Is Providing Great Customer Service to Your Residents More Important than Advertising for New Ones?
I came across a fantastic infographic earlier in the week (hat tip to Mark Juleen) that illustrates the value of the customer experience.Or in the case of the rental housing industry, the resident experience.
I realize that it’s a high priority these days to maximize your advertising budget, gain visibility into site performance and the leasing process, and pinpoint successful methods to increase productivity. It’s all about keeping those units leased, right?
But if the living experience at your property is unsatisfactory, your residents will leave. And it’s not cheap to lose them. Satisfacts Research estimates the average cost per move-out is approximately $4,100, which includes average vacancy loss days, concessions, marketing, leasing staff time and apartment repairs required to re-lease the unit among other turnover expenses.
So while the rental housing market is not represented on this infographic, I believe it illustrates the value of providing a positive living experience at your apartment property. Good experiences work to grab customers while bad ones push them away. This is true of products, companies….and apartment communities. It’s smart business to invest money in advertising, but it’s also smart to invest something (time, money, resources) into providing terrific customer service and timely resolution of maintenance issues.
What do you think? Do you invest as much money into keeping your residents as you do advertising for new ones? Do you invest other resources in the resident experience? Share your thoughts and experiences in the comments.
Image originally posted on Zengage, The Zendesk Blog