When a Resident Starts Shopping Around, You Lose Control of the Renewal
May 3, 2019
Although it sounds hard-nosed, your biggest advantage in renewing residents may be their lack of knowledge of what else is out there.
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.
