by Kevin Murphy
In the realm of property management, the primary focus for leasing associates has traditionally been on securing residents for the immediate term. Unfortunately, attention toward retaining them beyond the initial lease period has often been limited, and the lifetime of a renter has historically been capped at 18 months.
Even when the emphasis is on resident retention, it tends to be narrowly centered around questions like, “How can we retain Resident A in Unit B?” and not supported with much technology.
Given the recent softening of demand for new leases, it is prudent for executives in the industry to adopt a broader perspective to resident retention. Rather than viewing residents only as customers of one community and one apartment home, operators should view them as customers of their brand and their entire portfolio.
Read Kevin Murphy’s article in the Multifamily Executive.