Motivating Residents for Positive Ratings and Motivating Residents for Positive Ratings and Reviews

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Transcript of Motivating Residents for Positive Ratings and Motivating Residents for Positive Ratings and Reviews

  • 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.

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=q84uNzAe7uJaBM&tbnid=CgE1U5EaBIqrwM:&ved=0CAUQjRw&url=http://buffalo-jills-alumni.vpweb.com/1990-s-Buffalo-Jills-Photos.html&ei=2k19Utq8OYqtigKwzYCIBw&bvm=bv.56146854,d.cGE&psig=AFQjCNEMtXgBKJ-cfR4qxYxwRTM2AOu4VA&ust=1384030034486702

  • 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

    6

    6.5

    7

    7.5

    8

    8.5

    9

    9.5

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    H C

    SI

    Apartment Ratings

    HCSI and Apartment Ratings Scores are Correlated (0.44) Average Score & Average Rating over Peak Leasing Season 2013

    Apr 1, 2013 - Sep 30, 2013

  • 0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

    0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00

    A ve

    ra ge

    A p

    ar tm

    e n

    t R

    at in

    g

    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

  • 0%

    2%

    4%

    6%

    8%

    10%

    12%

    14%

    16%

    18%

    20%

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    Si x

    M o

    . A vg

    . P e

    rc en

    t o

    f V

    is it

    s C

    lic ke

    d T

    h ru

    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

    http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=DRKdBWYjVR-iKM&tbnid=8DUOO9dqj1GnNM:&ved=0CAUQjRw&url=http://bishbashbooks.com/keep-calm-and-carry-on/&ei=hXxpUvnPIsnLkQeos4HIAQ&bvm=bv.55123115,d.eW0&psig=AFQjCNGPJJLB6gRjFm-_5OixYXOUbF9IvA&ust=1382731027464586

  • 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