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About
TurboTenant is the free, all-in-one property management platform that allows real estate investors to streamline their rental business and make it more successful. Landlords can market properties on dozens of the top rental listing websites, collect leads and applications in one place, screen tenants, and create a state-specific lease agreement tailored to their specific needs as a landlord. Once a tenant moves in, TurboTenant makes managing the property easy with automatic rent payments, messaging, and simple document storage.
Challenge
TurboTenant needed a landlord insurance provider that could integrate seamlessly into their property management tool
TurboTenant was building the ultimate software to give landlords everything they needed to self-manage their properties and tenants more easily. Integrating a competitive insurance product would encourage clients to use the app’s full suite of tools, increasing each customer’s lifetime value. But Harrison Stevens, Vice President of Marketing, knew that the landlord insurance provider they chose could make or break TurboTenant’s user experience.
The main goal was to find a carrier that offered tailored coverage at great rates. Most carriers offered broad, high-premium policies that overvalued replacement item coverage. With those conventional plans, a microwave was valued at thousands of dollars. Understandably, TurboTenant’s landlord customers needed policy options that would effectively cover assets for a more reasonable amount.
But that wasn’t all. The carrier they chose would also need the technological infrastructure to integrate smoothly with their suite of tools so landlords wouldn’t have to juggle multiple apps and logins.
Harrison’s team had seen that landlords tend to shop for coverage early on in their portfolio-building work. So they knew that finding the right insurance provider was key to delivering value to those who were still growing in knowledge and skill. Harrison saw that TurboTenant’s ability to provide great coverage to customers at the ideal time would even improve customer loyalty. Ultimately, the whole business would grow as a result.
“When you get a quote from a traditional insurance company, they might try to sell you a plan you don't need, which hurts cash flow. The coverage and cost are often too high for the purpose of the property.”
Solution
Steadily completes the puzzle by providing landlords with integrated policy management
The TurboTenant team found Steadily and realized it’s exactly what their customers were looking for.
First, the coverage fits TurboTenants’ current and target customer base. The smarter coverage protects assets at more realistic, accurate valuations, which keeps monthly costs low for landlords. That lower cost then allows them to better balance their monthly cash flow.
With better cash flow, landlords are freed up to nurture and grow their portfolios more easily. And the more properties one user manages, the more they use TurboTenant to streamline their work.
The technology behind Steadily also allowed TurboTenant to quickly and easily implement the insurance component into landlords’ existing user experience. Deployment was done the same day it began, and the intuitive process of getting a binding quote now takes users less than 10 minutes. Harrison estimates that over two years of usage, his team has invested fewer than 20 hours total in deploying, maintaining, and customizing the tool. “Considering the results we’ve gotten, that ROI is really good,” he laughs.
“The product just fits so well. TurboTenant is built by landlords and the product we created with Steadily is built for landlords. There are unique things that a landlord knows that they need specifically. That’s a big differentiator as we build a custom tool for our specific audience.”
Results
A better product offering for landlords leads to increased growth that fuels itself
TurboTenant now enjoys an improved product that’s truly all-in-one because it includes a low-cost insurance component with great coverage.
Harrison was right that integrating with Steadily would help the whole business grow. It even opened up a new revenue stream: TurboTenant now gets a commission when their users opt in to Steadily for landlord insurance, creating incremental revenue for the company.
Here’s a snapshot of their results so far:
- $500,000 from a new revenue stream
- 5% reduction in customer time-to-value
What’s most exciting to Harrison as a leader at TurboTenant is that these results are compounding. The positive outcomes continually produce more of the same outcomes. So as his team looks to the future, he sees TurboTenant leveraging Steadily to increasingly benefit everyone involved.