What is a customer satisfaction (CSAT) score, and why is it important in the mortgage, title, real estate, and settlement services industries?

Customer satisfaction (CSAT) is a survey methodology that measures customer satisfaction with a business, purchase, or transaction. A CSAT score is calculated by asking a question and prompting the customer to rate their answer on a corresponding Likert scale. CSAT scores vary by industry and product, but a good score typically falls between 75 percent and 85 percent, meaning that three out of four customers gave the surveyor a positive score, instead of a neutral or negative score. Maximizing satisfaction of the customer journey can yield significant benefits, including attracting repeat customers or earning new customers via good reputation, happier employees, and higher profits. Conversely, negative CSAT scores can result in fewer repeat customers and new customers, unhappy employees who deal with customer complaints, and ultimately, a less profitable business. (See The 411 on CSAT in the Residential Real Estate Mortgage Industry)