Customer experience has become a defining success factor in every industry and it’s no different in real estate rental management.
The competitive landscape of the rental market has been rapidly changing. With a broad range of new options open for renters from premium coliving HMOs in the private rental sector to institutional grade buildings, investors, landlords managing agents must strengthen their customer experience to strengthen the resilience of their rental portfolio.
The new Labour government has also vowed to abolish Section 21 ‘no fault’ evictions as part of their commitment to raise standards within the private rental sector. The need to use specific legal grounds for eviction means that landlords will have to make an extra effort to maintain their property standards and address tenant issues promptly, which goes to the core of delivering good customer service in real estate rental management.
As a result of that, providing a differentiated customer experience has gone beyond simply meeting basic expectations. It’s now a requirement to remain competitive and meet the increasingly stringent legal requirements of the rental sector. And, it involves delivering a more personalised experience to meet the needs and expectations of an ever-growing and increasingly sophisticated renter population.
But, what is customer experience in Coliving HMOs and property management today?
Customer experience in HMOs and property management in general refers to the overall impression a tenant derives from their whole tenancy period at a property – from the experience of reserving the space and checking-in to how maintenance issues are addressed and the check-out. It also includes factors such as service quality, cleanliness, amenities, and quality of the interactions with the management personnel.
At B-Hive Living, we take pride in empowering our residents to lead a more connected, healthy and fulfilling lifestyle through our multi-award customer and community experience.
Our ethos and cutting-edge strategies have enabled us to earn the accolade of the best shared-living customer experience in the UK twice and the world for the past 3 consecutive years.
Below, we offer five strategies for both new and established investors, landlords and managing agents to embrace personalisation, and to maximise your potential for financial success in HMOs and rental management management in general. If you want to know more, feel free to access our landlord guide here.
First Impressions Matter
Make a memorable first impression by surprising new tenants with a thoughtfully curated welcome pack upon check-in. From local treats and helpful guides to personalised notes, each item is carefully chosen to ensure new tenants feel welcomed, informed and excited to be a part of your coliving HMO community and rental property.
Make easy for tenants to connect
Ensure seamless connectivity for tenants by providing reliable and secure WiFi access throughout the property. Anticipate their connectivity needs and address any issues proactively to enhance their overall experience. Additionally, offer multiple channels of communication, including feedback forms and reviews, to gather real-time feedback and improve services based on tenant preferences and needs.
Create Memorable Experiences
Organise social events, networking opportunities, and wellness activities tailored to your tenant’s interests, such as fitness classes, cooking workshops and game nights. Encourage participation and collaboration to foster a vibrant atmosphere.
Tech-Enabled Convenience
Offer smart home features like app-controlled thermostats and keyless entry systems, empowering tenants to customise their living space according to their preferences. Additionally, ensure seamless connectivity with reliable high-speed internet access throughout the property.
Forge Local Business Partnerships
Collaborate with nearby businesses and organisations to diversify and improve your ability to deliver a personalised experience to your tenants. They want to experience the local place fully so guide them to the best and trendy hangout spots while contributing to the local economy. A win- win solution for all!
Customer experience in coliving HMOs and rental management directly impacts your business’s reputation, customer loyalty, and financial success.
Given the imminent abolition of Section 21 ‘no fault’ evictions, delivering a superior tenant experience will become even more important and strategic. Tenants who are treated fairly and well become more cooperative, leading to longer tenancies and reduced turnover, ensuring a steady rental income and reducing the costs and efforts associated with finding new tenants.
In an industry where competition is increasingly becoming fierce, creating exceptional customer experiences has become a crucial differentiator for success. For those who like us wish to take their tenant experience to the next level, we’ve recently compiled a full landlord guide full of our tried and tested strategies to deliver a superior customer experience.
You can download our full landlord guide to the ultimate HMO Customer Experience (CX) here.
Williams Johnson is the co-founder and CEO of B-Hive Living – a multi-award winning coliving brand, operator and asset manager of coliving properties with a strong track record of best-in-class design, investment and management practices. Our mission is to empower professional renters to lead a more connected, healthy and fulfilling lifestyle through co-living. This relentless focus on our residents’ well-being ensures a sustained demand wherever we operate.
