Motivating Residents for Positive Ratings and Reviews · Motivating Residents for Positive Ratings...
Transcript of Motivating Residents for Positive Ratings and Reviews · Motivating Residents for Positive Ratings...
Motivating Residents for Positive Ratings and Reviews
Virginia Love, Waterton Residential
Peggy Hale, Morgan Properties
Greg Benson, Greystar Real Estate Partners
Josh McDonald, Holland Partner Group
Why Write a Positive Review?
Satisfied x Happy Emotions = Dissatisfied x Negative Emotions
Look for recurrent themes. • Staffing related comments
• Office hours
• Amenity related
• Grounds keeping
• Maintenance comments
• Rent comments
Content Impacts Operations
• Be where your customers are • Roadmap to improvement • Celebrate and replicate the
positive • Include in sales presentation
Marketing Impact
Showing Appreciation
Once an NFL Cheerleader proving with a 4.0 GPA they are not all dumb
blondes.
Josh McDonald Holland Partner Group
Factoid- Josh opened the 2006 3-day Sasquatch Music Festival with renditions of the Star Spangled Banner and Oh Canada in none other than a Sasquatch Costume and Canucks Jersey.
FACTOID • Successful Actor / Comedian
• World-Renowned Commercial Photographer
• College Professors
• International Financial Executives
• Engineers
• Finance Directors
• Me
Greg Benson
Morgan Properties’ Strategy
• 2009 Started Social Media Communities • 2010 Positive Review Cards & Resident Email
Requests • 2011 Managing Online Reputation • 2013 Satisfacts InSite
– Pre-renewal – Move In – Work Order – Unclosed Prospects
Property Teams’ Training
• Every Review or Comment Receives:
– Thanks
– Apologize
– Fix The Facts
– State Commitment To Make It Right
– Reinforce Culture Of Excellent Service
– Know When To Take Conversation “Off-Line”
Partner With Satisfacts First Half of 2013: • Rollout 4 point survey program in March • YTD company wide
– Unclosed Prospect: 4.19 out of 5 = Superior National Average = 4.04
– Move-In: 4.27 out of 5 = Superior National Average = 4.26
– Work Order: 4.18 out of 5 = Superior National Average = 4.27
– Pre-Renewal: 3.64 out of 5 = Average National Average = 3.74
Partner With Satisfacts
Second Half of 2013:
• Identify successes and opportunities at community level
• Identify best practices for improvement
• Map out an action plan for improvement – October & November at Regional Level Meetings
• Verified Resident Surveys populate ApartmentRatings.com
First Six Months of Surveys
• Total survey request sent: 77,733 events; 207,202 actual emails
• Total surveys completed: 8,949
• Total apartment ratings reviews posted: 4,403
Early Ratings Results
• Postings Per Property vs. Prior 12 Months: • Up 1571% per month
• Recommend Score: Up 66% • (from 42% to 71%)
• Satisfaction Score: Up 21% • (from 2.52 to 3.10)
Inside The Renter’s Head
• Why do your residents take the time to write comments and reviews?
Inside The Renter’s Head
“Super Hero Experience”
Inside The Renter’s Head
“Short & Sweet”
Inside The Renter’s Head
“I Love You . . . BUT”
Inside The Renter’s Head
“Mildly Disappointed”
Inside The Renter’s Head
“Tragic Failures”
Inside The Renter’s Head
“Chronic Basher”
Make Sure You Can Handle The Truth
Holland Partner Group 20,000 + Units
Seattle
Portland
Denver San Francisco
San Jose
Los Angeles
San Diego
‐ Monthly survey of 5% of resident base
‐ The Ultimate Question NPS
HCSI Drives Rent Increases and Resident Retention ‐ Properties with HCSI of 8.1 or greater oAverage rent increases of 6.8% oResident renewal rates of 46.5%
‐ Properties with HCSI of 6.5 to 8.0 oAverage rent increases of 4.8% oResident renewal rates of 32.3%
Holland Customer Service Index (HCSI)
HCSI Blue Print
Reputation Management
HCSI vs. Apartment Ratings
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HCSI and Apartment Ratings Scores are Correlated (0.44) Average Score & Average Rating over Peak Leasing Season 2013
Apr 1, 2013 - Sep 30, 2013
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Net Conversion Average
Stronger Apartment Ratings Scores mean Stronger Net Leasing Conversion Six Month Average Apartment Ratings Score and average six month property
net leasing conversion Correlated: .38
Ratings and Returns
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Six Mo. Avg. Apartment Rating
Stronger Ratings Equate to More Visits to the Community's Website Ratings Score vs. Click Through Percent
Six Month Peak Leasing Season Average: Apr-Sep '13 Correlated: .63
Ratings and Traffic
The Blue Print
• Many customers need prompting
• Refute negative feedback about something they love
• Generally be helpful to others and provide balance
Targeting the Silent Observers
The Balancing Act
Respond to all reviews to engage customers and influence perceptions. Does the community deliver on the service promise?
Differences Between Properties
• In program < 9 months • New to program
(lease up, takeover, new participant)
AWESOME!
Variables: • Starting approval percent • Number of units • Demographic • Survey and VRP program in place
• Program veteran • Seen the success / committed
Differences Between Properties
Property A
150 Units - Tax Credit Way Outside Denver
2 Reviews YTD
Property B
200 Units - Tax Credit Just Outside Denver
11 Reviews YTD
Property C
800 Units Upscale Baltimore Suburb
33 Reviews YTD 375 Reviews Since 2007
Property D
800 Units Tertiary Phoenix Suburb
6 Reviews YTD 40 Reviews Since 2009
Challenges
• Reporting Data separation of same store sales versus new participants
• Training Managing training verification for onsite teams with staff and property turnover
• Focus Maintaining focus at high level and property level
Making Progress
Clients, Corporate Leaders, Regional Mangers and Onsite Teams care and think
about reviews differently now
It’s amazing how such a “basic” idea like this can have such an impact and I have no doubt it has positively influenced leasing.
- Clay, Regional Real Estate Leader -
“THANK YOU for not raising rent--it had really been giving me heartburn thinking I was going to have to find somewhere else when I’m so happy where I’m at. Also, kudos to you for responding. I’m a communications strategist and work a lot in social, and am impressed with your efforts to change CPW’s online reputation--you seem to be headed in the right direction.”
- Kate - (One resident who helped balance the resident blog dedicated to our broken fire alarms)
The Value of Positive Feedback