by Paul Willis
Repeat business is the lifeblood of most industries. Once a customer uses your product, dines in your restaurant, or visits your establishment, you’ve done the hard part. They are now a part of your ecosystem, so it’s just a matter of understanding your customers and offering an experience compelling enough to bring them back.
The same concept holds true for the apartment sector, as the industry often exhibits a disproportionate focus toward attracting new customers. Efforts to understand and retain existing residents are comparably less vigorous.
“For a long time, the renewal process has just been very painful and something of a forgotten moment in the resident life cycle when it comes to tech,” says Holli Beckman, chief marketing officer of WC Smith. “It’s historically difficult to accomplish for both the site teams and the residents, even if you remove pricing philosophies from the picture.”
This disconnect is often a product of poor communication, whether it’s failing to provide timely renewal offers, not following up on those offers, or not gathering insights into why departing residents are moving on.
Read Paul Willis’ article in the Multifamily Executive.