We are thrilled about the rapidly growing popularity of the epIQ Index (Experience & Performance Intelligence Quotient) as a leading performance metric for the entire multifamily industry. Since launching in January 2020, its value has been recognized and utilized by management of both large and small communities and portfolios, as well as renters looking for their next apartment home.
As part of our dedication to making the epIQ Index the most comprehensive, authentic, and actionable measurement of online reputation, we are constantly looking for ways to improve upon its design. With that said, we are excited to announce a small change to the way epIQ grades are calculated that will go into effect one year from this communication and will serve to improve industry operators’ ability to track their epIQ performance and take specific action to improve their consumer facing grades on ApartmentRatings.com.
What is changing?
As you may already know, the epIQ Index is calculated based on 4 primary variables (seen below).
- Renter Ratings: The average ratings from renter reviews & surveys
- Review Count / Unit: The # of reviews / unit compared to all other communities (percentile)
- Manager Review Engagement: The percentage of reviews with manager responses
- Manager Review Reply Time: The average time managers take to respond to reviews compared to all other communities (percentile)
The new update to the epIQ formula will involve a transition from the percentile-based Manager Review Response Time category grade to simply being based on a range of days, as indicated in the chart below.
For example, to achieve an A+ in the category, you would need to have an average manager review response time of <2 days (or 48hrs).
Why Are we making the change?
Switching from a percentile to a range of days simplifies the category measurement, allowing you to more easily set goals for your team members and not rely as much on your competition’s review responsiveness. Our renter focus groups have also helped us to identify the most appropriate grade ranges, so that you are able to determine and track how well you and your teams are meeting or exceeding renter expectations.
When will the change take place?
To provide you with ample time to prepare, we will not be making the change to the Manager Review Response Time category until 11/1/2022, approximately 1 year from this communication. We will be sure to send periodic reminders as we get closer to the activation date. In the meantime, we suggest you take this time to ensure your review response processes are as efficient as possible.
Since the epIQ Index is updated daily and measured over a rolling 365 day period, it is important to start considering your manager review reply time now because, though the update to the category will not happen for another year, your responsiveness from today, will still impact your epIQ when the update occurs. “Each day is another opportunity to improve your epIQ!”
Ok, but what is the epIQ Index?
If the epIQ Index is still new to you, or you just want to learn more about this powerful multifamily performance metric, visit our epIQ Index page on the SatisFacts website or reach out to your dedicated ApartmentRatings & SatisFacts Account Manager.
Is your epIQ not as epic as you would like?
The ApartmentRatings & SatisFacts Education Team is here to help! Our expert multifamily educators are available to take an in-depth look at your current epIQ performance and help you create action plans and set goals with your team members.