Good morning!

Every week I find one more thing to automate or simplify. It’s not about doing less work. it’s about freeing up time for the work that matters. Small improvements stack into big results.

— Lucas Robinson, Founder & CEO at BudgetMailboxes.com

🎯 This Week’s Strategy:

• Voice of the Customer (VoC)

🤝 Boardroom Brief:

• US Proposes Settlement with Greystar Over Alleged Rental Price Collusion
  

Strategy

🎯 Voice of the Customer (VoC)

In today’s property management landscape, understanding and responding to the needs of tenants and clients is more crucial than ever. The Voice of the Customer (VoC) strategy focuses on actively gathering and listening to customer feedback to improve operations, increase tenant satisfaction, and drive business growth.

Why Implement the VoC Strategy?

VoC provides invaluable insights that empower property managers to make informed decisions about operations, marketing, and tenant retention. It’s about creating an environment where tenants feel heard, valued, and engaged, which leads to increased satisfaction, better retention rates, and improved reputation in the marketplace.

How Property Managers Can Implement the VoC Strategy

1. Create Multiple Feedback Channels
   Start by establishing diverse ways for tenants to provide feedback. This could be through surveys, suggestion boxes, direct conversations, or digital platforms.
   

   Action Steps:
   ✅ Set up regular tenant satisfaction surveys (e.g., post-maintenance or lease renewal).
   
   ✅ Use online tools or apps that allow tenants to submit real-time feedback.
   
   ✅ Encourage open communication during face-to-face interactions and tenant meetings.
   

2. Act on Customer Feedback Promptly
   Collecting feedback is only the first step; it’s critical to demonstrate that feedback leads to tangible action. When tenants see their input being valued and acted upon, it fosters trust and loyalty.
   

   Action Steps:
   ✅ Analyze feedback trends regularly to identify common issues or opportunities for improvement.
   
   ✅ Respond to tenants’ concerns or suggestions within a set time frame (e.g., 48 hours).
   
   ✅ Implement changes based on recurring themes, whether it's maintenance delays, communication gaps, or amenity needs.
   

3. Incorporate VoC into Strategic Planning
   Use customer insights to inform long-term business strategies, from marketing campaigns to property upgrades and service enhancements.
   

   Action Steps:
   ✅ Share VoC insights in team meetings to align strategies with tenant preferences.
   
   ✅ Use feedback to refine your property’s offerings (e.g., additional amenities or more flexible payment options).
   
   ✅ Develop marketing materials that directly address tenants’ concerns or desires, based on the feedback gathered.
   

4. Measure VoC Success with Metrics
   Track the effectiveness of your VoC strategy by monitoring tenant satisfaction scores, retention rates, and the number of feedback submissions.
   

   Action Steps:
   ✅ Set up metrics such as Net Promoter Score (NPS) or Customer Satisfaction (CSAT) to quantify feedback.
   
   ✅ Track changes in tenant retention and lease renewals after implementing changes based on feedback.
   
   ✅ Regularly assess the impact of the VoC strategy on business performance and adjust as needed.
   

5. Foster a Tenant-Centric Culture
   Make customer feedback a core part of your team’s culture. Encourage all staff members, from maintenance crews to leasing agents, to consider tenants’ voices when making decisions.
   

   Action Steps:
   ✅ Train your team to actively listen to tenants and respond empathetically.
   
   ✅ Promote the importance of VoC in team meetings and set goals related to customer satisfaction.
   
   ✅ Celebrate instances where team members go above and beyond in incorporating tenant feedback.

Why It Matters

By implementing the Voice of the Customer strategy, property managers can create stronger relationships with tenants, improve service offerings, and establish a reputation for responsiveness and care. VoC isn’t just a strategy, it's a mindset that, when cultivated, drives success across the property management business.

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Boardroom Brief

US Proposes Settlement with Greystar Over Alleged Rental Price Collusion

The U.S. Department of Justice has proposed a settlement to resolve allegations against Greystar, a prominent apartment manager, over anticompetitive practices involving algorithmic collusion in rental pricing. If approved, the settlement would require Greystar to stop using any algorithm that generates pricing recommendations based on competitors' data, and prevent the sharing of sensitive information with other companies. This move follows an ongoing lawsuit against RealPage, another key player in rental market software. Property managers should take note of this development, as it underscores the growing scrutiny on rental pricing algorithms and the importance of compliance with antitrust laws to avoid potential legal and reputational risks.

Game

🎉 Fun Finale: Play & Poll

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