Disclaimer: I worked for EQR for nearly 10 years most recently as a Regional Manager in Portland Oregon. I very much love the company. This story speaks to many of the initiatives I was lucky enough to be a part of. The one item that popped out most was a quote from Fred Tuomi;
Adding to Equity Residential’s focus on customer
service, the company puts an emphasis on the customer’s move-in
experience. The company uses software to track satisfaction, sending
out surveys to potential customers within 24 hours of a visit. It also
sends out surveys within 45 days of a move-in, one at mid-term, and one
when a tenant gives notice. Equity tracks maintenance orders online and
relies on regional facilities managers to help develop best practices
for the entire company.
“It has been proven statistically that customers
having had a favorable move-in experience are more likely to renew
leases at higher rents than are customers that have not had a favorable
move-in experience,” says Fred Tuomi, executive vice president who
heads up Equity Residential’s property management division. “We have
wired our new systems and platforms to measure these things. We know
every day if we are hitting our goals or not. We also have a lot of
recognition and rewards programs zeroing in on that specific factor.”
We get customers “in the zone of satisfaction
loyalty, and they, in turn, reward us with higher value, which makes us
more profitable,” Tuomi says.
I do think they could take this one step further. What is that 24 hour survey linked people to an open forum? What if the 45 day survey linked people to an open forum? What if EQR were completely transparent in letting people air out their compelling experiences as well as there not so compelling experiences. Would it bring even more credibility to their brand? I think so. While they would not be the first, (way to go Urbane Apartments), they would be the first major to pull it off. Could you imagine the Groundswell they could single handedly create? It would be out of control awesome. So, Fred, David, David and I must mention Bruce in the West; Let’s take it to the next level. You have already done the Good to Great thing now let’s see the Great to Compelling.
On an aside, the website is better but not quite good. I think you are still looking for Great on that front.
I am off to put in my miles. Have a compelling Monday. M