In this feature of Game Changers, we will be looking behind the curtain at what makes the platform ResiSettle, in our opinion, an exciting development opportunity within the ever-expanding BtR industry.
As many of our readers will know, at UK Build to Rent we have a personal fascination and affinity with the technology in this sector and are always looking out for quirky little inventions that we believe can add something truly unique to a development offering – we would like to introduce you to ResiSettle, a new order and payment platform specifically targeted at tenants.
First, let us take a look and understand what ResiSettle can deliver.
ResiSettle falls into the category of a concierge-moderated order platform, bringing tenants and select local businesses together. In short, ResiSettle can bring the offerings of the local high street businesses surrounding a specific development to your very doorstep – or further. It can also include any run-from-home businesses (think dog walking or cleaning) situated within the development and creates an easy to use, contactless payment procedure to connect the business with the tenants.
What sparked the idea for ResiSettle?
“While the payment platform industry continues to grow and provide solutions to the ever-increasing expectations from customers regarding ease, speed of transactions, the Property Tech market has been slow to catch up. In Britain – at this point – there are no dedicated payment solutions for private consumptions or sundries of tenants on the market.”
This gap created an opportunity to build ResiSettle. Frank and Sebastian worked together at Lavanda, a short-term let prop-tech start-up based in London, Frank as CFO and Sebastian as Operations Director. Both Frank and Sebastian saw the opportunity to provide a new amenity to tenants via the ResiSettle platform and see BtR as the perfect environment to enhance the ability of creating a micro-community within every development and provide an extra level of customer service.
More about Sebastian and Frank, the creators…..
Frank is a serial tech entrepreneur based in London. He studied physics at Royal Holloway University and was awarded a BSc in Physics with Management. Frank is no stranger to developing successful Prop-Tech apps and co-founded Lavanda, an acclaimed property tech platform.
Since then, Frank has gone on to found three additional technology businesses (from pre-seed to post series-A funded) that cover infrastructure ventures, healthcare distribution and financial reconciliation for short-let properties.
Sebastian has more than 25 years of global luxury hospitality and customer service experience. Professionally educated in Switzerland, he holds an MBA from Henley Management College. Sebastian’s residential experience covers senior management roles at One Hyde Park Residences (Mandarin Oriental Group), Ten Trinity Residences (now Four Seasons Hotels) and Belgravia Gate, before founding MORICON Consultants. Amongst his clients are Lodha Group UK and the Public Investment Fond of Saudi Arabia (Amaala Resort).
ResiSettle in the Build to Rent sector
It is clear to see that Frank and Sebastian have the existing pedigree that allows them to fully understand what the market is currently missing and how to create a platform to fill that existing void.
But let’s talk about why we at UK Build To Rent like this product so much:
“For us ResiSettle hits two pivotal requirements of a BTR development’s objectives – maximise returns for investors while increasing the tenant experience and creating more of a community.”
When we spoke to Sebastian, he explained that in an age where the buying industry is dominated by Amazon and the online shop, it is easy for local high-street businesses to get left behind. Add to this the recent Covid pandemic and it may feel like the high streets will never be the same again. To counter this and provide tenants with easy, contactless options to support the local businesses they created ResiSettle. This will allow the development to build a community together with the local businesses as well as providing enhanced, and nowadays expected, increased customer service.
ResiSettle boasts a unique mobile design that keeps all aspects of install and usage admin light and can be fully integrated or used as a stand-alone app (both fully branded) and supports a multitude of payment options.
About ResiSettle:
The building’s concierge team can partner up with local businesses and add their services to the in-house app of their BtR development. Meaning that even in a pandemic, the local business can still flourish by offering their services via the ResiSettle app and allowing tenants to pay contactless and have their goods delivered. The app is fully integrated into the tenant’s mobile phone and its security systems – the payment is done via the secure Google or Apple Pay platforms.
The development can proudly advertise the positive impact it brings to the local community, the local micro-economy as well as its tenants!
ResiSettle also allows a fantastic opportunity for a BtR investor like M&G or Invesco to add a margin to the goods and services being sold via ResiSettle. This new income stream can either increase the net operating income or be spent on marketing activities or team incentives – all through inventive and innovative methods of connecting local businesses to their tenants.
Who Wins here?
With ResiSettle, we see this as one of the first applications within a Build to Rent development that can benefit the Investor’s margin. ResiSettle features an extensive data analytics module enabling operators to constantly improve tenant satisfaction and to enhance customer experience.
Developments can offer their tenants the opportunity to buy truly local while supporting the growth of the local community. The administration of the app is very simple and due to the direct peer-to-peer payment process no reconciliation effort is needed. Additionally, the app can improve customer satisfaction as key performance metrics can be solicited easily via a “satisfaction widget” as part of the purchase interaction: think of a custom Tripadvisor or HomeViews review-module for your building.
With BtR developer / operators like Moda continually improving the attention they dedicate to the value they bring to the local community, as well as their tenants, it seems as though ResiSettle could be the perfect platform to widen a building’s community circle just that bit more.
Get in touch
If you would like to know more at www.resisettle.com or receive a free demo of ResiSettle please contact Sebastian directly at smoritz@resisettle.com
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