Delivering on the Promise

November 2019

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