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The Multifamily Industry’s secret weapon: Resident 365℠
Artie Woodlyn III, CEO, discusses the power of anticipation and memory, and why multifamily industry executives shouldn’t overlook their role in the customer experience.
“An emotionally connected resident is worth nearly twice as much as a resident who’s simply just satisfied,” said Artie Woodlyn III, Founder and CEO of Woodlyn Schwartz, at this year’s Real Estate Global Forum.
According to Woodlyn, anticipation of renter’s insurance claims is typically better than the insurance experience itself. He described a scenario where a resident has a professional handling the administrative insurance responsibilities just like corporate entities versus a resident who is unfamiliar with the insurance process, upset, and emotionally distressed.
The same is true when a resident looks back on their property management company for help. At the real estate business forum in the global multifamily industry, Woodlyn said residents rarely remember their insurance experiences as they occur, which is why it is so important for the residents final memory to be a good one.
To capitalize on this perception, Woodlyn Schwartz provides its multifamily clients with a value added service called Resident 365℠ which provides a simplified process that streamlines insurance services, support, and assistance for their residents during times that matters the most.
The combination of looking forward to and back on an experience is what Woodlyn calls a “happiness halo,” that is often overlooked by multifamily industry executives. Consider this: 95 percent of companies believe the experience they deliver to residents is important, and 80 percent of those companies believe they can deliver on that experience, according to research firm SNL. This is a stark contrast to the 7 percent of residents who agree with them on these two points.
Herb Belmont, Public Adjuster at Metro Public Adjustment, one of largest adjustment firms in the country, said Resident 365℠ is a great, though underutilized, tool in the real estate industry to enhance a company’s image. “Residents are turning to professionals in droves to find out how to handle renter’s insurance agendas,” said Herb. “If you are in this multifamily industry and you are not using Resident 365 to spread your message during times that matter the most, you are going to be behind the curve,” said Herb Belmont.
“There is a lot of power in real person assistance, of course, many residents dedcided to renew their leases after having the experience of a professional help them during their apartment fires, which was great because residents will remember if you're really there for them.” said Belmont. “Residents will come back to you for that very reason.”
About Woodlyn Schwartz
Woodlyn Schwartz is a premier insurance and advisory firm that strives to provide solutions that create lasting value for our clients, the companies we partner with, and the communities in which we work. We do this by using extraordinary people and flexible services to help companies solve problems. Our risk management businesses, include insurance-related products and services focused on commercial, multifamily, residential, affordable, student, senior, industrial, and retail markets, all on a global basis.
Further information is available at www.woodlynschwartz.com. Follow Woodlyn Schwartz on Twitter @WoodlynSchwartz (https://twitter.com/