RESIDENT SATISFACTION: The Insightful but Often Overlooked Performance Metric on Asset Management Dashboards
We encounter paper and web-based customer satisfaction surveys almost every time we dine out, shop at a big box store, checkout of a hotel-the list goes on and on.
Over my nearly three decades in multifamily housing, I have evaluated countless processes and reports that multifamily stakeholders use to monitor property performance. Among important metrics are debt coverage ratio, timeliness of closed work orders, annual unit turnover rate, HUD REAC and MOR scores, to name a few. Think of these metrics as the vital signs of a multifamily operation. Yet, stakeholders often overlook one truly important metric: the overall satisfaction of the customer, the resident. But just how do you quantify a resident's overall satisfaction with their rental unit and quality of services provided by the property management agent?
If your multifamily portfolio business goals include the implementation of process improvement plans for income-producing rental housing or if you're troubled by outlier performance of certain properties in your portfolio, join Anne Lang and me for a 60-minute webcast on practices for assessing the overall satisfaction of your residents. Looking through the lens of a multifamily asset manager, Anne and I will dissect the common approaches for administering and analyzing resident satisfaction surveys. We'll also examine how owners and operators use invaluable resident feedback to craft performance improvement plans to improve a property's bottom line and increase resident satisfaction.
- What's Important to Multifamily Residents- What the Data Tells Us
- Benefits of a Resident Survey
- Resident Survey Methods
- Resident Satisfaction Ratings on the Asset Management Dashboard
- Formulating the Action Plan to Address Resident Concerns and Property Issues
- Multifamily Case Study
Is this Training for Me?
This training is ideal for multifamily stakeholders that oversee property operations and supervise property management staff:
- Asset Managers
- Portfolio Managers
- Owners / Developers / General Partners
- Regional and District Property Managers
- Others that to learn more about methods to evaluate resident satisfaction
Anne Lang is a Senior Director at CEL & Associates, Inc. The CEL proprietary databases of company, asset, market, and operational information, as well as employee and compensation data, is valued highly by clients eager to improve performance and achieve a sustainable strategic advantage. Anne's combined background in real estate and technology allows her to bring unique insight into the analysis of information critical to the operational success of multifamily properties. Anne and her clients work together to improve resident and employee satisfaction by gauging satisfaction levels, implementing action plans and assessing the effectiveness of process change. Anne received a Bachelor of Arts in Economics from the University of California, Los Angeles.
Vinnie Viola, HCCP, MPA, is Principal of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services and trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years' experience, Vinnie has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. In these roles, Vinnie participated in hundreds of investment committee meetings for prospective tax credit investments. He proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 BN in investor contributed equity. Vinnie received his Bachelor of Arts in Geography with concentration in urban planning from the University of Massachusetts Boston and Master of Public Affairs from the University of Texas Dallas. He is an active member of NH & RA's Asset Management Council, a peer network that convenes affordable housing executives from multifamily development firms as well as syndicators, tax credit investors and lenders, to develop operational best practices.