Feedback
Mastering the Ten-Day Wait: Enhancing Consumer Reviews Through Patience
Photo by Levi Meir Clancy on Unsplash
The digital age promotes an eagerness to collect feedback promptly. Leaders in various sectors, including the multifamily industry, are often tempted to gather consumer insights immediately after a service or product experience. However, I heard recently that allowing a ten-day wait before soliciting a consumer review can drastically alter the quality and depth of feedback received. In this article, HBR provides a more scientific perspective on the idea.
Consumer memory is a peculiar thing. Immediate reactions are often based on raw emotions, and while these visceral responses have their place, they often lack the reflective thought and depth that comes with time. For leaders seeking valuable, actionable insights, it’s essential to understand the cognitive process behind remembering experiences.
For starters, the initial 24 hours after an experience are dominated by the ‘peak-end rule’. This psychological principle suggests that people remember the most intense (peak) moment and the end of an experience more vividly than the rest. Soliciting feedback immediately can result in feedback skewed towards these moments.
But why wait for ten days? Over time, our brains engage in a process called ‘consolidation.’ During this phase, the short-term memories of an experience transform into long-term ones. After about a week, the consumer has had adequate time to reflect, discuss with peers, and compare their experiences with past ones. By the tenth day, they’re likely to provide more balanced, more thoughtful feedback, and, importantly for multifamily leaders, more actionable.
The value of this extended reflection cannot be overstated, especially for multifamily leaders who emphasize human-centric leadership. A nuanced review can pinpoint specific areas for improvement, suggest innovative solutions, and even offer praise for aspects of service that might be undervalued or overlooked.
Moreover, with the rapid evolution of PropTech, waiting ten days also provides consumers ample time to familiarize themselves with and appreciate tech-driven amenities and solutions. This is particularly relevant for leaders who integrate new technologies into their business models. Early reviews might be overly focused on the novelty factor or initial learning curves, whereas feedback provided after a more extended period can offer insights into long-term usability and value.
This approach requires a change in mindset. Leaders need to cultivate patience and emphasize the value of deep, reflective feedback within their teams. The ten-day rule isn’t just a strategy; it’s a commitment to valuing quality over immediacy, depth over volume.
Of course, there’s speculative potential here. As more businesses recognize the value of waiting, we might see a broader industry shift towards delayed feedback solicitation. It could become the gold standard, with immediate feedback becoming a niche strategy used in specific contexts.
Virginia Love | Collective Conversations
Release Date: 08.08.2023
In this episode, Mike Brewer sits down with Virginia Love – Industry Principle at Entrata. Virginia is a highly respected expert in the multifamily industry with a long history in multifamily leasing, marketing, and operations. She is a champion of the people in our industry and has a deep understanding of the ways that technology impacts the front-line teams and believes that it is our responsibility to elevate the role our team members play in the success of our industry.
Key Discussion Points:
- Lasting impact of the pandemic: The pandemic shed attention on the importance of the site teams and led to the current focus on them as the drivers of performance and doing what is right for the site teams, recognizing the need to reconsider appropriate wage levels. The pandemic accelerated the pace and adoption of technology and forced companies that were sitting on the sidelines to engage with virtual tours, self-guided tours, and more.
- Culture Matters: Entrata is a technology company that actively engages its customers in the Entrata culture – so much so that they become invested in the Entrata brand.
- Economic Inclusion: For decades, the only impact for residents who paid their rent on time was not incurring late fees and being sent to collections. Entrata offers a program that reports resident payment history to the major consumer credit reporting agencies. Giving renters the ability to build their credit by simply paying their rent is a significant economic empowerment tool.
- The Value of Yes – Advice if you desire to grow your multifamily career: Get involved. Make Yourself Indispensable. Do whatever other people don’t want to. Get active in your Apartment Association, IREM, or NMHC. Take every opportunity to learn and don’t wait for someone to teach you. There are countless ways to build your knowledge so take charge of your education and growth.
In between the non-stop camaraderie and laughter, Mike and Virginia share practical tips and advice based on their extensive knowledge and expertise in the multifamily industry.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
About Mike Brewer
Mike Brewer is enthusiastic about people, technology, and the world of multifamily. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike draws on his deep understanding of the multifamily space and is passionate about sharing insights and wisdom through a series of Collective Conversations with others in this industry. This podcast creates a platform for industry professionals to connect, learn, and grow together.
About Virginia Love
Virginia Love, Industry Principal at Entrata is directly involved with marketing, product and sales as a liaison from the multifamily industry to these departments. Before joining Entrata, she held prominent leadership roles for apartment owners and operators such as Trammell Crow and ING Clarion. Immediately prior to coming to Entrata, she was Vice President of Leasing and Marketing for Waterton Residential. With nearly three decades of industry experience, Virginia has served on numerous multifamily committees and boards for industry organizations including the Atlanta Apartment Association, Georgia Apartment Association, National Apartment Association, National Multifamily Housing Council and Zillow Multifamily Advisory Board. Love served as the 2018 Chairperson of the Georgia Apartment Association and the 2011 Chairperson of the Atlanta Apartment Association. Virginia is a National Apartment Association Lyceum graduate. In 2021, she was named a Multifamily Influencer by GlobeSt. Real Estate Forum and was honored by Connect CRE’s Women in Real Estate Awards for 2022. Virginia is also a part of the Apartment All Stars.
Additional Resources:
Some of the world’s largest owners and operators use Entrata’s vast suite of products to manage their entire portfolios using one operating system. Multifamily, Student, Affordable, Military, or Commercial – Entrata has the technology solutions to meet your needs. www.entrata.com
Sponsorship Info:
This episode is sponsored by: Updater
Updater is the app that gets residents move-in ready faster. Did you know that residents who are happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike, and as a special gift to our listeners, Updater is offering a special gift when you book a demo.
Connect with Us:
We would love your feedback, questions, and topic suggestions for future episodes. Feel free to reach out to us via info@multifamilycollective.com or connect with us on [Social Media Platform(s)] LinkedIn, YouTube, and Facebook. Our podcast and interviews are also available on Apple Podcasts, Spotify, or anywhere you stream your podcasts.
Subscribe and Share:
If you enjoyed this episode, rate, review, and subscribe to our podcast on [Podcast Platform(s)] and share it with your friends, colleagues, and anyone who might find it valuable. Please help us spread the word about Multifamily Collective and empower others to thrive in the multifamily real estate industry.
If you or someone you recommend is interested in learning more about sponsorship opportunities, pleasecontact us.
Please subscribe to our weekly newsletter – The Collective Rundown
Thank you for tuning in to Multifamily Collective. Stay tuned for more exciting episodes coming soon!
Disclaimer:
The views and opinions expressed in this podcast are solely those of the individuals involved and do not necessarily reflect the official policy or position of MultifamilyCollective or any other organization mentioned during the episode. The podcast is for informational purposes only and should not be considered professional or legal advice. Always consult a qualified professional or your organizational leadership before making strategic, professional, financial, or investment decisions.
SBI Feedback Model
Photo by Jon Tyson on Unsplash
Have you ever experienced the anxiety-inducing feeling of butterflies in your stomach before a “moment of truth” conversation with a team member? This feeling is as common as an eight-year-old child dribbling and shooting a basketball with their non-dominant hand. In professional and personal settings, the Situation-Behavior-Impact (SBI) feedback model is widely used as a framework for giving feedback. This model is based on the principle that effective feedback should include a specific description of the situation, feedback on the person’s behavior in that situation, and an explanation of the impact of that behavior.
Reflecting on my experience terminating a team member, I recall intense fear, shaking, sweating, and anxiety. And it gives me the ability to give you a few tips to help you navigate a “moment of truth” conversation.
The SBI model involves the following steps:
First, describe the situation, which provides a clear and specific context for the feedback. Second, provide feedback on the person’s behavior in the situation. This feedback should be specific and focused on observable behaviors. Finally, explain the impact of the person’s behavior on the situation or other people involved. This feedback should be objective and focus on the consequences of the behavior.
Once you complete the first conversation round, go through the model again. This time, replace the bad behavior in step two with the expected behavior and the bad consequence in step three with the new expected consequence.
Following the SBI model, feedback can be delivered in a constructive and non-threatening way.
By focusing on observable behaviors and their impact, the feedback can be specific, actionable, and focused on improving performance or relationships.
I’m Not Mad; I’m Disappointed
Photo by Sarah Kilian on Unsplash
“I’m not mad; I’m disappointed” is a phrase many of us have heard or even used ourselves. It’s a way of expressing disappointment or frustration without resorting to anger or hostility. But what does this phrase really mean, and what can we learn from it?
One key lesson is understanding the difference between anger and disappointment. Anger is a powerful emotion that can lead to destructive behavior, while disappointment is a mild emotion that can often be resolved through communication and understanding. By recognizing the feeling of disappointment rather than anger, you can approach a situation more calmly and rationally.
Another important lesson is the value of constructive criticism. When we say, “I’m not mad; I’m disappointed,” we are often trying to convey that we have high expectations for someone or something and that they have not met those expectations. Instead of getting angry and lashing out, we can express our disappointment in a way that allows for growth and improvement. By providing constructive criticism, we can help others to understand where they may have fallen short and work together to find a solution.
Lastly, this phrase can also be a reminder of the importance of empathy and understanding. When disappointed, focusing on our feelings and forgetting others may struggle can be easy. By recognizing that someone else may also be unhappy, we can approach the situation compassionately and try to understand their perspective.
Remembering these lessons; we can approach challenging situations more calmly and rationally and ultimately work towards a resolution that benefits everyone.
The Power of a Fresh Perspective
Photo by Karsten Winegeart on Unsplash
As a business leader, it’s easy to get caught up in the day-to-day operations of running a company. We focus on hitting targets, meeting deadlines, and ensuring everything run smoothly. And we shut people down by not keeping an open mind.
But what happens when things aren’t going as planned?
This is when a fresh perspective can be invaluable. A new point of view can help you see things in a different light and give you the insight you need to make important decisions. Using phrases like “tell me more” or “huh, I hadn’t thought about it that way” keeps the discussion open and moving.
Talk to your team members, prospects, residents, vendor partners, and competitors. Ask them for their thoughts on your business and how it could be improved. You may be surprised by what you learn.
Another way to gain a fresh perspective is to step back and take a look at the bigger picture. Instead of getting caught up in the details, try to see the forest for the trees. Ask yourself what the long-term goals of your business are and how you can work towards them. What is the why of our business? Why do we exist?
Finally, don’t be afraid to challenge your assumptions. Or kill the sacred cows. We all have a tendency to hold on to certain beliefs, even when they’re no longer true.
Be open to new ideas and be willing to change your mind.
“Huh, I hadn’t thought about it that way” is a phrase you should remember as a business leader. It’s a reminder to be open to new ideas and always look for ways to improve your business. You can navigate the most demanding challenges and achieve your long-term goals with a fresh perspective.
