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Five is the New Fifty

Five is the New Fifty
Anyone who has a 5 year old cell phone knows a couple of things are true.  First, the phone is considered an “antique” and second, it’s not very “smart” compared to today’s standards.  A 5 year old cell phone simply can’t compete.  Yes, it may be able to take photos, but can those photos be edited, looped into a streaming video and posted for the world to see?  Can that older model view attached email documents, deposit checks into your banking account and most importantly, get you to level 400 of your favorite game? Over the next 24 months, new apartment communities coming to market will cause a major shift in our industry.  These communities will begin opening their doors and competing for residents, adding an interesting dynamic to current leasing and retention efforts.  Imagine a 5-year old community becoming a proverbial relic, a virtual has-been in the eyes of fickle apartment renters.  And if a 5 year old community is considered a dinosaur, what is to be made of a community which is 10, 20, or 30 years old?  Now is the time to shore up your retention program, strengthen the bonds of resident loyalty and close your back door.  Sure, there will be some residents who are swayed by the latest and greatest, those who have always wanted to be the first resident to live in an apartment home.  There will also be those who wouldn’t think of going anywhere and are truly happy with the things your community does have to of......
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CUSTOMER LOYALTY: How to Get Your Residents to “Stick Like Glue”-Part 2

Welcome back to my blog on “How to Get Your Residents to Stick Like Glue.” If you are like most companies, you already practice some of these items on the list some of the time. The idea is to keep reminding yourself and every member of your team how important it is to have these things in place all of the time. Consistency is the key! Yes, it takes discipline and sometimes a change in the way that you do business—it’s not always an easy task—but the payoff is high.   Whether your community is small or large, high-end or somewhere in-between, these points can be adapted to your business. 3.         HUMAN INTERACTION When it comes to making a large purchase I am one of those people that prefer to do my own research and keep my distance from the “in-person sale”—but when I am ready to buy I want to talk to a human being. If no one is available I get irritated. A few months ago our 13 year old refrigerator ran out of steam. I spent countless hours conducting online research to locate the one that would be perfect for our family.  It was 11pm on a Wednesday evening when I located the product that might fit our needs. There were two online stores that carried this refrigerator. I had a final question that I needed answered before I drove to the store to make my purchase the following day. I clicked on my favorite button, “Live......
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