What is Net Promoter Score (NPS)?

As an estate agency, making sure that every customer has a great experience and so is likely to return or recommend you to others is key to long term success.

But how can you be sure how your agency is really viewed by those who you have interacted with, in order to improve?

Net Promoter Score (NPS).

NPS is the perfect way to measure how your vendors, buyers, landlords and tenants feel about your business.

We explore NPS and why it matters so much to estate agents below...

What does your NPS score mean?

NPS is a metric used to measure customer experience. It measures the loyalty of customers and is based on their overall experience with you. NPS scores are measured using a single question within a survey;

“On a scale of zero to 10, how likely would you be to recommend our company or services?”

Anyone scoring 6 or less is considered a “detractor” – someone who wouldn’t recommend you. Those who score a seven or eight are considered “passive” while those who score a nine or ten are “promoters”.

NPS score is calculated by subtracting the percentage of detractors from the percentage of promoters.

As an example, if 50% of your respondents are promoters and 10% were detractors you would have an NPS score of 40.

Why does NPS matter for estate agents?

By their nature, estate agency’s don’t benefit from frequent repeat business in the same way that a retail store does.

Most vendors will only move a handful of times during their lives, so focusing on new business is often key to the success of your agency.

Because of this, reputation is everything.

Knowing that you have delighted previous customers who then become champions for your business allows you to leverage that goodwill to further the perception of your agency within your area.

It also helps you to troubleshoot issues within your agency. For example, if you have many happy buyers, but unhappy vendors, you can start to look at how to train your staff and change processes to improve the experience for your vendors.

It’s also worth considering when NPS is used within your business. By tracking average NPS through different parts of your customer journey, you can help to identify where improvements can be made.

NPS Tracking with KnowYourMarket

Our monthly NPS tracker allows you check the temperature of your customers consistently.

We email a survey link to all of your customers when they contact your business, and at key milestones of their dealings with your agency. In addition, we carry out telephone surveys with selected customers to ensure as broad a range of answers as possible and complete impartiality.

You gain access to your own insights dashboard so can consistently monitor how your customers view your agency and make changes where necessary.