The Build to Rent (BTR) and single-family housing (SFH) sector has been growing rapidly – it’s expected to continue with reports estimating an overall investment of £8bn in the next three to five years. With this growth comes an increase in competition among BTR property developers and providers. To stand out in the market, companies need to understand what residents want and need from their homes. This is where resident reviews come in.
The Importance of Resident Reviews
In today’s review society, where online reviews and ratings heavily influence consumer decision-making, BTR developers must take reviews seriously and use them as a tool to improve their services, facilities and homes.
Building ‘Trust’ in a Review Society
We live in a culture where reviewing is important. Without resident reviews, property developers would not be able to “identify trends amongst their customers and buildings,” as stated by Justin Harley, regional director for Yardi, in this year’s HomeViews 2023 Built to Rent Report. They wouldn’t be able to understand what is working and what isn’t.
According to research, 95% of consumers read online reviews before investing in a product, 89% of consumers try to read a review before buying and 94% say reviews have helped them avoid bad business.
Hence for tenants, reviews provide valuable insights into the living experiences of current and past residents, helping them make informed decisions when choosing a new home. They also help tenants to voice their opinions and provide feedback, allowing them to shape their living experiences.
But for BTR property developers, reviews are much more than residents sharing their thoughts and opinions. They provide valuable feedback on services, allowing developers to improve their offerings and meet the unique needs of their residents. Therefore, helping developers not only build better homes and communities but a better reputation in the market to attract new tenants.
Sustaining Resident Satisfaction
Resident reviews in the BTR sector play a critical role in sustaining resident satisfaction. Platforms such as HomeViews, which has verified reviews covering over 90% of completed BTR schemes in the UK, not only allow tenants to voice their opinions and concerns but help property developers make more informed decisions, which can lead to higher tenant satisfaction and retention rates.
Reviews can help BTR providers identify areas for improvement and take corrective action promptly, leading to better living experiences for tenants. Additionally, by understanding the demographic, behaviours and preferences of tenants, providers can tailor their services and facilities more efficiently. They will be able to create a BTR development that streamlines and tackles issues quickly, simplifies processes and most importantly meets the unique needs of its residents.
Therefore, reviews not only help BTR providers improve their offerings but also ensure that residents feel heard and valued.
Continuous Improvement to Operations
Another important factor of having resident reviews in BTR is its ability to provide property developers with valuable insights, such as highlighting areas that might be underperforming. By analysing review data, developers and providers can identify gaps in their services and take corrective action to improve tenant satisfaction.
It can help them understand the reasons behind these gaps and make data-driven decisions. For example, if tenants consistently complain about the quality of repairs, property managers can analyse the feedback and take steps to improve their processes by hiring more skilled maintenance professionals or implementing better communication channels.
As stated by Harley – “Utilising survey tools throughout the customer journey will provide the feedback you require for continuous development and improvement to your processes.”
It is also worth noting, resident reviews can help property developers prioritise their investments and improve their offerings based on tenant preferences. For example, if tenant reviews consistently highlight the importance of communal spaces, developers can focus their resources on building or improving these areas to meet tenant demands. Thus, helping to attract and retain tenants as well as ensuring the long-term success of BTR developments.
How Yardi’s Resident App is Facilitating Resident Reviews
Yardi is now working with HomeViews, the UK’s only review site dedicated to residential property, to drive resident reviews in the BTR sector. The HomeViews platform helps property developers, operators and investors better understand the opinions and concerns of their residents, helping to:
- Build trust
- Sustain resident satisfaction
- Improve operations
- Make more informed business decisions
The RentCafe Resident App, part of Yardi’s end-to-end solution for BTR, now allows residents of Yardi clients to leave verified reviews about the development they are living in with a click of a button.
Using announcements and push notifications, which are all inbuilt features within Yardi’s white-label app, residents can be prompted in-app to leave a review.
Discover how Yardi’s resident app can help you manage your property portfolio and drive resident reviews with its new link-out to the HomeViews review platform.