Happy People Give You Money

November 2019

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