If you’ve ever considered breaking into a new market, you know that it’s pretty tough. Learning the area as a newcomer can be a challenge. Every community is unique, and every region comes with its own unique set of resident preferences. Knowing how to tailor your services to your new set of residents is key to expansion into new markets. Having your “ears to the ground” when it comes to reacting to what your residents want is essential to successfully break into a new market.
Unfortunately, you can’t just copy/paste the same formula market to market. Just because your current market is happy to pay more for a certain amenity, like a dog park, it doesn’t mean it’s true in every market. On top of that, some operational processes don’t make sense in specific markets.
However, the most important part is that you have open lines of communication from the site team to your new residents. Knowing what is going well, and what is going not so well, can help you make decisions on changes for your community. Being able to adapt your processes quickly to a new demographic ensures your success when you expand into new markets. Otherwise, you risk endangering your investments by being blind to the preferences of your new customers.
The best way to ensure success in a new market is by having open lines of honest communication between top-line decision-makers, regionals, and site teams. It’s critical that you document the resident experience from start to finish, and that you are constantly keeping track of where your processes fall short or where you need to change to adapt to your new market.
ResiDesk can help you monitor the resident journey and help your expansion into new markets. Since ResiDesk is the single most effective resident feedback tool in real estate, it’s easy to see exactly where your operations should adapt to the needs of new customers. Since our insights are analyzed at scale and automatically, you don’t have to lift a finger. We show you exactly what your residents think about your product, why they chose to move in, move out, and what they liked and disliked most about your communities. This type of data is critical for the expansion of your product. Without this data, it’s much, much harder to know how to reconfigure your processes to align with the expectations of your new customers.
Ready to learn more about your residents and how to expand into new markets? Set up a demo today and see how ResiDesk can help you grow.
