Do not get stuck on setting goals that may become outdated and steer you away from high resident satisfaction, instead, track and analyze trends from continuous, real-time resident response/evaluation data to swiftly identify issues, resolve problems, and improve your property’s business.
Success requires hard work, this is no mystery. Setting goals, planning, mapping, and developing a blueprint are all essential ingredients in any business’s constant mission to be successful. However, when do these ingredients backfire? When do goals disorient a business and cloud immediate issues at hand? Attention to detail and a commitment to customer satisfaction are critical aspects of finding success, furthermore, they are aspects that are often overlooked due to flawed prioritizing and confounding KPIs (key performance indicators).
It is important to understand the point and meaning of KPIs. Ultimately, these are merely indicators, general checkpoints that omit detail and present data that is collected rarely. These indicators require adjustment to reflect data gathered at more frequent evaluation points. Frequency allows for the bypassing of the law of large numbers, which in this context would mask rare yet prevalent issues at hand that risk getting lost amidst other “good” things, especially if indicators are reviewed at seldom. Increasing frequency consequently increases standards of service due to more accurate and pinpointed service goal evaluation.
When working in the rental home business, collecting real-time data from residents promotes a positive customer experience. Real-time data ensures that maintenance and management staff stay on top of the issues at their property, providing service that is organized, consistent, and personalized. With the resident being at the foundation of business, their experience is an often undervalued ingredient to success. While KPIs paint a general picture of what is important, real-time data provides detailed facts and continuously updated trends while directly involving the resident. The direct involvement of the resident and the resulting pride instilled in their home amounts in increased resident retention rate as well as a free and extremely potent and profitable referral system.
The future of the apartment industry lies in the betterment of the “living experience” for their residents, most prominently focusing on continued excellence in customer service and the integration of social networks and other software designed to increase the efficiency and effectiveness of communication (resident to resident and resident to management) while embodying a sense of community.
In the constantly operating rental home business, detailed and organized data and service are crucial to successful management and high resident satisfaction rates. With great satisfaction comes great potential for downstream effects, including resident retention and positive and free resident marketing (through recommendation, etc.). Detailed real-time data analysis fosters flexibility in a business and promotes swift and professional service that increases resident satisfaction and solidifies a strong foundation for businesses to reach desired goals and construct effective and profitable plans.
About the author
Anton Razanav is a Marketing representative at ComVibe. ComVibe has effectively tamed real-time data collection and developed a solution for interactively engaging residents in the improvement and upkeep of their property while organizing and empowering maintenance crews and management with tools that promote professionalism and the maximization of staff potential. Their mobile, multiplatform system offers a simple and transparent user-friendly interface, actively connecting resident to maintenance workers while sustaining direct communication from start to finish of a particular task.