Trust: Let's build it together
$100 billion a year is spent on marketing, concessions, and incentives for new renters. That's over $2,000 a year for every rental household in the United States.
Yet, you won't find a rental brand in any "most loved brands" list. You won't find loyalty either. No wonder property managers spend so much on marketing.
COVID will continue to increase how much time we spend at home. Shouldn't this be the time for property managers to build loyalty? A trusted resource for renters during a difficult time.
But, from the consumer's perspective, their largest expense is rent. In a time where consumers are struggling to save, paying rent becomes a challenge, not a solution. Rent is hard to love.
To build trust, property managers should choose rewards that help residents save, improve their financial well-being, and are tailored to each households needs. A coupon won't improve your building's performance. Building trust with your resident will. Together, we can build a new love for home.