The Demand Solutions Blog

Why A Re-Think of Leasing Should Be Your 2019 Resolution

Posted by Dom Beveridge on Jan 9, 2019 10:07:41 AM

In the closing weeks of 2018 I had the pleasure of interviewing 20 leaders in multifamily operations and technology about the outlook for 2019 and beyond. The content of those conversations will be discussed in detail on this site in a few weeks’ time, but in the meantime, one theme emerged that seems to be a 2019 priority for everybody: leasing.

That’s right folks, as the hangovers wear off and the post-holiday diets wear on, it’s normal to think about new year’s resolutions. And for many in multifamily, plans to re-vamp, re-focus and in many cases re-think their companies’ sales processes are top of the list.  There are several different reasons for this. The now seemingly perennial question mark over whether the bull market on rents will add yet another year to its already historic trend provides a natural motivation for operators to get better at converting leads.

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Topics: Leasing Performance, New Year's Resolutions

How to Make That Big Box of Unrealized Revenue Your 2019 Resolution

Posted by Jessica Mills on Jan 7, 2019 11:06:52 AM

Happy new year everyone! Now that the holidays are over, we turn to resolute goal setting for the year to come. My gift to you is a big box of unrealized revenue - if you can make it your 2019 resolution to find it.   

The source of this revenue is unit amenities. This is nowhere near a new concept, and I’m sure you are currently utilizing amenity pricing on your assets as most of the industry now is. However, the amount of revenue we’ve uncovered in our client work from doing amenity analysis is always surprising (maybe even stunning) so much so that it’s hard to remark that as an industry, we’re managing amenity pricing well. There aren’t many ways to dig up that much value so quickly, which is why I’m always shocked that more people aren’t regularly doing this exercise. 

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Topics: Revenue Management, property management, New Year's Resolutions

My New Year’s Resolution: Get Systematic About Team Development

Posted by Donald Davidoff on Jan 4, 2019 10:08:30 AM

For my New Year’s resolution, I want to focus on how to better develop associates and create environments in which they will be successful. In short, for my own company, “make it less about me,” which I can’t help but notice is also critical for our clients. The more success is based on a single leader’s energy and knowledge, the less stable that success will be—whether just for one department or for an entire company. 

So how can we make success something permanent and less dependent on us individually? It’s definitely not easy, but I think it’s clear. It rests on 3 inter-related tasks: 

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Topics: business intelligence, leasing associates, New Year's Resolutions

2019 Resolutions: Resident Loyalty Lessons from the Hospitality Industry

Posted by Trachelle Spencer on Jan 2, 2019 12:02:39 PM

Just before a 29-year-old friend of mine was due to stay in a fairly upscale hotel recently, the staff texted her before check-in and suggested that she join the loyalty program, hinting that it would be beneficial during her stay.   

She did, and the hotel upgraded her to a suite instead of a room and also gave her a card for a free glass of wine. My friend was thrilled and the hotel earned a customer for life. 

They accomplished that by making her feel like she and her hard-earned money were valued. My friend, who is a millennial and a journalist, isn’t making a lot of money now, but her income is likely to increase in the next few years. When she can afford that suite herself, she’s very likely to book at the same hotel. 

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Topics: Customer Experience, New Year's Resolutions

2019 Resolutions: Three Ways to Create Effective Organizational Change

Posted by Joanne Chapman-Reps on Dec 27, 2018 8:23:00 AM

New Year’s resolutions typically revolve around some type of change. It might be a change to our routine and well-being (such as fitness, yoga or meditation) or a change within ourselves (Weight loss seems to be a popular one post-holiday indulgence!)   However, although people make resolutions somewhere around the beginning of January, many of us have forgotten or abandoned them within about a month.    

The New Year is often prime time for change within companies. However, just like the New Year’s resolutions people attempt, those changes get lost or forgotten if they are not planned and executed well.   

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Topics: New Year's Resolutions