Here’s a truth: No matter what your community’s retention rate is, turnover is expensive. Generally, replacing a resident will cost at least five times more than it costs to keep them, so having a strong retention program in place makes solid financial sense.
Data and digital technology are playing a more significant role in organizational decision making than ever before. Commercial real estate is no different. There is a huge opportunity for commercial real estate owners to become truly data-driven in how they attract, acquire, and retain residents and tenants. The industry is moving from one driven by spreadsheets and intuition, to one that is digital-first and powered by technology and data. Property owners and managers that make the shift to digital will arm themselves with the insights to make smarter, faster portfolio decisions, resulting in the capture of better opportunities and higher returns.