So much buzz today on resident retention, how do you keep them from running out the door, get them to renew that lease! Residents leave for many reasons, most notable is service, and running a close second is they can rent a new condo on the cheap these days. So the "Shadow Market" is alive and well – at least in places like Miami for example. So what can one do?
Well, first off, take off your leasing hat for a few minutes and think customer service with me. We need to tweak the service side of our business, make it easier for residents to get it and show them we care about them when we give it. How can we do this? First, spring for a little technology, make online service request part of your amenities. Market it as part of your amenity package – just like banks do their online banking features.
When you do complete a service call, follow up, send an email. Is everything OK, does it work now, etc. It goes a long way, like when I get my car fixed and they never call back to see if everything is working now. Do they assume if I am not wasting another day of my life at the dealership, it is OK? Why do I feel like a number in the line at the DMV through my service experience? Think of how you like to be treated when you are getting service for something like your car, home or anything you consider important to you. What is more important than the roof over your head? Yes, service after the sale is an old saying – yet timeless!
Now that shadow market, tricky one huh? Gee, if I rent a tricked out condo from some dude that bought it at the fire sale, whom might I call for my garbage disposal issue? See, a community has service, "one off" rentals cannot compete in that space. So you do have a card to play – use it! Push the fact that you are a "full service" community with staff on site. Service always sells. Over shadow the shadow market!
Now to technology. Hey, we are in the business of technology, all things internet for that matter. You don't have to use what we have, but use something! Residents shop online for their housing, extend that piece to them once they move in, deliver services online, make it part of your community amenity package! You can deliver so much for so little by using technology, get some today!