It would be tempting to attribute the income of some of our top lenders to luck or, perhaps, a touch of the supernatural. But us lamas have been closely studying their rulebook and seeing exactly what it is that they’re doing, and have pulled out a few key lessons which we could all learn from. This week, we’re focusing on the first rule of lend club: respond as quickly as possible.
[Fight Club fans, I’m afraid the parallel begins and ends there.]
OK. Here it is.
The average response time of our top five lenders on the platform is two minutes and twelve seconds. Not too shabby. It’s little surprise that our current highest earning lender is responding to borrowers in less than one minute, too.
Response Time Matters
Understandably, borrowers need answers. Regardless of whether it’s a yes, a no, or a further message to clarify precise details of a request, getting back to a prospective borrower at the first possible instance will go a long way to increase your lender success on the platform.
Sam, Head of Lender Success at Fat Lama, says:
“You don’t have to dig far to see a really clear correlation between response rate and lender incomes. It makes sense when you consider the fact that 50% of rentals on the platform are booked within 24 hours of the start of the rental period. Borrowers often use Fat Lama as an on demand service, a last-minute rental solution, so those borrowers who are able to cater to that with efficient correspondence are increasing their.”
Why Time Is Money
Borrowers want answers quick. In order to help them get them, our algorithm favours user accounts with a low response time. That means that if you have a Fast Responder badge on your account 5 minutes, our search function will be more likely to serve up your items in borrower searches. Why do we do this? Because we want to give borrowers a great experience. And remember, response time is calculated by your speed of response to both messages and rental requests.
Click here for more information on how to up your lender income.