaborate. This is their response to the comments:
The data for our weekly email comms tells us that positioning an agent's brand alongside household names both in the emails and on the platform has a very positive impact on both service and trust. The stats currently sit at 50% Open Rate with a Click Through Rate up to 8%.
We know the impact is positive because of the NPS data. This data shows that we do more than any supplier for an agent’s brand. On average an agent's NPS increases by 40% within 12 months of launching their Rewards program; our clients’ customers are 40% happier after the launch of a Rewards program!
Plus, the NPS continues to rise after 12 months with the current average showing a 46% increase in NPS for longer-term clients. As mentioned in the 3 Men and a PropTech Baby review, the current average NPS is 52.
In the video, it was questioned whether the prize draws increased engagement. Absolutely. This in turn drives more data to be fed back to the agents. We have big news coming in this area soon - there are going to be many more winners each month! More winners, more engagement, more data, meaning even higher NPS growth.
In terms of additional revenue, we help agents promote any product or service that generates additional revenue. Most products are not simply applicable at the move in point, where an agent would typically try to sell but can be purchased at any point in time, post move in. We will give these permanent visibility.
The discounts are exclusive to our agents. No tenants can purchase access directly. It is designed to be added value for our client's customers to differentiate them.
Richard Durrant questioned the tenants caring about going to local businesses, however, we share data with our agents telling them which local businesses their customers would like to visit if they had a discount. It makes the agent approaching those businesses easy.
One area that was not covered much in the 3 Men and a PropTech Baby was the additional revenue opportunities of financial services. Our users tell us about their future plans to buy, which we feedback to our clients. This means we know long before an agent if a tenant is potentially moving, and if so, whether they are going to be buying and when.
This not only means the agent can help them find a property but also a mortgage. This is quite a new aspect to the service and is still developing, but initial results show that any client who launches with us will have new data about purchasing plans from approximately 30% of their customer base inside 3 months, and much more going forward as it all builds up. We are currently sitting on millions of pounds of potential mortgage revenue.
In both our quarterly and annual reports, agents are only given data from their own tenants. They are also able to see live feedback from their tenants only within their dashboard (on premium). All tenant information remains securely with Vaboo and is never shared/sold with 3rd parties.
The only data we share on our own platforms/marketing is generalized overall statistics, as we have a very good insight into the lettings market. In total, since we started the monthly competition, we have had over 3 million responses to questions about the wants, needs, and expectations of tenants, alongside the feedback about their agent’s service which enables us to measure and track their NPS score.
About Vaboo
A Customer Rewards platform that helps give agents a point of difference against their competition in order to win new landlord instructions and find great tenants. Our service adds value to the renting experience and shows that our clients care about their customers and want to provide the best service possible.
The platform is underpinned by money-saving offers and discounts to help financially and make it easier to pay rent and it is these offers that drive users to the platform. Once on the platform, there is also access to other features which enable us to get a greater understanding of users ‘wants’ and ‘needs’ and provide clients with deep insights into who their customers really are, in order for our clients to develop their service better over time and maximise future opportunities.
The service is fully white labelled so users engage with the client's brand, both on the platform and within weekly communications that all users receive. These comms fill the post move in customer communications gap, by providing ongoing highly engaging messaging, driving overall customer and brand engagement.
Check out their exclusive deal and learn more about them on their Kerfuffle page here.
