When it comes to a renewing resident, nobody would want that person out shopping the competition, learning about all the great bells and whistles that they offer and putting them in the hands of our competitor’s trained sales force. So in that sense, although it may sound callous, your biggest advantage in renewing that resident is their ignorance of what else is out there! Unfortunately, in our business, we often increase rents, which ends up driving our residents to do just that. And once they start shopping around, they enter the dreaded Buying Cycle.
What is the Buying Cycle? I’m sure many of you have gone through the phenomenon where you never really notice car commercials, billboards, etc until you finally decide you are ready to buy a car, and then suddenly they are everywhere! Of course, that’s a silly thought – it’s not as if a billboard was suddenly thrown up because you decided you wanted a car – the reality is that they were always there, but you just didn’t notice because you were not in the Buying Cycle.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.