Customer Experience in the Private Rented Sector

Winning Customers' Hearts and Minds

Winning Customers’ Hearts and Minds

On Tuesday, I was in the audience at the BPF Residential Conference and was particularly struck by the post-session feedback and comment prompted by the panel session entitled “Winning Customers’ Hearts and Minds”. The session certainly seemed to capture the attention – and imagination – of the delegates that I caught up with in the programme breaks.  So I thought it worth penning a précis…

Michela Hancock of Bozzuto brought a US perspective to the panel highlighting the base level services which are commonplace in North America and which should be firmly embedded into our own Private Rented Sector (PRS) – as well as the opportunities that PRS owners and operators can create through enhanced services.

CEO of Young Group, Neil Young, was quick to point out that some PRS operators in the UK, such as Young London and Get Living London, are already investing heavily in understanding their customers and delivering an experience that precisely matches their specific needs.

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Kate and Wills – Where Will One Live?

We have heard from a highly placed Palace source that Kate and William are in a dilemma about where to live following their nuptials in April.  We understand they want to be a modern couple and feel that living in one of the Crown’s Palaces will not sit well with “their subjects”.

Ideally, they would like to buy somewhere.

 However William’s RAF salary is unlikely to get them the large mortgage they would need to be able to live in London.

I have spoken to Jane Reeves, Property and Finance consultant at Young Finance who has warned that: “with current lending criteria, they will struggle to secure a mortgage for their dream home.

Banks will be nervous about their income, especially with the current cuts in public spending beginning today.   Their best bet may be to see whether William’s Grandmother would stand as a guarantor, but her age may prove a problem with this option.”

At Young London we recommended that they look to the Private Rented Sector for a solution – something that our source says is “being considered”.

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IPD Residential Index – 10 years old

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On March 16, the results for the Investment Property Databank (IPD) Residential Index for 2010 were released at One Moorgate Place.

Mark Weedon, Head of UK Residential at IPD presented the results, Trevor Moross from Dorrington responded, then there was a panel who gave their thoughts on the results followed by some questions from the audience.

The panelists were from Allsop (Alan Collett) , AXA REIM (Alan Patterson)  and myself from Young Group.

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