National Customer Service Week (7 – 11 October) is marked by the Institute of Customer Service annually for its members operating across a wide range of sectors, including retail, aviation utilities and financial services.
We asked Sam Winnard, Head of Build-to-Rent Operations at Pension Insurance Corporation (PIC), a major investor in Build-to-Rent properties, why customer service is also so important in the pensions insurance industry?
Q: How important is customer service in the Build-to-Rent (BTR) sector, and how does it impact PIC’s business?
Sam Winnard: Customer service is absolutely critical in the BTR sector. As PIC is a long-term investor the rental incomes from our BTR developments are an important source of revenue needed to pay the pensions of our policyholders now and in the future. To secure that steady rental income, we seek to attract and retain residents for longer periods, reducing vacancy rates. The key to doing that is offering an exceptional customer experience. If residents feel valued and looked after, they’re more likely to stay longer, which ensures the cashflows we need to meet our pension obligations.
Q: What role does customer service play in creating a community within your BTR developments?
Sam Winnard: Our approach to customer service goes beyond just addressing resident needs; it’s about building communities. In developments like Arbour in Milton Keynes and New Vic in Manchester, we’ve focused on creating a welcoming, engaging environment with top-tier amenities and services. By offering things like co-working spaces, gyms, and concierge services, we enhance the resident experience and create a sense of belonging. Our friendly on site teams also organize social events and work with local businesses, fostering a community feel. This not only benefits residents but also helps us retain them, which directly supports our goal of providing long-term, stable income to fund pension payments.
Q: How does PIC ensure that its customer service is a key differentiator in the BTR market?
Sam Winnard: We’ve made customer service the cornerstone of our BTR strategy. Our residents aren’t just renting an apartment – they’re renting a home and becoming part of a community. We’ve implemented services like the Arbour and New Vic apps, which allow residents to connect with neighbours, book amenities, and even support local businesses. This focus on building relationships with residents and embed our schemes within the local community helps differentiate us in a competitive market and keeps turnover low, ensuring that our rental income streams remain consistent.
Q: How has tenant demand evolved, and how is PIC adapting to these changes?
Sam Winnard: Residents today expect more flexibility and personalization. They want the option to engage with us digitally but also appreciate human interaction when needed. We’ve adapted by offering multiple touchpoints for service, from digital apps to on-site teams who provide personalized assistance. This balance of technology and human support is crucial in meeting resident needs, keeping satisfaction high, and ensuring long-term tenancy.
Q: How does building a sense of community contribute to PIC’s long-term success in the BTR market?
Sam Winnard: When residents feel connected to their community, they take pride in their surroundings and are more likely to stay longer. Reducing resident churn means fewer vacancies and smoother rental income, which is essential for PIC’s primary mission: paying the pensions of our policyholders. We invest in the well-being of our residents, not just because it’s the right thing to do, but because it makes financial sense. Strong, engaged communities lead to more stable rental streams, which in turn help us fulfil our long-term pension commitments.
Q: How do on-site staff contribute to the overall customer service experience in PIC’s BTR developments?
Sam Winnard: On-site staff play a crucial role in delivering the exceptional customer service we strive for. They’re the face of our developments and the first point of contact for residents. Whether it’s helping with maintenance issues, organizing community events, or just providing a friendly smile at the concierge desk, our staff are key to creating a positive living experience. Their dedication helps build trust and rapport with residents, encouraging longer stays and fostering a sense of community, which ultimately ensures the steady rental income that underpins our pension commitments.
Q: What impact do customer service innovations, such as the Arbour and New Vic apps, have on resident satisfaction and retention?
Sam Winnard: Innovations like the Arbour and New Vic apps significantly enhance the resident experience. These digital platforms allow residents to manage their homes with ease, from booking repairs and amenities to engaging with their neighbours and supporting local businesses. This convenience, combined with the human touch provided by our on-site teams, ensures that residents feel connected and well-supported. These kinds of services improve satisfaction and retention, which are crucial for minimizing turnover and maintaining consistent rental cashflows to meet our pension obligations.
Q: What message would you like to share with the BTR sector about the importance of customer service?
Sam Winnard: In BTR, customer service isn’t just a nice-to-have – it’s fundamental to long-term operational success and risk mitigation. For us at PIC, the quality of our service directly impacts our ability to generate the rental income we rely on to meet our pension obligations. By creating an outstanding living experience and building strong resident relationships, we secure the financial stability we need. It’s a win-win for both our residents and our policyholders.