Loyalty is one of the most important buzzwords in the real estate market, and with good reason. It can cost anywhere from five to 25 times as much to acquire a new customer as opposed to retaining an existing customer, according to the Harvard Business Review.
Property managers are already under so much pressure, with mountains of paperwork and lots of details to track, often dashing to the bank to deposit cash payments. So it’s no surprise that property owners and operators may only start thinking about loyalty when it comes time for existing renters to renew their lease. But loyalty is a process that needs to start much earlier. Here’s how to get started:
Build loyalty from the beginning
Building loyalty should start from the very first interaction that potential renters have with the property, even as early as their first message to a chatbot on the property’s website. It’s important to remember that potential residents are about to make a major decision, one that is about identity and aspirations, rather than just cost. People choose a home based on many small emotional decisions, in addition to whichever option will best fit their needs.
Figuring out those needs, even from the first interactions, will help the potential renter start to build an affinity for the property that can carry them through many happy lease renewals in the future.
Share community knowledge — and make it personal
Property managers already have a wealth of information about the community where they work. So, go ahead and highlight the community’s benefits during the first tour, like Stake’s Cash Back options, personalizing these benefits for each renter. For example, if there are students on the tour, mention that Stake’s Cash Back can cover books. Highlight the proximity to food options that appeal to them, and share how Cash Back can help them pay for that late-night pizza when they need to cram for their finals.
If many residents work at a major local employer and like ordering delivery after working long shifts, make sure to talk about what food delivery options are widespread in the area. Share how they can treat themselves to extra takeout every month with their Cash Back from Stake.
Make sure customers feel seen
When property managers focus on a resident’s needs from the initial interaction, renters understand how the property will improve their lives in specific ways. When a potential renter feels like the property managers see them and understand their needs, they begin to feel a sense of belonging. And once they feel seen and heard by the management, they’re much more likely to stay in the same home for years to come.
“I am spending my cash back on bills, gas, and food. I love making cash back with this app because I know I'll always have a plan b… It’s made paying rent easier because I know I'll have something to fall back on just for paying rent. Property management is doing the best they can with keeping up with their tenants' needs.”
Tap into data and get to know your residents on a whole new level
With Stake’s Loyalty Cloud 7.0, property managers can get an even deeper understanding of their residents, by seeing data about where they like to shop, for example. Property managers can use this knowledge to meet their residents’ needs in the best possible way, building loyalty from the first hello.