Creating Amazing Resident Experiences Through the Renter Lifecycle

As discussed in RealWorld 2018 sessions  The point of sale doesn’t stop when the contract is signed and the customer drives off into the sunset. When the long-coveted prospect finally signs on the dotted line and moves in − after days, weeks, maybe months of courtship exhausting all of a property’s online marketing bling and data searches – the landlord-resident relationship is only beginning. With it, the renter lifecycle has just begun. The new resident may appear to be satisfied, even after a few weeks of living in a new apartment, but there’s a lot of nurturing to be done. Real customer satisfaction is earned over time. As noted author and speaker Jeffrey Gitomer says, customer satisfaction is worthless, but customer loyalty is priceless. “I love this quote because at the end of the day, we want our residents to be satisfied, but ultimately we want them to be loyal,” RealPage Industry Principal Jennifer Torigoe said. “We want them to not only renew their leases, but we want them to be your brand ambassadors, your advocates. Of course, customer satisfaction is not worthless, it is very important, but loyalty is BEST!” Torigoe, who has more than 20 years of multifamily industry experience, says that multifamily marketers are a bit short-sighted by sometimes prioritizing prospects over residents. A big reason why is that more than half of a community’s revenue comes from renewals rather than new leases. Another is that most customers are more likely to convert based on positive reviews. Your best marketing strategy, she said, is to deliver an amazing resident experience. Studies have shown that residents who feel some attachment to their community and have made connections within that community, are less likely to leave. Renter lifestyle dictates the greatness of a property Building loyalty comes from engaging residents throughout the renter lifecycle, not just during the leasing process and w...