
The Shift Toward Customer Experience in Rental Housing
Did you know that 50% of consumers switch providers due to a bad experience? In the rental housing industry, customer satisfaction is alarmingly low, as noted by Kerry Bodine, co-author of *Outside In*:
"Multifamily has some of the most dissatisfied customers across all industries."
Having studied various sectors, Kerry says the traditional approach to customer satisfaction surveys often misses the mark. These surveys tend to focus more on the company’s perspective rather than the resident's experience. How can we truly claim to be resident-centric when the data reflects our interests instead of theirs?
Instead of merely asking, "Are you satisfied?" we should delve deeper. Questions like "What are your biggest pain points and frustrations?" and "What are your expectations?" can provide invaluable insights into what residents truly need.
Interestingly, the key driver of lease renewals isn’t just satisfaction—it’s a sense of belonging. Residents are 3.6 times more likely to renew if they feel connected to their community. Unfortunately, there is often a significant gap between what property owners provide and what residents genuinely value.
While many property managers invest in smart-home technologies and improved communal spaces, the real priority should be fostering neighborly connections. A recent survey by Venn found that 57% of U.S. renters consider community factors vital when deciding whether to renew their lease. They desire connections with neighbors, access to local businesses, and a genuine sense of belonging.
In light of this, it’s exciting to see a growing trend in the rental housing industry: a shift toward prioritizing customer experience (CX). Just last week, I noticed posts from team members at both Kairoi Residential and Willow Bridge Property Company announcing the creation of dedicated Customer Experience roles. This shift underscores the understanding that exceptional customer experiences drive loyalty and turn residents into community advocates.
At the end of the day, we’re not just in property management; we’re in the business of crafting outstanding customer experiences. Our success is measured not just by the properties we manage but by the satisfaction and loyalty of our residents. By putting customer experience at the forefront, we can elevate our services and forge lasting relationships with those we serve.
Are you in your Experience Era? What steps are you taking to enhance customer experience and foster a sense of belonging for your residents? Remember what Steve Jobs once said and don't get left behind:
"Innovation distinguishes between a leader and a follower."
Until next time,
J Schu
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Sources:
Venn 2023 Benchmark Report
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