Do you know your property business NPS (Net Promoter Score)?

Property management companies always strive to offer the best services to their customers, the tenants living in their properties. It's widely known, particularly in the case of HMOs, that small problems can quickly snowball into significant issues if left unaddressed, but how can we keep an eye on these problems before they turn affect revenue and lead to voids? The key lies in effectively monitoring tenant feedback.

Just as businesses utilise Net Promoter Scores (NPS) to gauge customer satisfaction, property managers need to adopt a similar strategy. Though few agencies have managed to put effective processes in place to capture customer satisfaction, and fewer landlords. Some will sent out surveys, but due to their infrequency and the time-consuming nature, they only give a snapshot of information at a given time, filled in by a small percentage of people. Others rely on direct feedback, or Google reviews we they hear from tenants when they're ecstatic or downright furious, resulting in a preponderance of 5-star and 1-star reviews.

Just as businesses utilise Net Promoter Scores (NPS) to gauge customer satisfaction, property managers need to adopt a similar strategy.

In shared housing scenarios, both of these approaches fall particularly short because of their inability to capture minor but persistent grievances, such as dirty dishes or loud neighbors. These seemingly small issues can fester over time, damaging relationships, and perhaps leading to a disgruntled tenant seeking a new place to live.

This is where COHO's innovative approach comes into play. Known for its commitment to providing excellent service, COHO has crafted a solution that empowers landlords to preemptively tackle issues before they exacerbate: known within the app as the tenant "Vibe Check". This feature provides a simple, non-intrusive way for tenants to share their feelings throughout the month as they interact with the COHO platform. Instead of waiting for extreme ratings to surface, the Vibe Check captures the ebb and flow of tenants' sentiments, providing a more accurate and nuanced understanding of their experiences.

Upon launching the Vibe Check feature, we received overwhelming response from both landlords and tenants, collecting over 12,000 feedback items in a few short months. The story doesn’t end there, though. To make this feedback more actionable, we've also introduced the option for tenants to express their opinions on house tidiness, housemate relationships, and overall service after giving a rating.

COHO's savvy property managers can utilise this invaluable data to identify specific issues in each house, thereby addressing potential problems before they escalate. This attention to detail, especially in shared housing or HMOs, is what sets COHO apart from other property management systems. We understand the importance of harmonious in-house relationships, and we've built the tools to help you nurture them.

To top it all off, COHO's system also captures testimonials and reviews from tenants. These can be used privately at your leisure, providing you with a treasure trove of insights that can be instrumental in improving your property management strategies.

It's clear that the key to successful property management lies in understanding and addressing tenant feedback promptly and effectively. By ignoring these small issues, we run the risk of damaging the tenant-landlord relationship and perhaps losing tenants altogether. With COHO's unique Tenant Feedback solution, however, we have the power to nip these issues in the bud, leading to happier tenants, better relationships, and a more successful property management business. So why not give COHO a try and experience the difference firsthand?

Try out the instant demo and see it in action at https://coho.life