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  • Writer's pictureJoani Schumaker

Everything You Need To Know About The Experience Era

Did you know 50% of all consumers switch providers because of a bad experience?

"Multifamily has some of the most dissatisfied customers out there across all the industries..... and I have studied a lot of industries." -- Kerry Bodine, Co-Author of "Outside In"

Customer satisfaction surveys in real estate often miss the mark. They're more about the company sending the survey than the person taking it. How can we claim to be resident-centric if the data is all about us?

Instead of asking, "Are you satisfied?" we should be asking, "What are your biggest pain points and frustrations?" and "What are your expectations?"

The biggest driver of renewal is not satisfaction; it's about belonging. A resident is 3.6 times more likely to renew if they feel like they belong. Yet, there is a massive misalignment between what owner/operators provide and what residents truly value.

Despite investments in smart-home technology and improved common spaces, neighbor-to-neighbor connections matter most.

Venn recently surveyed U.S. renters, revealing that 57% consider community factors when deciding to renew. They want to feel connected to their neighbors, have access to local businesses, and feel a sense of belonging in their neighborhood.

Consumers crave simplicity, ease, connection, and community -- the hallmarks of The Experience Era. The shift towards an experience-first" approach is monumental. Some owner/operators are leading the charge by adding CX roles to their teams. These companies understand that world-class experiences drive loyalty and turn customers into community promoters.

At the end of the day, we aren't just in the property management business; we're also in the business of crafting exceptional customer experiences. Our success isn't solely measured by the properties we manage, but by the satisfaction and loyalty of our residents. By prioritizing customer experience, we can truly elevate our services and build lasting relationships with those we serve.

Are you in your Experience Era? What are YOU doing to enhance your customer experience and foster a sense of belonging for your residents?

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Source: Venn 2023 Benchmark Report


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