We’re often asked here at Lama HQ about what lenders can do to increase their success on the platform. To become one of our top lenders and bag your place on the all-new lender leaderboard, you need to understand what’s going on behind the scenes with our item-search algorithm. In short, the algorithm is designed to favour listings by lenders that excel in The Five Lender Metrics.
“It’s amazing how much of a difference this makes.” – Mindy M (Top of the Lender Leader Board, March 2017)
THE FIVE LENDER METRICS
1. Response Time
Borrowers expect answers quickly. The faster you respond, the more likely you are to guarantee a rental. This also includes leaving reviews for borrowers in a timely manner.
2. Repeat borrowers
If borrowers rent from you more than once, this demonstrates to us that you are delivering an excellent service and customer experience.
3. Top quality listings
Improving the image quality and description of the items can drastically improve your chances of a rental. We draw on data to analyse your listings – such as page views to rental ratio – and can offer key areas to improve.
4. Promoting your brand
Our algorithm tracks lender visibility both on and off-platform. Improve this by sharing your listings and lender profile page via social media and instant messengers.
5. Quality conversations
Engaging in conversations with borrowers, offering further details and helpful advice is key to being a good lender. Borrowers will soon be able to rate the quality of the conversation which I can coach you on how to improve.
“Once you get to grips with these areas, it’s fairly simple to grow your rental income to thousands per month” – Sam Miller (Head of Lender Success)
For any other questions please free to email our Head of Lender Success – firstname.lastname@example.org