Today we are excited to announce Snug Match.
Snug Match streamlines rental applications to help lease feaster and more importantly attempts to solve the fundamental market problem of mismatching between renters and owners thereby encouraging longer and more sustainable rental relationships.
Streamlined and progressive applications
To start we’ve consolidated several online and offline applications into one easy to use solution. It saves agents and owners time and money.
We’ve also reduced the time it takes renters to get started, and ask just for the information required to progress the application.
Renters are able to quickly create and build their Snug Profile securely online. Rather than completing a wall of forms, renters can express interest with key information, that helps the owner or agent quickly assess eligibility. Real time market feedback from renters, provides owners and agents with the insights to meet the market quicker.
Matching to reduce churn
Mismatching results in great financial and emotional expense for the renter and the owner, when moving moments aren’t mutual.
Sure, natural churn occurs due to life’s happenings such as buying a first home, moving for a new job, family care commitments, households breaking up or the desire to live in another area.
Mismatched churn occurs because of things like: mismatched expectations around lease length, affordability or reasonable repairs and maintenance that go ignored.
The problem with rental churn
For renters, moving every 12 to 18 months means direct out of pocket costs such as double rent for overlapping periods, moving and connection costs, removalists and licence updates. Plus there are the hassles, like the fines and late fees for bills that go to the old address.
For owners, vacancy is the biggest cost. Just one weeks vacancy can negate what might seem like a modest increase of $10 on a $500 per week rental. Add to that advertising fees, letting fees, and out of pocket costs to set up the property for prospective tenants, which quickly make the cost of churn soon outweigh the benefits.
Build to rent
Snug Match can support the development of the build to rent sector. Our patent pending technology provides for sophisticated matching which helps established long term leases.
Governments could reduce the churn rate by regulate for mandatory long term leases such as the five year leases proposed in some jurisdictions or end ‘no grounds’ evictions. But these policies restrict the natural market equilibrium and could cause the risk of financial distress for owners thus increased costs passed on to renters.
With a surge in the number of rental property investors, record levels of indebtedness and rising costs of property ownership, an increase in the rate of rental churn might be expected.
We believe many owners seek out long term renters but are unable to effectively find and select the best tenant for their property with old fashioned application forms.
You’re more than one form
The traditional model of excessive form filling is outdated and suboptimal for owners and renters who both have their characteristics and preferences. Renters and owners are commoditised with simplistic approaches to data collection and presentation.
Many renters have harmoniously leased numerous properties over the years and vacated without arrears or damage. Snug enables a renter to share their Rental ReputationTM privately with their prospective landlord.
Snug helps renters demonstrate their stability of tenure and care for properties to secure great properties.
It’s time for Snug Match
Match delivers the next generation of rental application processing which moves beyond one form and incorporates three elements:
Firstly, Match enables the traditional rental form data such as: employment, income, rental history, tenancy database checks and supporting documents.
Second Match enables a renter to create and build their Snug Profile and establish their Rental ReputationTM from ongoing activity in the Snug rental community.
Renters are in control of their Rental Reputation, they can maintain their renting related data in a single place and securely share it with owners, agents and service providers.
Renters can seek reviews from previous and current owners/agents and improve their reputation through ontime payments, timely communication and reporting reasonable repairs and maintenance requests.
Third Match, dynamically creates a Match Score unique to the renter, the property and the owners’ preferences to provide insights into the compatibility of the parties.
Snug’s unique Match Score is initially calculated based on:
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Property owner preferences such yield, occupancy and condition.
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Rental property advert characteristics such as term, rent, start date.
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Property attributes.
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Rental application data.
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Renter profile completion.
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Market conditions.
A rental applicant’s Match Score is dynamically displayed on each application. Renters can improve their Match Score in real time to better fit the owner’s requirements. As a renter Match means knowing where you stand and how to improve your compatibility with the owner or to apply on other more suitable properties.
Match helps the market move faster. Renters can update their Snug Profile and Rental Reputation prior to the inspection and optimize their Match Score right there at the property.
No longer is the largest income the determining factor, tenure and rental activity can help renters win their best property. Match helps remove unconscious human biases and discrimination in the tenant selection process. Match takes a data driven approach to tenant selection which supports the judgement of the owner or property manager/agent in selecting the right tenant.
Finally Match brings inspections, rental applications, offers, holding deposits and bonds in to one convenient mobile friendly solution.
Reimagining renting with Match
We have re-imagined renting, where long term renters find long term owners, perhaps self managed super funds. We’re helping renters shine and owners get set for success so both can achieve their personal and financial objectives in a rental community.
When renting feels good it’s Snug.