Every business has an unspoken set of basic rules and guidelines. We’ll call them best practices – basic fundamentals that can become pillars of success. Listen, learn and plan before taking action.
The same principals have applied for years in our multifamily business with any upgrades we perform. Customer comments and suggestions often then become trial programs; our version of R&D, to improve resident life and our communities overall.
And let’s not kid ourselves here. Our goal is to rent as many apartments at the highest possible price to net the best bottom line. The only way to do that is to listen and relate to your customers, providing them with the best resident/customer/living experience possible. Although we rent apartments, we’re still in the service industry.
So going back to R&D – at Dover Realty Advisor-managed properties, we take customer suggestions and our own thoughts, and pick specific sites to implement trial programs. This can range from anything to new technology upgrades to interior design improvements aimed at surpassing our customers’ expectations; ideally, providing them with amenities, services and conveniences they cannot find elsewhere. When we find a successful plan and work out the kinks on the micro level, we can then apply it on the macro to additional properties.
In the end, we focus on the bottom line while driving top-line revenue through a positive customer experience, mindful all the while of budgets and overall profitability.