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Console lets agencies measure landlord satisfaction and loyalty in Console Cloud using native net promoter scoring tool Yardstick.
Property management is what saves an agency during a recession
As Australia stares down the barrel of a recession, one thing is clear: property management will make or break real estate businesses when the going gets tough. When income from sales drops, it’s the steady commissions from property management that keeps the doors open and the lights on.
That’s why keeping landlords on your rent roll has never been more important.
Introducing Yardstick, Console Cloud’s tool to help you keep landlords on your rent roll longer
To help suppress churn and find new sources of business, Console Cloud customers now have a powerful new tool at their fingertips: Yardstick. Yardstick is a best-in-class net promoter scoring tool that lives natively inside Console Cloud. It’s included in the cost of your subscription.
Net promoter scoring (or NPS) measures how many of your customers (or landlords) are promoters, passives, or detractors, and gives your business a score of between -100 and +100.
The higher your score, the more of your customers are likely to be loyal advocates for your business. The lower the score, the more—and more intensely unhappy—customers you have on your books.
NPS is a best-in-class tool for measuring customer happiness, and widely used in multiple industries globally.
How Yardstick works in Console Cloud
Yardstick is an NPS tool native to Console Cloud, meaning that all the feedback and data given by landlords both attaches to the relevant landlord’s files, and flows into other parts of the system (such as reporting).
“It enables you to generate and send a one-question survey to all your landlords, asking them to rate how likely they would be to recommend your business to others,” explains Console’s Chief Product Officer Matt McGown. “Yardstick then collects their responses and lets you understand individually how your owners rated your business, as well as calculating your global net promoter score.”
The next best thing to a crystal ball
Unlike sales, property management depends on successfully maintaining long-term relationships with landlords to provide the agency with consistent income. That means it relies more than most on having continuously satisfied and loyal customers.
Yardstick provides agencies with the means to monitor how these relationships are going, and identify which owners are thinking of leaving your business before they decide to churn. In other words, in addition to benchmarking your agency’s likeability and loyalty, Yardstick can predict which of your landlords are packing their bags. And that means you can save them now, before it’s too late.
Find new business opportunities and grow your portfolio
Similarly, Yardstick identifies which of your landlords are your advocates. Advocates are one of an agency’s best sources of referrals, reviews, and new business.
Natural landlord churn sits at about 17% annually for most businesses in Australia under ordinary circumstances. With Yardstick, you can keep, manage and reduce churn, and make sure your portfolio is always growing—even during a recession.
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