CORE Survey Program Presentation of Results
On behalf of:
February 2016 1
2015 CORE Program
Agenda Process Overview Overall Results • Comparisons to Kingsley Index • Time Trend Comparisons
• Breakdowns
Renewal Intentions Service Delivery • Drivers of resident satisfaction and loyalty • Sales • Management • Maintenance
Next Steps
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2015 CORE Program
Section I:
PROGRAM METHODOLOGY
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2015 CORE Program
Survey process and methodology Surveys sent at different milestones in the resident lifecycle: • • • •
Prospect Move-in Service Request Pre-renewal
Survey invitations launch weekly • Reminders 4 and 9 days after initial invitation
Kingsley Portal to monitor scores and review transcripts • Alert emails
Prospect lease decision Request for contact
Weekly Digests • Customized digests that include the 15 bonus questions (survey-specific)
Quarterly reports • • • • • •
Portfolio Regional Vice President Regional Manager Region Community Compensation reports
Resident reviews automatically sent to ReviewPush, Apartment Ratings, and Apartment Guide 4
2015 CORE Program
Weekly community digest emails Contain the 15 bonus questions Delivered every Tuesday to:
Community teams Community managers Regional managers RVPs Service managers Regional service managers Regional service trainers
All residents who’ve completed a survey in the past week
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2015 CORE Program
Firms in the Kingsley IndexSM (Partial List) Kingsley Associates surveys over 3.5 million residents per year and the Index includes data from 9 of the 15 largest apartment managers (2015 NMHC 50).
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2015 CORE Program
Online reputation management: Verified Resident Reviews • Add-on service – new page after existing questionnaire • No partial responses, and residents must enter a comment with >200 characters • Ability to respond to resident feedback • 2015 average reviews per month: 86 • Currently active for 87 communities
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2015 CORE Program
Online reputation management: Verified Resident Reviews “Moving out of town can be a bit scary, but the friendly staff at Gables Sugarloaf Apartments really made me feel at home.”
# of Reviews
% Recommended
70%
63%
60% 50%
4,600 4,400
54%
4,200
42%
40%
“A quiet, well-managed community with an excellent maintenance staff …” -Gables Rock Springs 12/12/2015
4,000 4,372
30% 3,816
20% 10%
-Gables Sugarloaf 11/05/2015
3,600
3,553 June 2015
3,800
3,400 August 2015
January 2016 8
“I have been here for 6 months and this place is great. Always quiet and very neat …” -Gables Metropolitan Uptown 1/11/2016
2015 CORE Program
Online reputation management: Certified Resident Reviews
Increase traffic to your community pages
• Live for 103 communities • You can select the top 2 reviews that appear first in the list • All responses go through a
moderation process Communities with reviews have twice the lease conversion rate compared to those without reviews
7 of 10 residents consult online ratings and reviews 2014 Kingsley / RentPath Study 9
2015 CORE Program
Response rates trail industry average Response Rates by Year 2012
2013
2014
2015
Industry Average
40%
34% 33% 32%
% Responded
30%
30% 29% 26%
20%
23%
24%
21%
22%
21%
20% 19%
18% 18%
19% 17%
16% 16%
18%
10% 5,201
6,406
6,876
7,090
10,710
10,712
12,264
12,667
4,779
5,718
5,871
5,732
9,414
10,082
11,021
10,892
30,104
32,918
36,032
36,381
Responses
0%
All Surveys
Prospect
Move-in
10
Service Request
Pre-renewal
2015 CORE Program
Section II:
2015 RESULTS SUMMARY
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2015 CORE Program
Overall satisfaction trends upwards in Q4 and outperforms the Index Overall Satisfaction by Survey Type 2015 Q1
2015 Q2
2015 Q3
2015 Q4
Kingsley Index
5.00
Average Score
4.00
4.27 4.05 4.02 4.09 4.10
4.22
4.22
4.22
4.11 3.90
3.90
3.90
3.89
3.97 3.73
3.00
2.00
1.00
All Surveys
Move-in
12
Pre-renewal
2015 CORE Program
Overall satisfaction continues to exceed the benchmark Overall Satisfaction - Gables vs. Kingsley Index Gables Residential
4.25
National Average
Average Score
4.15
4.05
3.95
3.85
3.75 Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
13
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
2015 CORE Program
Overall satisfaction trends upward in every region except Florida Overall Satisfaction - by Region Atlanta
Austin
California
Dallas
DC
Florida
4.25
KI
Percentile Rank
4.23 4.20 4.16
94% 93%
4.03 4.01 3.97 3.94
4.05 4.03 4.00
76% 72% 68%
3.89
3.90
4.15 Average Score
Houston
89%
4.10 4.05
3.95
3.85
3.75
2011
2012
2013 14
2014
2015 2015 CORE Program
Residents at class A communities are more satisfied and likely to recommend the community Key Performance Indicators - by Property Class Class A (n=16,413)
Class B (n=13,455)
5.00
4.44
Average Score
4.00
4.14
4.33
4.28
3.97
4.16
3.45
3.45
3.00
2.00
1.00
Overall Satisfaction
Overall Impression of Community
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Community Recommendation
Renewal Intentions
2015 CORE Program
Residents at high-rise communities are least satisfied and least likely to renew their lease Key Performance Indicators - by Property Type Garden (n=15,556)
Mid-rise (n=9,928)
High-rise (n=1,617)
5.00
Average Score
4.00
4.38 4.05
4.42
4.43 4.22
4.12 3.92
4.26
4.11 3.49
3.41
3.00
3.25
2.00
1.00
Overall Satisfaction
Overall Impression of Community
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Community Recommendation
Renewal Intentions
2015 CORE Program
Resident satisfaction is higher at owned assets Key Performance Indicators - Owned vs. Fee-managed Owned (n=15,085)
Fee-managed (n=12,547)
5.00
4.43
Average Score
4.00
4.16
4.36
4.28
4.17
3.97
3.44
3.46
3.00
2.00
1.00
Overall Satisfaction
Overall Impression of Community
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Community Recommendation
Renewal Intentions
2015 CORE Program
Overall satisfaction exceeds the Index at more than 他 of communities Overall Satisfaction - by Community vs. Kingsley Index 5.00 Bottom 5 Communities*
% Difference
4.50
4.00 KI: 3.90
Central Park Altamonte Springs City West Mission Gate Vinings Corner The Berkshire
Overall Satisfaction
Response Count
3.16 3.24 3.34 3.41 3.43
99 93 148 95 181
27 communities trail the KI
87 communities exceed the KI 3.50
3.00
Top 5 Communities
Overall Satisfaction
Response Count
Desert Club Gables Oak Creek Broadway Knolls Gables Centerpointe Gables Point Loma
4.48 4.47 4.47 4.46 4.46
189 55 118 35 92
2.50
*Only communities with more than 10 responses are included in the tables above 18
2015 CORE Program
Overall satisfaction improves from prior year at majority of communities Most Improved and Declined Communities Largest Decline
Most Improved 2014
2015
% Change
Aqua Isles
3.00
4.14
38%
Kings Crossing
3.57
3.98
Mizner Park Apartments
3.42
Waverly Village
2014
2015
% Change
Gables River Oaks
4.58
4.13
-10%
12%
Mission Gate
3.65
3.34
-8%
3.78
11%
Central Park Altamonte Springs
3.45
3.16
-8%
3.65
4.00
10%
Gables Mirabella
4.31
4.04
-6%
Island Club
3.61
3.91
8%
215 C Street
4.05
3.80
-6%
Gables Uptown Tower
3.86
4.16
8%
Matthews Reserve
4.36
4.10
-6%
Gables Ponce
3.51
3.78
8%
Gables Park 17
4.37
4.11
-6%
Gables Upper Rock
4.10
4.36
6%
Gables Park Plaza
4.23
4.03
-5%
Gables Woodley Park
4.10
4.36
6%
Gables Boca Place
3.98
3.80
-5%
The Berkshire
3.23
3.43
6%
Gables Upper Kirby
4.28
4.09
-5%
Community Name
Community Name
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2015 CORE Program
Quality of building is the only category below the Kingsley Index Largest Differences to the Kingsley Index Gables 2015
KI
Percentile Rank
Sales Staff - Knowledge
4.58
4.37
92%
Sales Staff - Responsiveness
4.52
4.33
86%
Community Recommendation
4.23
4.04
84%
Management - Responsiveness
4.11
3.92
83%
Sales Staff - Professionalism / Courtesy
4.61
4.47
82%
Overall Satisfaction with Move-in Experience
4.19
4.10
70%
Convenience of Office Hours
4.29
4.19
66%
Renewal Intentions
3.45
3.38
65%
Maint. - Cleanliness after Work Performed
4.52
4.45
65%
Quality of Building
3.82
4.10
16%
Rating Area
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2015 CORE Program
All 7 regions trail the Index in quality of building; 77% of communities below Quality of Building by Region
2015
Kingsley Index Houston Austin California Florida Atlanta DC Dallas
4.10 3.96 3.89 3.88 3.82 3.81 3.79 3.74
Quality of Building - Notable Communities Gables McKinney Ave Gables River Oaks Gables Centerpointe Kingsley Index Gables Portfolio Gables Uptown Tower Waverly Village City West Vinings Corner Flats at Wheaton Station Gables Katy Trail The Berkshire Mizner Park Apartments 215 C Street
Resident Comments Lack of cleanliness • Buildings • Common areas • Lobby • Stairs • Courtyards
2015 4.75 4.47 4.45 4.10 3.82 3.19 3.17 3.11 3.10 3.08 2.94 2.80 2.71 2.54
Improved landscaping Pest control issues
Mold Pet feces
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2015 CORE Program
26 out of 30 rating areas improved from 2014 Largest Improvements / Declines from Prior Year Gables Gables 2014 2015
Rating Areas
% Change
Exterior Appearance / Cleanliness
4.28
4.40
2.8%
Condition upon Move-in - Fitness Center
4.15
4.22
1.6%
Condition upon Move-in - Business Center
4.33
4.40
1.6%
Landscaping
4.30
4.36
1.5%
Quality of Building
3.88
3.82
-1.4%
Maintenance - Notification of Completed Work
4.48
4.39
-2.0%
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2015 CORE Program
96% of residents indicate community appearance and quality is a high priority in their initial lease decision Priority in Initial Lease Decision Kingsley Index
Gables 2015
96% 92% 91%
Community appearance / quality Price / rental terms Apartment floor plan / layout
90% 84% 80% 80% 77% 75% 69% 65%
Quality of interior features / fixtures
Quality and variety of amenities Community / company reputation Proximity to work / school Convenience to social activities Controlled access gates
Online reviews / ratings Walkability to social activities / retail
54%
Community's green practices 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% High Priority (4s and 5s)
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2015 CORE Program
Section III:
RENEWAL INTENTIONS
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2015 CORE Program
Satisfied residents are more likely to renew their lease Impact of Satisfaction on Stated Renewal Intent 100%
% Likely to Renew
80%
60%
83%
40% 59% 20%
0%
18%
0%
3%
Poor
Fair
Average
Good
Excellent
1 of 230
11 of 332
140 of 764
1,269 of 2,168
1,371 of 1,649
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2015 CORE Program
Renewal intentions improve relative to the Kingsley Index Renewal Intentions - Gables vs. Kingsley Index Gables Residential
3.70
National Average
Average Score
3.60
3.50
3.40
3.30
3.20 Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
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Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
2015 CORE Program
Renewal intentions exceed the Index across 6 of the 7 regions Stated Renewal Intent Likely
Unsure
Unlikely
Gables 2013
52%
26%
22%
Gables 2014
53%
25%
22%
Gables 2015
54%
23%
23%
Kingsley Index
51%
California DC
26%
63%
23%
20%
58%
21%
17%
21%
Atlanta
53%
24%
23%
Houston
53%
24%
23%
Florida
53%
Dallas
52%
Austin
51%
22% 26%
24%
27
25% 22%
25%
2015 CORE Program
Location, rental rate, and management are the top decision factors among residents likely to renew Top Renewal Decision Factors by Renewal Intent Kingsley Index Likely to Renew (n=2,770) 69%
Location / convenience Rental rate Staff / management Comm. appearance Security / safety
44% 41% 38% 37%
Unlikely to Renew (n=1,100)
Rental rate Staff / management Security / safety Location / convenience Apt.features / finishes
60% 27% 25% 23%
21%
0%
25%
50%
75%
100%
% of Respondents 28
2015 CORE Program
Section V:
SERVICE DELIVERY
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2015 CORE Program
Service interaction continues to be a key driver in prospect and resident satisfaction Rating Areas Most Highly Correlated with Overall Satisfaction by Survey Type Prospect Satisfaction Drivers
Move-in Satisfaction Drivers
Sales Staff - Professionalism / Courtesy
Overall Satisfaction with Move-in Experience
Sales Staff - Knowledge
Sales Staff - Knowledge
Sales Staff - Responsiveness
Sales Staff - Responsiveness
Exterior Appearance / Cleanliness
Condition upon Move-in - Recreational Facilities
Landscaping
Cleanliness of Apartment at Move-in
Service Request Satisfaction Drivers
Pre-renewal Satisfaction Drivers
Maintenance - Quality of Work
Management - Overall Satisfaction
Maintenance - Responsiveness
Management - Problem Resolution
Maintenance - Notification of Completed Work
Management - Communication
Maintenance - Professionalism / Courtesy
Management - Responsiveness
Maintenance - Cleanliness after Work Performed
Management - Professionalism / Courtesy
= Leasing Metrics
= Maintenance Metrics 30
= Management Metrics 2015 CORE Program
All sales staff rating areas increase from 2014 and continue to outperform the Index Sales Staff - Gables vs. Kingsley Index Gables 2014
5.00
Average Score
4.50
4.52
4.58 4.37
4.48
Gables 2015
Kingsley Index
4.57
4.52
4.61 4.47
4.33 4.15
4.00
4.19
4.10
3.50
3.00
Percentile Rank
Sales Staff - Knowledge
Sales Staff Responsiveness
92%
86%
Sales Staff Overall Satisfaction with Professionalism / Courtesy Move-in Experience
82% 31
70% 2015 CORE Program
The sales staff’s knowledge outperforms the Index in all 7 regions Sales Staff Knowledge - by Region Austin
4.72
California
4.66
Florida
4.65
Gables Portfolio
4.58
Houston
4.57
Sales Staff Knowledge
Response Count
Gables Cherry Creek
4.89
36
Gables Town Colony
4.86
66
Gables Palma Vista
4.86
91
Gables Mirabella
4.85
47
Westbrooke Place
4.85
111
Sales Staff Knowledge
Response Count
Beechs Farm
4.07
41
Emory Point II
4.09
43
Central Park Altamonte Springs
4.15
123
Gables 12 Twenty One
4.17
65
Vinings Corner
4.18
124
Top 5 Communities
Bottom 5 Communities
Dallas
4.56
DC
4.54
Atlanta
4.52
KI
4.37
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2015 CORE Program
Satisfaction with the move-in experience exceeds the Index in all 7 regions Overall Satisfaction with Move-in Experience - by Region California Austin Florida
Top 5 Communities
Overall Satisfaction with Move-in
Response Count
Gables Centerpointe
4.85
13
Westbrooke Place
4.77
31
Gables Park Tower
4.76
29
Gables Dupont Circle
4.75
12
Highland Park Brownstones
4.73
11
Overall Satisfaction with Move-in
Response Count
Central Park Altamonte Springs
3.18
56
Mission Gate
3.39
75
Beechs Farm
3.45
11
Vinings Corner
3.48
42
Gables McKinney Ave
3.53
19
4.38 4.32
4.21
Houston
4.20
Gables Portfolio
4.19
DC
4.18
Atlanta
4.13
Dallas
4.11
KI
4.10
Bottom 5 Communities
33
2015 CORE Program
Maintenance scores are in line with the prior year and continue to exceed the benchmark Maintenance Rating Areas - Gables vs. Kingsley Index Gables 2014
Gables 2015
Kingsley Index
Average Score
4.50
4.56 4.52
4.50 4.51
4.49 4.51 4.29
4.28
Quality of Work
Responsiveness
4.00
3.50
3.00
Percentile Rank
83%
No Kingsley Index Available
5.00
Notification of Completed Work
88% 34
4.63 4.64
4.57 4.60 4.46
4.45
Professionalism / Courtesy
Cleanliness after Work Performed
83%
79% 2015 CORE Program
California is the top performing region in terms of quality of work Maintenance - Quality of Work - by Region California Austin
Maintenance Quality of Work
Response Count
Emory Point II
4.88
17
Gables Uptown Trail
4.84
100
Post Oak
4.83
105
Gables Town Colony
4.83
63
Broadway Knolls
4.81
185
Maintenance Quality of Work
Response Count
Central Park Altamonte Springs
3.25
83
Kings Crossing
3.48
54
Mission Gate
3.54
161
Gables Boca Place
3.65
60
Beechs Farm
3.77
52
Top 5 Communities*
4.67 4.59
Houston
4.54
Dallas
4.51
Gables Portfolio
4.51 Bottom 5 Communities*
Atlanta DC Florida KI
4.50 4.48
4.38 4.29
*Only communities with more than 10 responses are included above
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2015 CORE Program
All management rating areas significantly outperform the Index Management Rating Areas - Gables vs. Kingsley Index Gables 2014
5.00
Gables 2015
Kingsley Index
Average Score
4.50
4.00
4.04 4.06
3.90
4.11 4.11
4.00 4.01
3.93 3.93
4.20 4.21
4.11
3.89
3.92
Communication
Responsiveness
Professionalism / Courtesy
71%
83%
70%
3.79 3.50
3.00 Overall Satisfaction Problem Resolution Percentile Rank
80%
75%
36
2015 CORE Program
California leads all regions in overall satisfaction with management Management - Overall Satisfaction - by Region California Austin Houston
Mgmt. - Overall Satisfaction
Response Count
Avignon Townhomes
4.69
61
Gables Point Loma
4.61
36
Desert Club
4.60
84
Gables Oak Creek
4.56
27
Gables Cityscape
4.53
43
Mgmt. - Overall Satisfaction
Response Count
Mission Gate
3.03
71
The Berkshire
3.25
97
Gables Ponce
3.27
59
City West
3.29
34
Gables 12 Twenty One
3.31
13
Top 5 Communities*
4.40 4.24
4.13
Gables Portfolio
4.06
Florida
4.03 Bottom 5 Communities*
Atlanta Dallas DC KI
4.01 4.00
3.93 3.90
*Only communities with more than 10 responses are included above
37
2015 CORE Program
Key takeaways and next steps Residents’ overall satisfaction is in the top quartile of the Kingsley Index o Satisfaction improved over the past year across 6 of the 7 regions
Service delivery continues to be the key driver of resident satisfaction o All leasing, management, and maintenance metrics significantly outperform the Kingsley Index
Continue providing high-quality service to optimize resident satisfaction and loyalty o Respond within 24 hours to residents requesting contact
Develop community-specific action plans o Encourage community teams to complete specific, measureable and actionable plans o Share best practices from highest performing and most improved communities 38
2015 CORE Program
Action planning Community Managers
Regional Managers
Action Plan Submitters
Action Plan Reviewers
• Online Kingsley Portal Tool • Pulls in Current, Previous, Portfolio and Index scores for selected KPIs • Above the Portfolio? • Share best practices • Trailing the Portfolio? • Outline actionable items to implement within the community.
• Review action plans for all communities within your region • Approve action plans or send them back for amendments • Facilitate performance improvement plans • Maximize value derived from the survey program
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2015 CORE Program
Case study: Completing action plans leads to increased resident satisfaction Completed Action Plan
5.00
4.50
Did Not Complete Action Plan
4.51
4.49
4.33 4.21
4.16
4.00
3.96
4.12 3.95
3.50
3.00
Overall Satisfaction
Mgmt. Leasing Process Maint. / Eng. Overall Satisfaction Overall Satisfaction Overall Satisfaction 40
2015 CORE Program
Business intelligence for the real estate industry
San Francisco 41 | Atlanta
2015 CORE Program