motivating residents for positive ratings and reviews · motivating residents for positive ratings...
TRANSCRIPT
![Page 1: Motivating Residents for Positive Ratings and Reviews · Motivating Residents for Positive Ratings and Reviews Virginia Love, Waterton Residential Peggy Hale, Morgan Properties](https://reader033.vdocuments.mx/reader033/viewer/2022052314/5f0b41757e708231d42f9d29/html5/thumbnails/1.jpg)
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
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Why Write a Positive Review?
Satisfied x Happy Emotions = Dissatisfied x Negative Emotions
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Look for recurrent themes. • Staffing related comments
• Office hours
• Amenity related
• Grounds keeping
• Maintenance comments
• Rent comments
Content Impacts Operations
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• Be where your customers are • Roadmap to improvement • Celebrate and replicate the
positive • Include in sales presentation
Marketing Impact
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Showing Appreciation
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Once an NFL Cheerleader proving with a 4.0 GPA they are not all dumb
blondes.
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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.
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FACTOID • Successful Actor / Comedian
• World-Renowned Commercial Photographer
• College Professors
• International Financial Executives
• Engineers
• Finance Directors
• Me
Greg Benson
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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
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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”
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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
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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
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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
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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)
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Inside The Renter’s Head
• Why do your residents take the time to write comments and reviews?
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Inside The Renter’s Head
“Super Hero Experience”
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Inside The Renter’s Head
“Short & Sweet”
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Inside The Renter’s Head
“I Love You . . . BUT”
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Inside The Renter’s Head
“Mildly Disappointed”
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Inside The Renter’s Head
“Tragic Failures”
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Inside The Renter’s Head
“Chronic Basher”
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Make Sure You Can Handle The Truth
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Holland Partner Group 20,000 + Units
Seattle
Portland
Denver San Francisco
San Jose
Los Angeles
San Diego
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‐ 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)
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HCSI Blue Print
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Reputation Management
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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%
HC
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
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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
Ave
rage
Ap
artm
en
t R
atin
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
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0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Six
Mo
. Avg
. Pe
rcen
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f V
isit
s C
licke
d T
hru
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
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The Blue Print
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• Many customers need prompting
• Refute negative feedback about something they love
• Generally be helpful to others and provide balance
Targeting the Silent Observers
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The Balancing Act
Respond to all reviews to engage customers and influence perceptions. Does the community deliver on the service promise?
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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
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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
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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
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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 -
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“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