What can the multifamily housing industry can learn from Costco?
One of my favorite things about Costco is their hassle free return policy. When Costco says "Hassle Free Returns" they mean it. You don't have to have a receipt, you don't have a time limit, and you don't have to make up a story as to why you don't want that item. Coscto's philosophy is that if your not 100% satisfied with your purchase, then they don't want you to keep it.
This idea is genius! Why do they want to force you to keep as a CONSTANT reminder something that you don't like that you got at Costco? They don't! When you think Costco...they want you to think 100% satisfied!
So what can the multifamily housing industry (apartment communities especially) take from this?
Recently I was teaching a seminar for a local apartment association. The question was posed to the audience, "What extraordinary service does your community offer that makes you stand out above the rest?"
One of the answers was pleasantly SHOCKING!
One community offers a 30 day Happy Guarantee! If your not happy, for whatever reason, with your apartment in the following 30 days after leasing, you are free to break your lease without penalty!
I know, all owners and asset managers are gasping for air at this point! But let's think about this genius...
What does a 30 day guarantee say to prospective residents?
The message it sends is LOUD, UNIQUE, & CONFIDENT!
1. It shows confidence in your product. You are so confident in your community that you are willing to offer a 30 day guarantee. This helps prevent BUYERS REMORSE. A prospect is much more likely to commit to your community if they know they have 30 days to be completely satisfied.
2. And it shows that you want HAPPY residents. Why would you want to keep a disgruntled resident at your community? Remember the saying: A rotten apple spoils the whole bunch!
3. It keeps your staff on it's toes long after the lease is signed. It's unfortunate, but often we forget about keeping our residents happy once they've signed a lease or renewal. This policy keeps us thinking about our residents...the way it should be!
The bottom line...This move is RISKY, but GENIUS. The likelihood of someone moving out after 30 days is rare if we do our jobs well!
Are you "rocking the boat with your marketing?" You should!
