How many people are using the Net Promoter Score (NPS) as a client facing survey tool to seek feedback from their clients? I know many people seek feedback, but if you’re not using NPS, how are you measuring it to ensure that feedback is being driven into the business and improvement is being made at the customer level?
Wendell’s are not yet, we have struggled to find a good provider. I would love any recommendations of who people are using, and the costs…
I think thats a big hurdle with NPS @ashley.giles. It is quite complex to do on your own and although there are many providers out there, they are expensive. Was just wondering if anyone else has found an alternate solution.
Hey @adam, Coronis is using Customer Monitor. To be honest, I can’t wait until LPMA’s Customer Experience program is out as I think it will be superior. The issue with customer monitor and all the major NPS systems is that you have to load the data. That means there’s a delay between when the transaction happened and when we survey. I can’t wait until it’s like Uber where you rate each transaction.
Today I presented a Principal Breakout for an Agency Network and talked about “ Customer Monitors” 2017 report which had property management at -29.
For many in the room, today was the first time they had heard the expression NPS. I think there will be quite a few agency’s researching it as of Monday when they get back to their offices.
BTW - banks & insurance had -3 in 2017 report. interesring to see what the Royal Commission impacts has on their rating in 2018.
Thanks for sharing @mfurlong Its not a surprise it comes in at -29. Real estate in general always seems to hover around the -15. Customer facing scoring like NPS has been clunky and expensive in the past so that may have contributed to the low awareness in the industry. What was the general feeling in the room? Did they seem pro customer facing scoring?
We use survey monkey cx
costs $2400 for the first 1000 Reponses then $480 per 1000 after that.
We send out at the below points of the tenancy:
Hey @sarah how do you get the data for each of those lists in Survey Monkey and how do you refresh them?
Routines - Automatically sent when we public a RI report
OFI’s - List generated from IRE
New TTs - List generated from PPTME
Outgoing TTs - List generated from PPTME
Maintenance - Added in when invoice approved
You can then filter them like below, so we filter per month and per Property manager.
MoovMe provides a ‘concierge’ moving home service for a wide number of poverty management companies in New Zealand. Do you think we should or could be the ones that collect the scores from customer?
We certainly could digitise this, asking tenants once they have completed a Moov?
I imagine this is something that we could build into our platform for you guys and give for free as part of our service?
I don’t have a well thought out plan at all but feel free to discuss on here if anyone has any ideas how they would like to see it work.
@adam SO I have never heard of NPS … So this is now on my radar to try and get. Do other property Managers actually make changes based on this? I see lots of neat tech stuff to find things out, but what does it make people change.
Has anyone one done this:
*My Score is X
- WE did Y
- We waited 3 months
- My Score is now X - plus 10
Do you set a goal up front to increase the score? Please let me know how people actually use the information.
@terrihandy would be a good one to have a quick chat with on this, she works with a lot of offices with NPS, she would be able to talk to the forumla and real change that comes from utilising the information from this tool.
Like all things, it’s only as powerful as the changes you make with the data. There are a lot of good programes out there, LPMA is also currently working on a property management specific tool for this, stay tuned in the new year. In the mean time, defiantly look into this as an option for you.
Yes, NPS is definitely something that PM’s make changes based on their scores. Like all tools, if you don’t use it properly, you never get the full benefit.
Setting goals around improving your scores works very well and I know of some agencies that use their score as a marketing tool as well, although they refer to it as a Customer Satisfaction Score, comparing their office score to the industry average.
Once you have your base score, I would then set goals around improving this - not just as an agency as a whole, but individually for the PMs. NPS could then become a KPI for team members ie to meet your KPI’s your score needs to be at +25. You can then build this into any incentives you are offering.
I believe, it is not enough to be just measuring your score once every year. This does not give a true reflection of your clients’ feelings - how their experience was with the leasing process may be very different to how they feel maintenance has been handled. Asking for their thoughts more regularly or after a particular task has been completed will give you a more accurate read. It will also allow you to drill down into why their experience was a positive or negative one.
Quite often, the stats of a PM will look fantastic eg low arrears, inspections completed on time, all tenants on leases. However this does not always translate into great customer service and an amazing experience for the client. NPS or something similar is a great way of checking in with our owners and tenants to find out how they feel about us. Getting those initial scores can be a little confronting initially.
I hope this helps a little - I could bang on about it for ever
@glenn what @terri said ha ha. Here is the book from Fred Reichheld. He built the NPS framework. Some light reading for you.
Dang … That makes four titles in 2 weeks … I am going to be a busy guy.
(I really hope Jack Ryan - from tom Clancy Fame - can wait for me to get back to him saving the world)