Good real estate management has an impact on the enjoyment of tenants: measurements add flexibility to decision-making
From resident experiences to customer experiences
The enjoyment of residents starts before moving in. It starts from the moment when a future tenant starts to think about moving. The owner should ensure that residents enjoy staying in their rental apartment. After all, demand for high-quality rental apartments has increased and competition over good tenants has become fiercer in growth centres, in particular. As a result, tenant turnover and resulting costs remain low.
In my opinion, it is important that Realia Management invests in continuous operational development. Because the experiences and satisfaction of residents play an increasingly important part, we will measure and develop resident experiences regularly in all our rental apartments.
Resident experiences steer day-to-day real estate management
We will start to measure resident experiences on a regular basis in May 2019. Results will be available in real time and we can respond quickly to feedback, when necessary. Our goal is to extend this survey all the way to the activities of operating personnel. In this way, we can measure, steer and develop day-to-day activities on the basis of feedback from residents.
We analyse our activities with a critical eye. The survey gives us feedback and ensures that our operations are transparent. We will also make the survey results available to property owners. After all, I believe in openness in trust-based cooperation. At the same time, this is the best way to develop our activities in order to improve resident experiences.
Regular measurements help us to monitor how resident experiences change. We will use the Net Promoter Score (NPS) to assess how we have succeeded in developing our activities.
Agile measurements help to react quickly to development needs
According to my experience, conventional satisfaction surveys conducted once a year look too much in the rear-view mirror. Their results are completed many months too late, which is why it is impossible to respond quickly to feedback. It is important that residents see that we respond immediately to their feedback.
We have set alarm limits for measurement results. If results are below these limits, we will take direct action in accordance with our pre-defined operating model to fix the situation and produce better experiences. For example, if we receive many messages from a certain area or property, we will know precisely where development actions are needed.
We will measure the entire leasing lifecycle regularly, ranging from the selection of a rental apartment to moving out:
- Survey when moving in
- Example questions: Did you obtain a sufficient amount of information about your apartment before deciding to move in? Did all the practical matters go smoothly? Did the condition of your apartment meet your expectations?
- Annual resident survey
- Example questions: Are you enjoying your apartment? Are you happy with maintenance services in your building? Are you happy with the cleanliness level of public areas?
- Survey when moving out
- Example questions: Did you enjoy your apartment? Did the final inspection of your apartment go smoothly? Would you lease an apartment from Realia Management again?
We give residents an opportunity to give feedback quickly and easily
I hope that these measurements help residents to see that we are interested in their resident experiences and that we develop our activities on the basis of their feedback. We offer residents an easy way to make development proposals and have an impact.
It only takes a couple of minutes to respond to the text message and email survey. To make it easy to respond, share experiences and give feedback, every single survey will only include five or six questions. Most questions can be answered on a numerical scale.
Satisfied customers form the core of our operations. This is why I am excited about starting these measurements!
This text was written by Lasse Käck, a long-term real estate management professional. He has been in charge of real estate management services for Realia Management’s rental apartments since 2007. Contact Lasse!