Elevating Your Brand Through Third-Party Training Programmes In the dynamic property sector, specifically within the Build-to-Rent (BTR) and Single-Family Rental (SFR) markets, the strength of your brand is determined by every interaction with residents. While in-house employees are often seen as the key to delivering exceptional service, the role of third-party contractors is equally critical. Integrating these external partners into your training programmes can substantially benefit your residents, your business’s reputation, and operational efficiency. Below, we explore the key advantages of including non-company workers in your brand’s training initiatives and identify which third-party contractors benefit most from inclusion in your company’s training programmes. Who Are Third-Party Contractors in the Property Sector? Third-party contractors play a pivotal role in delivering a seamless resident experience. In the BTR and SFR sectors, these roles may include: Letting Consultants: Outsourced agency members in charge of leasing out your apartments Maintenance providers: Electricians, plumbers, and HVAC technicians. Landscapers and groundskeepers: Ensuring outdoor spaces remain attractive and well-maintained. Security team: Offering peace of mind to residents while serving as a brand ambassador. Cleaning team: Maintaining communal spaces and enhancing resident satisfaction. Specialist contractors: Such as pest control or IT service providers for smart homes. By investing in training for these professionals, you extend your brand values to every resident touchpoint, creating a seamless and consistent customer journey. 1. Consistency Across All Brand Touchpoints Every interaction between residents and your organisation contributes to the overall perception of your brand. Third-party contractors often represent a critical extension of this relationship. A well-trained contractor who understands your standards and values ensures residents receive the same high-quality experience, regardless of whether they are speaking with a company employee or a third-party service provider. For instance, imagine a maintenance contractor trained in technical skills and resident communication. Their ability to handle issues efficiently while maintaining professionalism strengthens resident trust and reinforces your brand’s commitment to excellence. 2. Enhanced Customer Satisfaction and Loyalty In an industry where customer retention drives profitability, including contractors in training programmes, ensures they can deliver high-quality, customer-focused services. Satisfied residents are more likely to renew leases, leave positive reviews, and recommend your properties to others. Consider the impact of a cleaner who understands your brand’s focus on sustainability. Using eco-friendly products and demonstrating care for the environment enhances the property’s cleanliness and aligns with residents’ values, creating a deeper emotional connection to your brand or engaging with residents verbally to foster the brand’s desire to create a community feeling. 3. Improved Employee Satisfaction and Collaboration Training third-party team members alongside in-house employees fosters a sense of unity and shared purpose. This collaboration improves team communication, reduces friction, and enhances operational efficiency. For example, maintenance contractors who work closely with property managers can anticipate resident needs more effectively, ensuring faster resolution times and minimising disruptions. This shared commitment to resident satisfaction boosts morale across all teams, reinforcing a culture of excellence. Third-party colleagues also share common back-of-house areas during their work hours, and fully integrating them into the team supports a more cohesive team spirit throughout the building, avoiding “us” and “them”. 4. Strengthened Brand Reputation In today’s digital-first world, online reviews and social media comments can make or break your reputation. Residents rarely differentiate between in-house employees and third-party contractors when forming their opinions. Any poor experience—whether caused by an untrained security guard or a maintenance delay—can harm your brand. By incorporating external workers into your training programmes, you reduce the risk of negative interactions and demonstrate a commitment to high standards across all areas of operation. This proactive approach safeguards your brand’s reputation and enhances your competitive positioning in the market. 5. Operational Efficiency and Cost Savings Trained contractors are more likely to execute their tasks efficiently, reducing errors and the need for follow-up visits. Training improves the resident experience and delivers tangible cost savings for your business. For instance, a landscaper trained in your specific property design and maintenance protocols can work more effectively, ensuring the outdoor areas remain visually appealing while reducing waste and resource use. These efficiencies free up resources that can be reinvested into other areas of your operation, driving further value and support of the brand Why Resident Experience Matters in the BTR and SFR Sectors Resident expectations are higher than ever in the highly competitive UK property sector. They demand responsive service, well-maintained properties, and a sense of community. Every contractor interaction—a routine repair, a security check, or a simple greeting—shapes their perception of your brand. By extending your training programmes to third-party workers, you create a unified experience that meets these expectations and delivers a consistently high standard of service. The result is increased resident satisfaction, higher retention rates, and a strong competitive edge. Conclusion: Training Is an Investment in Your Brand’s Future Including third-party contractors in your training programmes isn’t just an operational decision; it’s a strategic investment in your brand. By aligning external partners with your standards and values, you elevate every resident interaction, enhance customer satisfaction, and ensure your reputation for excellence extends beyond your in-house team. In the Build-to-Rent and Single-Family Rental sectors, where customer experience defines success, the integration of contractors into your training strategy represents a significant opportunity to differentiate your brand and build lasting loyalty. By creating a seamless, customer-centric journey at every touchpoint, you meet and exceed resident expectations—solidifying your position as a market leader in the UK property sector. Contact us at enquiries@moricon.net to learn more about our industry-leading self-paced e-learning solution, which effortlessly disseminates company training content and industry knowledge throughout your company. 

The Transformative Impact of Hospitality on the Bottom Line Profits of Build-to-Rent and Single-Family Housing In today’s dynamic property market, where competition is fierce, and customer expectations constantly evolve, integrating hospitality elements into build-to-rent (BTR) and single-family housing developments is a game-changer. By leveraging hospitality principles, developers can significantly enhance tenant satisfaction, reduce vacancy rates, and ultimately boost their bottom-line profits. This article explores the strategic advantages of incorporating hospitality into residential real estate, backed by insights and data from industry experts. Enhancing Tenant Experience: The Hospitality Edge The hospitality industry is renowned for its focus on exceptional customer service, personalized experiences, and high-quality amenities. Transposing these elements into the residential sector can create a compelling value proposition for tenants. According to a study by the Urban Land Institute, tenants in BTR properties with enhanced hospitality services reported higher satisfaction levels and longer tenancy durations. This correlation between tenant satisfaction and retention directly impacts the profitability of housing developments and positively stimulates your bottom line. Personalized Services and Amenities Incorporating personalized services, such as concierge desks, housekeeping, and fitness centres, transforms a property from a mere living space into a holistic living experience. Tenants are willing to pay a premium for such conveniences, which can significantly increase rental yields. A report by JLL highlights that properties with superior amenities can command up to 17% higher rents than those without. This uplift in rental income contributes directly to enhanced financial performance for developers. Reducing Vacancy Rates Through Superior Living Experiences Vacancy rates are a critical determinant of a property’s financial health. High vacancy rates reduce rental income and increase operational costs associated with tenant turnover. The application of hospitality principles can mitigate these risks. For instance, BTR developments that offer community engagement activities, such as social events and wellness programs, foster a sense of belonging and community among residents. This social cohesion is a powerful retention tool, reducing turnover rates and maintaining stable occupancy levels. Innovative Leasing Models Hospitality-inspired leasing models, such as flexible lease terms and furnished apartments, cater to the diverse needs of modern tenants. This flexibility attracts a broader tenant base, including corporate clients and expatriates, who seek short-term accommodations without the hassle of furnishing an apartment. Research by Savills indicates that flexible leasing options can reduce vacancy rates by up to 25%, further stabilizing rental income streams. Leveraging Technology for Enhanced Profitability Adopting technology in hospitality has set a precedent for the residential sector. Smart home technologies, mobile app-based management systems, and AI-driven customer service solutions streamline operations and enhance the tenant experience. For example, implementing smart thermostats and lighting systems provides convenience and contributes to energy efficiency, reducing utility costs for tenants and property owners, which in turn influences your bottom line. Data-Driven Insights Utilizing data analytics to understand tenant preferences and behaviours allows developers to tailor their services and amenities more effectively. This proactive approach to property management ensures that resources are allocated efficiently, minimizing waste and maximizing profitability. According to McKinsey, data-driven property management can lead to up to 15% cost savings, significantly enhancing the overall financial performance of housing developments. Case Studies: Success Stories in Hospitality Integration Several forward-thinking developers have already demonstrated the profitability of integrating hospitality into their residential projects. One notable example is Greystar, a global leader in rental housing, which has successfully applied hospitality principles across its BTR portfolio. Greystar’s emphasis on community building, high-quality amenities, and exceptional customer service has resulted in higher tenant satisfaction and retention rates, leading to sustained revenue growth. Similarly, Quintain Living, a prominent BTR developer in the UK, has adopted a hospitality-centric approach in its Wembley Park development. By offering a range of amenities such as rooftop gardens, cinema rooms, and wellness studios, Quintain Living has created a vibrant community that attracts and retains tenants, driving profitability. Conclusion: The Path Forward Integrating hospitality into build-to-rent and single-family housing is not merely a trend but a strategic imperative for developers aiming to enhance their bottom line profits. Developers can create desirable living environments that command premium rents and reduce vacancy rates by focusing on tenant experience, leveraging technology, and adopting innovative leasing models. As the property market evolves, those who embrace hospitality principles will be well-positioned to achieve sustainable financial success. Incorporating hospitality into residential real estate is a win-win strategy: tenants enjoy superior living experiences, and developers reap the financial rewards of higher rents, lower vacancy rates, and enhanced operational efficiencies. The future of housing is not just in bricks and mortar, but in creating communities people are proud to call home. By embedding hospitality into the DNA of residential developments, the property sector can achieve a new benchmark of success, where profitability and tenant satisfaction go hand in hand. MORICON Consultants can assist your teams in achieving this new benchmark by auditing performance, process reviews, standards creation, and providing hospitality training. Contact us for more information at  info@moricon.net and visit us at www.moricon.net References: Urban Land Institute. “Enhancing Tenant Satisfaction in Build-to-Rent Developments.” ULI, 2021. JLL. “The Impact of Amenities on Rental Yields.” JLL Research, 2022. Savills. “Flexible Leasing Options and Their Effect on Vacancy Rates.” Savills, 2020. McKinsey & Company. “Data-Driven Property Management for Enhanced Profitability.” McKinsey, 2019. Greystar. “Applying Hospitality Principles in Build-to-Rent.” Greystar, 2023.

Elevating Customer Experience in UK Real Estate: The Power of Hospitality and Service Training The UK real estate market is not just about bricks and mortar; it’s about creating spaces where people feel at home. As the market becomes increasingly competitive, the differentiation lies not only in the properties themselves but in the customer experience (CX) provided. This is where the principles of hospitality and service training come into play. By adopting these principles, operators, asset managers and estate owners can significantly enhance their brand awareness, achieve higher customer satisfaction, boost team morale, and even secure longer tenancies. The Intersection of Real Estate and Hospitality Traditionally associated with the hotel and service industries, hospitality training is a goldmine for , operators, asset managers and estate owners aiming to elevate their customer service standards. The essence of hospitality lies in understanding and anticipating customer needs, delivering personalised service, and creating memorable experiences. These principles are directly transferable to the rental sector, where customer interaction is pivotal. A study by PwC highlights that 73% of all people point to customer experience as an essential factor in their purchasing decisions. Yet, only 49% of UK consumers say companies provide an excellent customer experience. This gap presents a significant opportunity for real estate firms to differentiate themselves through superior service. Furthermore, in a highly competitive market, nobody is keen to start a costly amenity race; training and process reviews are highly effective yet cost-friendly measures. The Core of Hospitality Training Implementing hospitality training involves several key components: Service Standards and Processes: Establishing clear service standards and processes is the foundation of excellent customer service. These standards should be aligned with the company’s brand values and customer expectations. For instance, real estate agents should be trained to follow a consistent approach to client interactions, from the initial inquiry to post-sale follow-ups. This ensures that every customer receives the same high level of service, fostering trust and reliability. Customer Interaction: Effective communication is crucial. Training should cover how to warmly and professionally interact with customers, whether in-person, over the phone, or online. Techniques such as active listening, empathy, and conflict resolution are essential. An empathetic approach can turn a potential complaint into an opportunity for building stronger relationships. Service Culture: Building a service-oriented culture within the team is vital. This means fostering an environment where every team member, regardless of their role, understands the importance of customer service and feels empowered to go above and beyond for clients. This culture shift can be achieved through regular training sessions, workshops, and celebrating service excellence within the team. Benefits of Hospitality Training Enhanced Brand Awareness Superior customer service can significantly enhance brand perception. When customers consistently experience excellent service, they are likelier to recommend the company to others. Word-of-mouth referrals are particularly potent in the real estate market, where trust and reputation are critical. A positive brand reputation, bolstered by exceptional service, can attract more clients and increase market share. Higher Customer Satisfaction Customer satisfaction is directly linked to how valued and respected customers feel. According to the UK Customer Satisfaction Index (UKCSI), companies with high customer satisfaction scores see higher customer loyalty, reduced churn, and increased sales. By adopting hospitality training, real estate firms can ensure that every customer interaction leaves a positive impression, leading to higher satisfaction rates. Better Team Morale A well-trained team that handles customer interactions effectively will have higher morale and job satisfaction. This is because employees are more confident in their abilities and feel valued by the company. A positive work environment where employees are encouraged to excel in customer service can reduce turnover rates and increase productivity. Longer Tenancies Customer service plays a crucial role in tenant retention in the rental sector. Tenants who feel well cared for are more likely to renew their leases. By incorporating hospitality training, real estate firms can create a supportive and responsive environment for tenants, addressing their needs promptly and efficiently. This can lead to longer tenancies, reducing the costs and efforts of finding new tenants. Implementing Hospitality Training in Real Estate To successfully implement hospitality training, real estate firms should consider the following steps: Assessment and Customisation: Begin by assessing the current service levels and identifying areas for improvement. Customise the training programs to address specific needs and align with the company’s goals. Professional Training Providers: Engage professional hospitality training providers who understand the nuances of the hospitality and real estate industries. These experts can offer tailored programs that are relevant and effective. Ongoing Development: Training should not be a one-time event. Continuous development through regular workshops, refresher courses, and performance reviews ensures that the team stays updated on the best practices and remains motivated. Integration with Technology: Leverage technology to enhance training and service delivery. Tools such as customer relationship management (CRM) systems can help track customer interactions and provide insights into service performance. Define Processes and Standards:  The creation and implementation of processes and standards allow a synchronised service delivery across your company’s estate and guarantees minimum customer experience levels Conclusion The UK real estate market stands to gain significantly from integrating hospitality and service training into its operations. By doing so, firms can elevate their customer experience, setting themselves apart in a competitive market. The benefits of this approach are manifold: improved brand awareness, higher customer satisfaction, better team morale, and potentially longer tenancies. As the industry evolves, those prioritising exceptional service will lead the way, demonstrating that real estate is not just about properties but people and the experiences they cherish. MORICON Consultants is your partner to elevate your team’s CX skills with detailed process and standards reviews, uniquely real-estate-focused hospitality training and targeted audits to prove successful training conversion and maintenance. Contact us to discuss your requirements at info@moricon.net or enquiries@moriconmysteryshopper.com References: PwC, “Experience is everything: Here’s how to get it right”, PwC Customer Experience Survey 2018/19. UKCSI, “The state of customer satisfaction in the UK”, Institute of Customer Service, 2023.

What is Mystery Shopping? According to the Collins dictionary, a mystery shopper  …” is someone hired to pose as a customer and report on the quality of service received and how well a store or chain of stores is being run. The person poses as a regular customer and is given a specific task, such as purchasing a particular product or asking specific questions.” Brand loyalty in BTR does not necessarily mean having the best price but consistently fulfilling and exceeding tenant expectations. Staying connected to the customer experience is always challenging; however, consistently delivering standards and services is vital to keeping your tenants engaged and enthusiastic about your brand. Why would  Mystery Shopping add value in Build to Rent? In many buildings, tenants encounter a staffed lobby managing amenity areas. Contrary to hotels or retail organisations, not all buildings have an on-site management level present all the time. So, how do you know that all your standards are used in customer interactions? A mystery shop will assist landlords in evaluating how well the standards are executed and how the site team interacts with tenants and prospective tenants. An audit will provide a measurable and actionable plan to improve services where and when needed while keeping the customer experience front and centre. What are Mystery Shopping Benefits? 1. Increase Efficiency: Mystery shopping can be used to monitor and measure service performance and to see if standards are met. That responsibility might fall to individual site managers, but they might be so familiar with their buildings that blind spots have formed. The audit allows you to get the big picture as well as the individual performance of your employees. The report is the start for driving operational efficiencies through training, re-alignment or added standards. 2. Helps you to get feedback from the customer’s perspective: Use mystery shopping programs to get reliable, specific, and quality feedback from a tenant/prospect tenant’s point of view. This can help highlight particular areas you might want to test, such as experience, satisfaction, and brand perception. It helps to tackle “blind spots” of on-site management as this happens after longer service periods. 3. Gives you feedback about team performance: Is the staff professional, has product knowledge and cares about the customer? Are they appropriately dressed? Do they take care of public areas?  Did the staff acknowledge the customer entering the building by smiling or greeting them, or was the customer ignored? And so on! It shows you how your employees act when managers are not around. Are the lobby and amenity areas kept clean when no manager is around? Are employees using their mobile phones in front of the customers? Are standards and legal requirements met? 4. Monitors facility conditions as perceived by the customer: Is the environment of the building neat? Is the landscaping in and around the building appealing? In what condition is the show apartment? Mystery shopping programs are all about answering these questions, specifically aimed at the needs and issues faced by the residential industry. 5. Tests the functionality of internal procedures and SOPs: Sometimes, businesses implement top-down standards and procedures that may not have the desired effect when they reach individual building levels. One of the benefits of mystery shopping for BTR is that businesses can use it to test how new operational procedures work – or, indeed, if they work at all – at the building level. 6. Serves as a motivational tool for your employees: Using incentives and reward programs as part of a good mystery shopping program can ensure positive employee relationships on the frontline. Managers can use a range of KPIs fuelled by the audit for staff motivation, learning and development. 7. Make your employees aware of what is essential in serving customers: When mystery shoppers come into the building, they act like real customers. They are trained to ask specific questions and look for certain things in behaviour, products, and the building itself. The simple act of having someone ask those questions – and later, be able to highlight the areas in need of improvement in the following store meeting, for example – can help employees become aware of how the customer wants to be serviced. Roleplaying as a post-audit review might add an element of fun and learning. 8. Benchmark within the organisation or with competitors: Competition in the BTR industry is intense. Knowing how the competition performs, what they are doing, and what behaviour is towards customers can help you find out where you stand and can help you improve! This also allows you to benchmark internally with properties, opening further opportunities regarding motivation, rewards, and development of your teams. 9. Identifying training needs: All the above elements can lead to an awareness of areas that need improvement, particularly in staff training. How can we become more efficient? How could the employee be of more help to the customer? This then enforces employee integrity and knowledge, which will help to retain your team for longer. 10. Improved Tenant Retention: Every mystery audit benefit leads to the super benefit: Tenant Retention. Every improvement you make in your business because of the actionable insights gained from a mystery shopping program leads to better tenant service, leading prospective tenants to choose your company over the competition and attract new tenants. Conclusion The tangible elements of your customer service, such as delivery-as-promised, are not too difficult to measure and correct if required. It is the intangible elements that are more tricky, but it is these that are most important to your customers. Elements such as: How did the service they received compare with the service they expected? How much do they trust you and your product? How does your customer service compare with that of your competitors? How much loyalty do they feel towards you because of their last transaction? How much do they feel you value them as a customer? How much do they feel they are treated like a person? If you think your business needs more

The impact of COVID-19 on BTR sector In this last instalment of the series, Sebastian Moritz – Director of MORICON, will look at the impact COVID-19 had on the industry. What are the effects for tenants, property owners and investors and what are possible solutions. Closing this article, he looks at the sustainability of the BTR model, the financial considerations and processes. MORICON Consultants shares thoughts on the Build to Rent market in the UK over a series of 5 short articles. The topic was part of the IRPM Build to Rent Level 4 course assignment and reflects only the authors’ opinion. 1.   Effects of COVID-19 pandemic on our business The current pandemic will create a shift in the rental market – for businesses as well for tenants that was unprecedented. Covid-19 caused more of a massive impact than felt during the financial crisis in 2008 or SARS in 2003. 1.1. Effects for Tenants The financial impact will have several facets: tenants being furloughed or made redundant will impact their rent payments[i]. Once the government’s ban on evictions on August 23rd[ii] (extended from 25th June via MHCLG) is expired, the market must make some difficult decisions[iii] – especially for younger tenants: will evictions be the norm or is the industry opting for a phased payment model similar to the commercial tenants? There is however a sentiment that the situation is not that desperate: the Home Let Rental Index reported, that despite COVID-19 rents in UK grew in May, except for London and Northern Ireland.[iv] In the last statistics from the Office of National Statistics (ONS), the level of rents have risen to the highest level ever[v] – which will create a many tenants vying for a decently prices accommodation and thus creates a new higher barrier to rent. 1.2. Impact for Landlords  people leaving or moving from jobs shared accommodation in favour of single units students moving back home changes in work patterns result in more work from This all has created a sharp increase of rental applications and movement on the market. How someone is looked after in a time of crisis will be remembered and capturing this insight and sentiment from residents now will be powerful for longer-term brand reputation and loyalty. Now is a good time to be speaking to residents, getting feedback, and making sure residents’ needs are met.  How property owners deal with rent-arrears, repairs, customer satisfaction etc. will have significant impact on their cashflows but also on their reputation and perception in the market. Making the most of your property’s amenities can also help to create a better functioning community for the building. This helps strengthening the income stream because of reluctance to move away and enjoy more referrals that way. Lastly – the traditional high street agents will struggle with marketing and conversion operating the “old way”. A well-rehearsed virtual walk-through and subsequent advertising on social media will confirm the growing shift from outdoor above the line (AIL) to online through the line (TTL) campaign via social channels. 1.3 Effects for Investors The latest research from Property Hub has revealed, that 98% of property investors still consider property to be a good long-term investment. Many investors ride out the challenges, but others are eager exploiting new market conditions. With 80% saying they are likely to invest over the next six to 12 months, compared to the 19% who have shelved their plans for the time being. [vi] The survey continues that only 6% of investors surveyed expected rental values to drop, while 19% are expecting an increase. While the report initially thought investors might start to have a bias towards income-generating properties, this indicates their strategies might not change at all and investors will still be in two categories. Those who invest primarily for capital growth (long-term) and those who invest for income – although there are those who combine the two. The BLT property owner on the other side is more under siege: falling rents, unemployment, lack of suitable BLT mortgage products – those with over-extended borrowing might be forced to sell.[vii] 1.4 Solutions Investors / Owners can combat this pressure in adapting to the new market conditions, by: Reviewing building design: smaller communal spaces in favour or work pods, fast and stable internet infrastructure, creating of rentable mini-offices Access different sources of credit: think about REITS, establishing closed-end fonds to secure capital, researching new loan structures[viii] Perfecting the sales process: well-rehearsed and choreographed virtual viewings, simplifying contracts, implementation of digital signature tools to close deals faster and with confidence in technology. Reworking current standards and communication protocols: enable tenants to be fully informed, being close to your tenants means keeping them in the building, establishing fast customer feedback and problem resolution mechanisms to demonstrate you care. Revisiting sites that benefit from PDR regulations and that are currently valued less due to pressure on the office retail market. Negotiating pro-actively with tenants: it is better to agree a planned rent-payment schedule, deferral schemes and rent-holidays on your terms, than accepting insolvency of tenants, long void periods and additional overheads. Employing higher BREEAM standards to lower operating costs and to attract clients – this will be mainly around air-filtration and general sanitation/hygiene equipment.   2.   Is the BTR model sustainable? Whilst there is no dispute that the property market is going through a significant shift, there are a lot of opportunities to invite long-term investment. Investment returns in property performed reasonably well in the last 30 years. This was especially true during 2000 – 2014, when the stock market was very volatile (9/11, SARS, Financial Crisis, etc.). Therefore, it has always been a part of a diversified portfolio. 2.1. Financial Considerations If you move your company into a REIT structure that can be traded like shares, you can increase your portfolio and access to cash. This is especially advantageous through the continued dividend re-investment. For self-financed projects, the government’s HCA Built to Rent Funds 1 and 2 and the debt guarantee scheme for PRS are avenues to