The ROI of Resident feedback

Resident feedback is crucial to the success of housing associations in the UK. It helps housing associations to understand their residents’ needs, preferences, and opinions on the services they provide. Active voice of the resident programs are an effective way for housing associations to gather this information and use it to improve their services. In this blog, we will explore the value of the resident experience in the UK and highlight the financial benefits and other values that housing associations can expect when implementing an active resident feedback program.

Return on Investment

Housing associations that implement an active resident feedback program can expect to see a return on their investment in several ways. Firstly, gathering feedback from residents can help identify areas where the association can improve its services across the resident journey and in like with UK legislation. By identifying these areas, housing associations can work towards improving their services, which can lead to increased resident satisfaction and, ultimately, increased retention rates. The longer a resident stays in a property, the more cost-effective it is for the housing association as there are no void periods, which can be expensive.

Secondly, an active resident feedback program can help reduce the number of complaints received by the association. Complaints can be costly to handle, both in terms of the time and resources required to resolve them and the potential impact on the association's reputation. By addressing issues before they become complaints, housing associations can reduce the number of complaints they receive, which can help reduce costs.

Finally, an active resident feedback program can help housing associations to identify residents who are at risk of leaving. By identifying these residents early and addressing their concerns, housing associations can reduce the risk of losing a resident, which can be costly. The cost of losing a resident includes not only the lost rental income but also the cost of finding a new resident to fill the property.

Other Financial Benefits

In addition to the return on investment mentioned above, there are several other financial benefits that housing associations can expect when implementing an active resident feedback program. One such benefit is the ability to identify cost-saving opportunities. By gathering feedback from residents, housing associations can identify areas where they can reduce costs without compromising on service quality. For example, if residents consistently report that a particular service is not important to them, the housing association may be able to reduce or eliminate that service, which can save costs.

Another financial benefit of an active resident feedback program is the ability to identify revenue-generating opportunities. By gathering feedback from residents, housing associations can identify services that residents are willing to pay for. For example, if residents consistently report that they would be willing to pay for a cleaning service, the housing association may be able to introduce such a service and generate additional revenue.

Other Values

In addition to the financial benefits discussed above, there are several other values that housing associations can expect when implementing an active resident feedback program. One such value is the ability to improve the overall resident experience. By gathering feedback from residents and using it to improve services, housing associations can create a better resident experience, which can lead to increased resident satisfaction and, ultimately, increased retention rates.

Another value of an active resident feedback program is the ability to demonstrate a commitment to resident engagement. By actively seeking feedback from residents, housing associations can demonstrate that they value residents' opinions and are committed to engaging with them. This can lead to increased trust and loyalty from residents, which can ultimately benefit the housing association in the long run.

Finally, an active resident feedback program can help housing associations to identify areas where they can make a positive impact on the wider community. By gathering feedback from residents, housing associations can identify community issues that are important to residents and work towards addressing them. This can help to build a stronger sense of community within the housing association, which can benefit both residents and the wider community.