The cornerstone to many of the values achieved from tenant satisfaction is a successful, structured, and ongoing dialogue with your customers. Properly utilized, the tenant feedback contains great value and provides the opportunity to increase the overall tenant experience while simultaneously reducing costs and increasing profits.
To be data-driven means that you make decisions based on hard data as opposed to intuition, observation or guessing. The overall customer experience is your "truth", and the tenant feedback is the hard data that provides you with actionable insights. Simply put, you make better decisions if you have better information.
There are multiple ways and a vast array of channels to utilize in order to structure your tenant dialogue and receive actionable feedback. Continuous qualitative and quantitative tenant surveys are one of the most widely used tools, as they allow you to capture what matters most to your customers in a structured way. However, more important than the feedback tools themselves is how your organization treat, view and act on the data.
The real estate companies that succeed and become truly data-driven see customer satisfaction data as an important KPI (Key Performance Indicator) and a natural part of their performance management and service level management. The overall tenant experience is not a “project” or something you “look at” once a year. This KPI should be used as any other crucial performance metric. What makes you successful is implementing customer satisfaction systems into your day-to-day management.
The bottom line effect of Tenant Satisfaction
There are many concrete bottom-line effects when increasing the tenant satisfaction and improving the overall Tenant Experience. These are the values most often overlooked, ignored or simply not understood by real estate companies lacking a customer satisfaction system.
A satisfied tenant costs less than a disgruntled one. Fewer complaints, fewer relocations, fewer tenant adaptations and a stronger brand are some additional positive effects that contribute to higher profitability. And it all starts with the mindset that each tenant is an important customer who should be prioritized.
Use the tenant feedback and your customer data for...
- Increased efficiency
- Controlling excellence
- Fewer complaints
- Raised employee productivity
- Reduced vacancies
- Brand development
- M&A processes
- Added value - tenant upsell
