hereSAY Build to Rent trend report published today
The results and findings from the first Build to Rent (BTR) viewing experience benchmark, have been published in a trend report today by hereSAY, the new mystery shopping service line from SAY Property Consulting.
Over the past year, hereSAY’s mystery shoppers visited 22 BTR schemes across the UK (three times each) posing as potential tenants and gave detailed accounts of their experiences viewing the developments. Each shopper responded to over 100 questions across eight categories, providing in-depth and exclusive insight into the quality of the customer service, the offered services and amenities, and the quality of each development. Each scheme was then given a total score and a score for each of the eight categories.
Across all 22 schemes, the most significant findings include:
- There was no correlation between price of rent and total score in the benchmark. The top 5 schemes fell across every rental band, proving that more expensive doesn’t always mean better quality.
- The greatest failure was the follow-up. 50% of the shoppers did not receive ANY follow up within seven days of their viewing. Even in the top five, only 42% of viewings were followed up within seven days.
- Only 40% of the guides explained who the landlord is and the benefits of BTR. This is a missed opportunity for both the individual schemes but also the wider industry which is not well-known or understood by consumers.
- 90% of shoppers considered the quality of the apartments to be high, so the viewing and customer experience has emerged as the main differentiator between schemes in the rankings.
We can also reveal that Park Central West, by Lendlease, a development in Elephant and Castle, achieved 1st position in the benchmark. This scheme received a well-deserved ‘excellent’ rating overall, with high scores in all eight categories. Our shoppers were particularly impressed by the passion, professionalism and enthusiasm of the team they met, which really separated them from the others.
Stephanie Barbabosa, Head of Build to Rent, Lendlease, said: “We are beyond thrilled that Park Central West took the number one spot in the mystery shopping benchmark. Our ethos at Living by Lendlease is ‘service is our signature’ and this is a great way to ensure that we are achieving the high standards of customer service we set for ourselves. It is also a testament to the hard work of the entire team who worked tirelessly to launch this product during a global pandemic without compromising on those standards. We will certainly use the report in the future as it is an invaluable tool to help us continually improve and make sure we are going that extra mile for our residents.”
The other schemes that achieved a place in the top five of the benchmark include (in no particular order), Fizzy Walthamstow by Fizzy Living, Blackhorse Mills by Legal and General/urbanbubble, 10 George Street by Vertus and New Makers Yard by Get Living.
Debra Yudolph, Partner at SAY Property Consulting commented: “Considering the overarching positivity on the developments and with more BTR coming into the market and many locations offering a choice of scheme, operators need to understand that the customer viewing experience is what can differentiate their scheme from the competition. This is the next phase of progress for the sector.
As BTR begins to be understood by the sector and as consumers recognise that it stands for quality accommodation and exceptional customer service, expectations will be high, so operators will need to understand what is being delivered on the ground to keep up with these expectations. We anticipate that as the BTR industry matures, it will become more like the hospitality and retail sectors where mystery shopping is commonplace, as is the case in the United States.”
The names of the other 17 schemes which we mystery shopped are revealed in the trend report, however their positions in the benchmark will not be made publicly available. The trend report is available to buy now. For more information click here.