Onboarding rewards: It's the money, stupid
Stake launched in the early, frothy, 2019 economy of Brooklyn, New York City.
A one bedroom apartment was averaging $3,500/month and was filled quickly, if not immediately. Renters spent up to 50% of take home income on rent, and property managers bumped up against rent stabilization regulations, looking to maximize each dollar in returns.
Today, we are launching a new app onboarding experience for our residents across the country in a decidedly different economy than 18 months ago.
Now, our residents include renters in Cleveland, Ohio, small and medium businesses (twist!), and, yes, our original residents in Brooklyn who have renewed and are now on their second lease, counting to earn with Stake.
So, what have we learned that informed our new onboarding process?
Money is universal: We started with the belief that real estate was about, as the cliche goes, location, location, location. While true, there’s much more to consider. What unites renters--renters of homes and small offices--is the money. Four percent Cash Back speaks to the renter of a studio in Brooklyn the same as it speaks to an accountant in Cleveland. Our new onboarding process emphasizes these rewards for each renter: earning when you pay rent is easy and universal for all.
Design for finance, not property: When it comes to managing money, there are certain universal design patterns users recognize and respond to strongly. Our app does not help you manage your home, it helps renters manage the money they are rewarded with when they rent a home. Thanks to Kane Albarron, who created our product and brand design patterns early in Stake's journey, we’ve been able to double-down on showcasing the simplicity and ease of earning and saving with Stake.
Building trust: Renters and landlords today don’t rank each other as BFFs. Trust has been eroded. Now, with Stake, as soon as a resident opens the Stake app the trust gap is being bridged. Stake turns money property managers already spend into a powerful reward that renters love. The response is immediate, and a new relationship can start.