Measuring Tenant Satisfaction and Retention. CFAA 2011 Rental Housing Conference June 17, 2011. About J.D. Power and Associates. Have been conducting research in Canada since 1991 offering several syndicated studies measuring overall satisfaction and quality - PowerPoint PPT Presentation
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About J.D. Power and Associates• Have been conducting research in Canada since
1991 offering several syndicated studies measuring overall satisfaction and quality
• We support hundreds of clients with a range of VOC solutions including:– Syndicated study benchmarking– Proprietary tracking studies– Mystery shopping– Customer handling process consulting and
training
• Our syndicated benchmarking studies have been a catalyst for improvement in a number of industries
Why Measure Satisfaction in the Multi-Res Industry?
• Your customer’s expectations vary significantly!– By property, location, price-point, etc.– You can’t hope to meet or exceed customer expectations if you
don’t understand them first!
• The experience is on-going not transactional– PM staff are tasked with keeping residents happy at all times– This begins as soon as the lease agreement is signed (maybe
before…)
• Highly satisfied tenants offer the following:– A source of free advertising (through referrals and
recommendations)– Superior loyalty -> lower turnover / cost savings
• Staff responsibilities cover all aspects of the building – suite, amenities, maintenance, tenant requests, etc.
• Some simple things to consider:– How is a resident greeted?– How is a resident contacted / how do they contact you?– What is the process for resolving tenant issues?– What is the approach to general maintenance and cleanliness?– How can issues be prevented?
• Keep in mind, resident satisfaction will be viewed in the context of all experiences i.e. not just other rental properties
• “The building has a great look on the outside, but once inside it is NOT worth the money they ask for. The units are not updated to the standard of the market.”
• “The property managers are doing an exceptional job. They are courteous, respond quickly to requests and are available to help when needed”
• “I would recommend our management place courtesy calls every so often to see if we have any issues and to demonstrate better customer service.”
• “The swimming pool was open for almost 3 weeks before I found out about it. Please post a note in the elevator next year.”
• “Our on-site management staff are fabulous. They are part of the reason why this building feels like home.”
• Property managers are challenged with “keeping residents happy!”
• This task requires managers to pull it all together– General up-keep and maintenance of the building– Addressing tenant issues (functional as well as issues with other
tenants)– Provide a sense of comfort and community
• Process and consistency are key for property managers– Not all buildings are built the same but can they follow the same
procedures?
• Listen to your residents– Having insight into how residents feel and what they expect is only one
piece of the puzzle but is critical to prioritizing improvement actions