The 9 key metrics for customer satisfaction in Property Management businesses
There are a lot of factors impacting your business and customer satisfaction is all too often a forgotten performance metric but it’s the one impacting your business’ bottom line the most.
High-standard customer service makes you recognizable and stand out within your industry, especially today when social media play such an important role in making buying decisions.
It’s therefore crucial to track it and optimize it in order to improve your business’ bottom line because once you identify your customers you can easily leverage your promoters (happy customers).
This is why we found 9 Key Customer satisfaction Metrics that you should apply to your strategy to deliver the best results for your Property Management business.
The 9 key metrics
We will divide the 9 metrics into 3 categories with 3 metrics each:
- Relationship with the customer’s main point of contact
- Physical property
- Property Management Organisation
I) Relationship with the customer’s main point of contact
Relationships are at the core of the Property Management business, the relationship metrics encompass trust, communication, and collaboration between customers and their company representative.
1- Collaboration with Manager
Is there good collaboration between your customers and your staff?
Tracking collaboration will allow you to see who in your team is seen as approachable and who potentially needs training in dealing with customers. A low collaboration rate means customers delaying requests and building up frustration.
2- Trust with Manager
Does your manager have a trusting and respectful relationship with your customers?
See if the agency or brand values are well represented by your staff. If there is no trust your customers won’t let you know when there is a problem and you won’t be able to fix it in due time. Don’t forget that unhappy customers can turn into business detractors.
3- Communication with Manager
Is communication between your customers and your staff of good quality and frequency?
Communication is key to customer satisfaction, if you establish frequent and transparent communication this will lead to trust and create loyal and happy customers.
II) Physical Property
Regardless of your service delivery, the quality of your stock has a major impact on customer satisfaction. Knowing the overall state of each of your portfolios and how they compare in terms of customer satisfaction is a crucial element of the business analysis. This is why you should measure the satisfaction on the maintenance services, the value proposition and the overall wellness of your customers.
Are your customers happy about the handling of the maintenance at the property?
Maintenance is a key step in the tenancy lifecycle and often the trigger to frustrations. It impacts directly your customer satisfaction if it is not handled well or communicated. Finding whether things slip through the cracks or not will strongly impact the customers’ happiness.
2- Value Proposition
Are your customers happy about the value the property offers? Is it aligned with their needs and expectations?
Knowing how your customers perceive the property value proposition directly impacts their satisfaction, your branding, but also customer retention. By tracking this metric and the customer’s feedback, you can easily identify risks and opportunities to make the property more attractive.
Do your customers feel well in the property?
Customers wellness is a major factor for their satisfaction and it is often disregarded. If they don’t feel good because of the state of the property, this will have a direct impact on their satisfaction but also on your customer turnover, vacancy rate, and branding.
III) Property Management Organisation
The strength of your company branding is your main asset and must not be neglected. Especially now that social media and online reputation play such an impacting role. Tracking your branding, customer experience, and customer loyalty will allow you to make life-changing decisions for your company whether you have to fix, improve or grow your business.
How do your customers perceive your brand?
It’s important to know how your brand values are perceived by your customers and if they match the ones you’re selling and trying to deliver. A gap between the branding you’re advertising and the one you’re actually selling can lead to low customer satisfaction and will backfire.
2- Customer Experience
What is your customers overall feeling of the quality of your services?
Tracking your overall customer experience feeling will allow you to see if you are on target. It is vital to make sure that the customer experience you want to deliver matches with the one perceived by the customers. The earlier you find about any variations and take action to rectify, the better.
Would they recommend your company in the future or rent again from you?
Measure your customers’ overall sentiment about your brand and gauge their probability to recommend you or not, or to use your services again.
Don’t forget that today’s tenants can become tomorrow’s landlords.
At Umanest we designed a customer satisfaction survey for property management businesses based on these 9 metrics so that you don’t have to worry about anything.
We provide access to real-time feedback through a user-friendly dashboard that will allow you to make informed business decisions while you can still rectify.
Interested to know how we helped a company save over $150K annually with our customer satisfaction programme?
Want to take your Property Management business to the next level? Schedule your free meeting here.