Last month, the HomeViews team joined us at the UKAA Innovation Show, to showcase initial findings from the company’s first whitepaper on how Build to Rent is transforming the rental experience. We invited them to summarise their report for us here….
Last year, in an industry first, HomeViews invited residents of London developments to submit reviews to the HomeViews site. We did this in a number of ways – via social media advertising, direct mail, and by reaching out to resident groups, to name just a few.
Our efforts resulted in hundreds of reviews from owners, Build to Sell (BTS) tenants and Build to Rent (BTR) tenants. For our report, we used a sample of 641 reviews, and separated the data of BTR and BTS to compare the findings.
HomeViews discovered that while just 76% of BTS tenants would recommend their landlord, 96% of BTR tenants would recommend theirs.
To find out why, we set about exploring our category ratings. The HomeViews star rating is calculated from an overall score and a number of category scores – Design, Location, Lifestyle and Value.
We delved deep into the data across our categories, also exploring tenants’ perceptions of building management and landlord service.
The key out-takes
BTR scored higher across all categories, but we saw the biggest difference in the Building Management scores. It seems that a clear focus on service in BTR developments is making all the difference with tenants.
Hannah Marsh, HomeViews Marketing Director and Co-Founder on the results:
“What we’re seeing most significantly within the data is a strong correlation between a focus on customer service in BTR developments and a positive living experience. BTR operators consistently talk about the importance of a first-class customer experience, prioritising quick management responses, a friendly and professional service and a landlord that cares. This approach, adopted from the hotel industry, is clearly working and tenants are responding with glowing reviews and high ratings.
Our initial insights demonstrate that BTR is now going beyond the lessons of the hospitality industry. By truly listening to their tenants, creating shared spaces and organising regular events and activities, they are not just building homes – they are building communities.”
All in all, it’s an incredibly positive message for the Build to Rent market. Click here to download the full report for free.