The real estate industry is falling short in customer service, new research suggests.
The ‘Customer Service Report’, by WhatsApp business communications specialist Esendex, analysed Trustpilot review data to give each industry a weighted index score out of 100, factoring in overall review scores and average sentiment ratings for customer service terms.
The study found that the real estate industry is falling short in customer service, after it was ranked in ninth place out of 15.
With a score of 78.4 out of 100 and an average Trustpilot score of 4.0, real estate emerged as the ninth sector out of the 15 industries analysed – indicating an urgent need for investment into maintaining positive customer relationships and leveraging exceptional service to build loyalty and long-term success.
Sentiment analysis found the sector received reasonably average scores for:
Customer ‘service’ (4.2/5)
‘Satisfaction’ (4.4/5)
‘Experience’ (4.1/5)
The sentiment analysis clearly shows that there is plenty of room for improvement.
However, real estate still scored slightly above the overall average across all industries, which saw an average Trustpilot score of 4.1 and an index score of 76.8.
This comes as the Institute of Customer Service revealed UK customer satisfaction hit its lowest rating in nine years by July 2024, estimating that poor customer service was costing UK businesses over £87.6bn per year.
Meanwhile, 83% of customers cited good customer service as their top motivator in purchasing decisions and 88% stated positive service experiences increase repeat purchases.
Elsewhere, the construction and manufacturing sector leads the rankings with 89.9 out of 100 and high sentiment scores for customer ‘service’ (4.6), ‘satisfaction’ (4.4), and ‘experience’ (4.3).
Following closely behind are HR and recruiting and health and medical in second and third place, with index scores of 89.7 and 88.0 respectively.
Retail ranked the lowest for customer service, scoring just 51.4 out of 100, suggesting widespread consumer dissatisfaction. This comes as pressure on e-commerce providers has intensified in recent years, with Ofcom’s annual post-monitoring report revealing an 8.3% increase in UK parcel volumes from 2023-2024.
Housing associations and the banking and money sectors ranked second and third worst for customer service with 55.7 and 61.9 respectively. As both deal with sensitive issues and long wait times, unresolved issues can be frustrating for customers, placing strain on customer support teams.
Housing associations’ low scores may also have a knock-on effect on the real estate industry, as poor property maintenance, reduced tenant satisfaction, and financial instability can lead to declining property values, deter investors and developers, and contribute to negative perceptions of property areas.
The Customer Happiness Index:
Industry | Average Trustpilot Score | Index Score (out of 100) |
Construction and Manufacturing | 4.6 | 89.9 |
HR and Recruiting | 4.6 | 89.7 |
Health and Medical | 4.4 | 88.0 |
Education | 4.5 | 87.8 |
Credit and Debt Services | 4.4 | 86.8 |
Sales and Marketing | 4.3 | 83.0 |
Utilities | 4.3 | 82.7 |
Shipping and Logistics | 4.2 | 79.7 |
Real Estate | 4.0 | 78.4 |
IT and Communications | 4.2 | 77.3 |
Electronics and Technology | 4.0 | 75.6 |
Entertainment | 3.5 | 63.7 |
Banking and Money | 3.6 | 61.9 |
Housing Associations | 3.4 | 55.7 |
Retail | 3.3 | 51.4 |
Richard Hanscott, CEO of Esendex, said: “Customer service is a critical part of business operations and reputation management, which is why it should never be relegated to the bottom of the priority list. As consumer demand and expectations expand year after year, businesses must implement fast, flexible, and multi-channel communication solutions that will align with the needs of customers.
“The findings from our ‘Customer Service Report’ highlight how industries such as real estate are falling behind the expected standard for customer service, and need to prioritise efficiency, clear communication and building positive customer relationships. With an index score of 78.4, the Real Estate sector must focus on providing customers with timely support to enhance satisfaction and drive long-term business success.”
“To be competitive, businesses must proactively build trust, a positive brand reputation, and improve customer service,” he added.
Read the orginal article: https://propertyindustryeye.com/real-estate-sector-falling-behind-the-expected-standard-for-customer-service-study/
