We are witnessing a raising awareness around the importance of Customer satisfaction especially with the arrival of Net Promoter Score (NPS) and Survey systems and their growing implementation by Property Management businesses.
And although the industry is realizing its importance, choosing the right system and analyzing the data to take actions is a whole other story, so this is why we analyzed the efficiency of two different systems for Property Management businesses.
The NPS Score as a metric
The NPS question truly is the perfect question to ask if you had to ask only one question to your customers, but that’s also its limitation.
In fact, NPS is a typical benchmark companies measure to evaluate and improve customer loyalty. NPS is different from other benchmarks, such as customer satisfaction score or customer effort score, in that it measures a customer’s overall sentiment about a brand, versus their perception of a singular interaction or purchase.
Therefore the NPS is just the tip of the iceberg. By only asking one question you get limited general data, this is very interesting for bench-marking purposes, but it doesn’t allow you to take many business decisions because it’s only based on 1 metric.
What you truly need is action points, not just a general score, based on specific and actionable data. This is possible through a survey system, but survey systems are often scary because they are a lot of work and therefore time-consuming. You have to spend hours drafting the right questions, organizing them, sending the surveys, collecting the data and organizing it in an actionable way. But what if it wasn’t that hard?
The survey methodology and systems
The data you get from survey systems has a direct impact on customer churn, staff turnover, brand reputation and therefore on the costs of these. Not implementing a survey system would therefore cost you more than just a few bucks a month, in fact, if you take into consideration that:
- A tenant turnover cost on average $1,800 per property
- A landlord churn represents on average $375 per property
- Staff turnover costs an average of $5,280 to $10,800 per Property Manager’s position
- Bad online reviews can cost $6,600-18,000 annually in lost business opportunities
And realizing that all of this can be improved through a customer satisfaction survey is worth implementing it.
But what about the time and efforts it involves?
On top of the costs related to not implementing a customer satisfaction programme, today the implementation can be very easy if you use a software programme like ours.
If you want more information on the pros and cons of customer satisfaction survey in-house or outsourced read our article: “ Conducting a customer satisfaction survey in-house vs. outsourcing ”
At Umanest we designed a customer satisfaction survey for property management businesses so that you don’t have to worry about anything.
You send us your tenant list and we take care of the rest. Following months of research, we came up with 9 key metrics that we measure with the survey.
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?
Max Oliviero is helping Property Managers grow profitable and reputable businesses. He is the Founder of Umanest. Connect with Max on LinkedIn and Facebook.
Want to take your Property Management business to the next level? Schedule your free meeting here.