What the Multifamily Housing Industry Can Learn from Costco PART 1

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! 

In the Closet

Today the focus is to think OUTSIDE THE CLOSET!

Every apartment community has some sort of closet space...small closets, pantries, walk-in closets, and nooks!

But what you do with your closet space is what will set you apart from your competition!  Why does a closet space have to be ordinary? For me, my closet is my haven...a piece of the home that I don't have to share with anyone.

Create a lifestyle with your closet space.  Here are just a few ideas:

1. Turn a closet into an Office Work Space

2. From Closet to Craft Zone

3.  Turn a closet into a Bar Area

4. Former Closet-Now: Pet Haven

5. Turn a closet into a Dressing Room

Who Says Function Has to Be Frumpy...Transfrom Your Clothes Care Center

If you have an on-site Clothes Care Center (or Laundromat) who says it has to be drab?

Just because a space is functional doesn't mean it has to be frumpy!

Here are a couple of ideas for transforming your space:

1. Color...Color...Color: Color is the most inexpensive way to transform ANY space.  Why not paint your laundry room a funky bright color!

2. Word Art: Also an inexpensive way to transform your space. Include fun images of clothes and words like "Laundry Center-Loads of Fun"

3. Make it Comfy: Keep comfortable furniture for your residents to relax while they wait for their clothes.  It doesn't have to be expensive.  You can even put a slipcover on an old couch or chairs.

4. Music: Create an atmosphere with music.  But don't forget your demographic.  If you have seniors, you may want to play music with a softer tone.  For communities with a large college client base, you may want to speed up the tempo!

5. Start a magazine/book donation exchange! Leave a book...take a book!

6. Keep an Information Board Posted.  Allow residents to post relevant services, for sale items, etc.

7.  Create a KID ZONE.  Why not create a "SOCK PUPPET" activity table! Make good use of those abandoned socks! Create a sock puppet contest and post the pictures on your information board.

8. Hold a "Happy Hour" at the Clothes Care Center-Find out when your center is the busiest.  Give away free refreshments and detergent!

9.  Start a lost and found bin!

10.  KEEP IT CLEAN! No matter how you decorate a space, if it isn't clean it just won't matter. 

Establish a routine to spot check the Clothes Care Center. 

Having problems with graffiti? If you can't beat them, join them!  I love this idea! Turn your Clothes Care Center as an expressive art space! This definetly is community specific and will not work for everyone.

If you would like more marketing ideas or would like a Community Consultation,

please contact Barbara at Sprout Marketing Boutique @ 210.250.1803.