Monthly Archives: November 2019

Delivering on the Promise

Since the BTR market emerged, much lip-service has been paid to the overriding importance of customer experience and service.  It is now great to see that, as an industry, it appears to be delivering on its promises by creating many happy BTR customers.  These same customers are also scoring their experiences more highly than their counterparts who rent their apartment from private landlords in schemes built for sale.  These are the striking findings of the just-released HomeViews Insights 2019 National Build to Rent Report.

 

Launched in February 2019, HomeViews are like the TripAdvisor for new residential developments in the UK.  TripAdvisor have nurtured our growing appetite for independent reviews of hotels, restaurants, activities and attractions. They now boast an archive with a staggering 760 million reviews and opinions with something like 300 new ones being added every minute.  HomeViews are a welcome addition to the fabric of the BTR market offering occupiers the opportunity to review and rate the developments they live in.  This survey draws on over 5,000 reviews from private rental tenants including those in 84 occupied BTR schemes across the UK.  Residents are invited to rate a number of factors relating to Design, Facilities, Location, Value for Money and Management.

 

Do these reviews matter? In the States, research has shown that 70% of renters decided to visit properties with higher reputation scores and 73% said that reviews had influenced their decision to rent.

 

BTR rated higher than BTS (Build to Sell) in every category.

 

The eye-catching result of the Survey is that BTR occupiers have rated their rented residences in these purpose-built schemes more highly than their apartment-renting counterparts in buildings where the units have been privately sold (BTS), in ALL of the rating categories.

 

* All scores are out of 5

 

A BTR resident’s review for The Trilogy in Manchester says it all; “This experience blows my previous rental experience out of the water! It’s everything I could have asked for and more.”

 

And the apartment owners themselves are less satisfied with the post-purchase service they receive than their renters. Whilst 92% of those in BTR homes would recommend their landlord only 80% of owners would recommend their developer and those that let out their flat themselves get a lower vote of confidence from their tenants at 89%, below the BTR operators.

 

 

BTR is leading in resident experience

 

It is in the sphere of customer service and maintenance where BTR eclipses the experience of New Build owners. 

 

 

 

But is great customer experience ubiquitous?

 

Looking at the Overall Star rating, BTR has a significant advantage over BTS.

 

 

 

Over two thirds of BTR developments have a Star Rating of over 4 out of 5 on HomeViews but clearly some are achieving below average. This information will be available in their Full report to be published later this month.

 

The biggest differentiator between BTR and BTS occupiers, though, is registered in Building Maintenance with a difference of 0.43.  This is where great operators make their mark.

 

 

But it isn’t all a perfect picture for BTR. As HomeViews say, “with 10 of the 84 developments receiving a management rating of 3 or below. However, 26 developments are delivering an incredible building management service and have been rated 4.5 and above.  These include schemes managed by Allsop, Essential Living, Fizzy Living, Way of Life, Greystar, be:here and Legal & General.”

 

.....and great experience is national

 

It is interesting to see that great BTR is far from London-centric.  When comparing the average ratings and scores from BTR tenants living in the regions to London, the regions scored higher on every rating.

 

 

The top 5 developments in Manchester are all BTR schemes with The Trilogy topping the list. Looking at the top 10 BTR schemes nationally, 4 are in London, 3 in Manchester and one each in Birmingham, Liverpool and Newcastle.

 

Maybe Urbanbubble’s Michael Howard had the answer yesterday at the UKAA Annual Conference? In his inimitable style, he said that maybe the occupiers in Liverpool and Manchester have lower expectations, “they’re just happy that the loos are inside the house, not outside!”

 

Location really is a key factor for BTR

 

Maybe one of the advantages regional cities offer their customers is superb location, close to the town centre, an easy walk to work and proximity to great recreation.  This is harder in a city the size of London where local suburban centre amenities become more important.

 

So who is leading the pack in terms of customer satisfaction?

 

HomeViews estimate that the 84 schemes reviewed in the report represent 30% of currently occupied BTR developments and have 34 different developer/operators across 8 cities. At this early stage, there will be well known schemes and operators missing from the review.

 

The Trilogy in Manchester, operated by Allsop tops the list of places to rent in the survey.  In second place is The Cargo Building in Liverpool operated by Savills.  Coming in third is Dressage Court in London operated by Essential Living.

 

Other operators featuring in the winners list include Greystar, Legal & General, Fizzy Living, be:here, Get Living and Tipi as well as Way of Life,  JLL, Grainger and Uncle in the regions.

 

The report is a great read and a very valuable contribution to the sector’s understanding of its own business.  Congratulations to Rory and Hannah at HomeViews.

 

Geraghty Taylor has been at the forefront of identifying and distilling the factors that truly differentiate BTR from other rental propositions.  It is great to see that customers really do appreciate those differences and are happy to pay to access them.  We know that this is an ever-evolving sector and to get your ratings high up the HomeViews chart you will need to continually innovate in your new builds and re-engineer your older product.  We look forward to continuing to help lead in this “Ratings” battle.

 

Create Differently

 

#BTR #BuildtoRent #Brand #Brandbeforebuilding

 

If you work within the property industry and would like more information on HomeViews contact: Rory Cramer Rory@homeviews.com

 

For more information on marketing and reports from HomeViews contact: Hannah Marsh Hannah@homeviews.com

 

 

 

Since the BTR market emerged, much lip-service has been paid to the overriding importance of customer experience and service.  It is now great to see that, as an industry, it appears to be delivering on its promises by creating many happy BTR customers.  These same customers are also scoring their experiences more highly than their counterparts who rent their apartment from private landlords in schemes built for sale.  These are the striking findings of the just-released HomeViews Insights 2019 National Build to Rent Report.

 

Launched in February 2019, HomeViews are like the TripAdvisor for new residential developments in the UK.  TripAdvisor have nurtured our growing appetite for independent reviews of hotels, restaurants, activities and attractions. They now boast an archive with a staggering 760 million reviews and opinions with something like 300 new ones being added every minute.  HomeViews are a welcome addition to the fabric of the BTR market offering occupiers the opportunity to review and rate the developments they live in.  This survey draws on over 5,000 reviews from private rental tenants including those in 84 occupied BTR schemes across the UK.  Residents are invited to rate a number of factors relating to Design, Facilities, Location, Value for Money and Management.

 

Do these reviews matter? In the States, research has shown that 70% of renters decided to visit properties with higher reputation scores and 73% said that reviews had influenced their decision to rent.

 

BTR rated higher than BTS (Build to Sell) in every category.

 

The eye-catching result of the Survey is that BTR occupiers have rated their rented residences in these purpose-built schemes more highly than their apartment-renting counterparts in buildings where the units have been privately sold (BTS), in ALL of the rating categories.

 

* All scores are out of 5
* Click images to enlarge

 

A BTR resident’s review for The Trilogy in Manchester says it all; “This experience blows my previous rental experience out of the water! It’s everything I could have asked for and more.”

 

And the apartment owners themselves are less satisfied with the post-purchase service they receive than their renters. Whilst 92% of those in BTR homes would recommend their landlord only 80% of owners would recommend their developer and those that let out their flat themselves get a lower vote of confidence from their tenants at 89%, below the BTR operators.

 

 

BTR is leading in resident experience

 

It is in the sphere of customer service and maintenance where BTR eclipses the experience of New Build owners. 

 

 

 

But is great customer experience ubiquitous?

 

Looking at the Overall Star rating, BTR has a significant advantage over BTS.

 

 

 

Over two thirds of BTR developments have a Star Rating of over 4 out of 5 on HomeViews but clearly some are achieving below average. This information will be available in their Full report to be published later this month.

 

The biggest differentiator between BTR and BTS occupiers, though, is registered in Building Maintenance with a difference of 0.43.  This is where great operators make their mark.

 

 

But it isn’t all a perfect picture for BTR. As HomeViews say, “with 10 of the 84 developments receiving a management rating of 3 or below. However, 26 developments are delivering an incredible building management service and have been rated 4.5 and above.  These include schemes managed by Allsop, Essential Living, Fizzy Living, Way of Life, Greystar, be:here and Legal & General.”

 

.....and great experience is national

 

It is interesting to see that great BTR is far from London-centric.  When comparing the average ratings and scores from BTR tenants living in the regions to London, the regions scored higher on every rating.

 

 

The top 5 developments in Manchester are all BTR schemes with The Trilogy topping the list. Looking at the top 10 BTR schemes nationally, 4 are in London, 3 in Manchester and one each in Birmingham, Liverpool and Newcastle.

 

Maybe Urbanbubble’s Michael Howard had the answer yesterday at the UKAA Annual Conference? In his inimitable style, he said that maybe the occupiers in Liverpool and Manchester have lower expectations, “they’re just happy that the loos are inside the house, not outside!”

 

Location really is a key factor for BTR

 

Maybe one of the advantages regional cities offer their customers is superb location, close to the town centre, an easy walk to work and proximity to great recreation.  This is harder in a city the size of London where local suburban centre amenities become more important.

 

So who is leading the pack in terms of customer satisfaction?

 

HomeViews estimate that the 84 schemes reviewed in the report represent 30% of currently occupied BTR developments and have 34 different developer/operators across 8 cities. At this early stage, there will be well known schemes and operators missing from the review.

 

The Trilogy in Manchester, operated by Allsop tops the list of places to rent in the survey.  In second place is The Cargo Building in Liverpool operated by Savills.  Coming in third is Dressage Court in London operated by Essential Living.

 

Other operators featuring in the winners list include Greystar, Legal & General, Fizzy Living, be:here, Get Living and Tipi as well as Way of Life,  JLL, Grainger and Uncle in the regions.

 

The report is a great read and a very valuable contribution to the sector’s understanding of its own business.  Congratulations to Rory and Hannah at HomeViews.

 

Geraghty Taylor has been at the forefront of identifying and distilling the factors that truly differentiate BTR from other rental propositions.  It is great to see that customers really do appreciate those differences and are happy to pay to access them.  We know that this is an ever-evolving sector and to get your ratings high up the HomeViews chart you will need to continually innovate in your new builds and re-engineer your older product.  We look forward to continuing to help lead in this “Ratings” battle.

 

Create Differently

 

#BTR #BuildtoRent #Brand #Brandbeforebuilding

 

If you work within the property industry and would like more information on HomeViews contact: Rory Cramer Rory@homeviews.com

 

For more information on marketing and reports from HomeViews contact: Hannah Marsh Hannah@homeviews.com

 

 

 

Happy People Give You Money

Designing for BTR requires the creation of an architecture that supports excellent customer service, integrating an efficient operating model into an attractive product that creates a sustainable long term income for the investors and a good living experience for residents.

 

Architects have to ask the strategic and searching questions about what the BTR business model expects from its building, at what cost, and how the building could be expected to perform over time. To do this, we must ‘create differently’ as the design for long term revenue is about starting with the customer: defining what products, services and amenities will be offered, and how the customer interaction with the business model should be managed.

 

In BTR the source of revenue is the individual resident or customer and is generated through rent and services. This places BTR firmly in the culture of a consumer market where keeping the customer happy and loyal is key to securing ongoing revenue. In good BTR the customer is at the center of design, operational and income generation dynamics.

 

Good quality BTR design will offer a product that will be attractive to the market and also provide flexibility to respond to trends or shifts in consumer behaviour. The Architect and Operator must work closely together to define the customer experience and to agree on the optimum balance between capital expenditure and operating costs. With this information, a design team can create solutions that support these business objectives. In other words, defining and controlling the customer experience is the key to defining good design, predictable operational costs and sustainable revenue.

 

We call this creating a brand. It can be limited to a single project or underpin a portfolio. Geraghty Taylor has a proven methodology that starts with setting the expectations for revenue, product, service and business requirements. These are the ‘brand business objectives’ and will inform the creation of ‘brand values’. These values describe the experiential, cultural and communicable elements of the brand, and with them, the process of creating the ‘BTR customer experience’ can begin. As designers, we must translate these into a product proposition, and for this we use our ‘brand chassis’ ME, WE, FRONT, BACK that describes the four key elements of customer experience:

 

ME - my private spaces
WE - shared spaces and places
FRONT - front of house or technology interaction with customers
BACK - back of house support and logistics

 

 

Ideally, a BTR brand is built up independently of a site or location. The brand is then used to inform and guide the architecture, interior design and placemaking on specific sites. A brand helps to describe the requirements of all stakeholders from investors, operators and through to customers. The more richly detailed this information, the easier it will be for the architect to design better solutions for you and your customers.

 

From a purely design perspective, it is very important that both the interior and architectural design is closely integrated from the beginning of this process. At Geraghty Taylor, we believe that the best way to do achieve this is to ‘design from the inside out’ thereby ensuring that the customer experience and operating requirements are central to all design decisions. The customer experience is not limited to the building itself, it extends to placemaking and the integration of the new building into the local community. Thorough context analysis enables designers to develop ideas for the building and its amenities that will support the new the BTR customer experience and complement the local community and amenities.

 

A well thought through brand also creates benchmarks that will underpin your business, bringing consistency and predictability to the design of the product, its procurement and operation. It will also help with site selection. Design your Brand Before your Building so you, your architect, your procurement and operational teams, but most of all your customers, know what to expect. Done well, this will result in a marketable BTR offer with efficient and predictable operating costs. With a solid product and operating base, revenue-generating strategies can be deployed. This is all underpinned by a commitment to customer satisfaction and providing an attractive product.

 

In very simple terms happy people will give you money. So in BTR, our priority is to get them happy with a well thought through offer, and then keep them happy!

 

#BTR   #BuildtoRent   #Brand  #Brandbeforebuilding

Designing for BTR requires the creation of an architecture that supports excellent customer service, integrating an efficient operating model into an attractive product that creates a sustainable long term income for the investors and a good living experience for residents.

 

Architects have to ask the strategic and searching questions about what the BTR business model expects from its building, at what cost, and how the building could be expected to perform over time. To do this, we must ‘create differently’ as the design for long term revenue is about starting with the customer: defining what products, services and amenities will be offered, and how the customer interaction with the business model should be managed.

 

In BTR the source of revenue is the individual resident or customer and is generated through rent and services. This places BTR firmly in the culture of a consumer market where keeping the customer happy and loyal is key to securing ongoing revenue. In good BTR the customer is at the center of design, operational and income generation dynamics.

 

Good quality BTR design will offer a product that will be attractive to the market and also provide flexibility to respond to trends or shifts in consumer behaviour. The Architect and Operator must work closely together to define the customer experience and to agree on the optimum balance between capital expenditure and operating costs. With this information, a design team can create solutions that support these business objectives. In other words, defining and controlling the customer experience is the key to defining good design, predictable operational costs and sustainable revenue.

 

We call this creating a brand. It can be limited to a single project or underpin a portfolio. Geraghty Taylor has a proven methodology that starts with setting the expectations for revenue, product, service and business requirements. These are the ‘brand business objectives’ and will inform the creation of ‘brand values’. These values describe the experiential, cultural and communicable elements of the brand, and with them, the process of creating the ‘BTR customer experience’ can begin. As designers, we must translate these into a product proposition, and for this we use our ‘brand chassis’ ME, WE, FRONT, BACK that describes the four key elements of customer experience:

 

ME - my private spaces
WE - shared spaces and places
FRONT - front of house or technology interaction with customers
BACK - back of house support and logistics

Ideally, a BTR brand is built up independently of a site or location. The brand is then used to inform and guide the architecture, interior design and placemaking on specific sites. A brand helps to describe the requirements of all stakeholders from investors, operators and through to customers. The more richly detailed this information, the easier it will be for the architect to design better solutions for you and your customers.

 

From a purely design perspective, it is very important that both the interior and architectural design is closely integrated from the beginning of this process. At Geraghty Taylor, we believe that the best way to do achieve this is to ‘design from the inside out’ thereby ensuring that the customer experience and operating requirements are central to all design decisions. The customer experience is not limited to the building itself, it extends to placemaking and the integration of the new building into the local community. Thorough context analysis enables designers to develop ideas for the building and its amenities that will support the new the BTR customer experience and complement the local community and amenities. 

 

A well thought through brand also creates benchmarks that will underpin your business, bringing consistency and predictability to the design of the product, its procurement and operation. It will also help with site selection. Design your Brand Before your Building so you, your architect, your procurement and operational teams, but most of all your customers, know what to expect. Done well, this will result in a marketable BTR offer with efficient and predictable operating costs. With a solid product and operating base, revenue-generating strategies can be deployed. This is all underpinned by a commitment to customer satisfaction and providing an attractive product.

 

In very simple terms happy people will give you money. So in BTR, our priority is to get them happy with a well thought through offer, and then keep them happy!

 

#BTR   #BuildtoRent   #Brand  #Brandbeforebuilding