Who are our customers?

17 years ago when I started NWJ cos the United States was in a very bad real estate recession. In the Philadelphia area where we started there was a lot of over building in the late 80s so it wasn't easy to lease an apartment in those days. I was the leasing agent, property manager and handy man in the early days. I would sometimes show apartments 10-20 times before anyone would make an offer to lease. Times were tough back then!

The one thing I loved about showing the apartments so many times was the number of opinions received by the potential renters (future customers) some would say they wanted more modern units, different locations, cheaper rents, more amenities, etc, etc. With that information we grew our portfolio to include units that met all those requirements. Just like major brands its not just important to know our existing customer but we also need to know the needs of the ones that got away. The data available from these potential renters is invaluable in the further development of our brand.

This year we have taken extensive measures to hear customer feedback at all levels of the organization. We have daily huddles for leasing and management and senior management; weekly leasing planning meeting and shared experiences on the Signature customer service call. These are the grass roots way that our company uses to transfers this vital information from the field to the entire organization. We are now using this information to target acquisitions opportunities and fine tune our brand offerings.

A business consultant recently spoke to me and a group of business owners in NY and after doing extensive research with Walmart stores they found out that the key difference between Walmart and its competitors was that they created people systems to transfer information quickly. They also require all there senior management to spend the first 3 days of the WEEK (yes week, not month or year) in stores, sometimes their stores sometimes their competitors. Then on thursday the are allowed back to corporate to share the information with the rest of management. On Friday they decide how to use the information gathered and by Saturday prices are changed on a national basis. For a $300 Billion company that is amazing fast reaction times. That's why most of their competitors have either gone broke or are substantially smaller than Walmart. The consultant actually boiled it down to one number -- 9. Walmart is consistently 9 days ahead of its competitors.

On Thursday last week after our quarter's management strategy session senior management and I spent time painting of apartments and doing apartment showings. It was great to get back to our roots and hear the customer. One thing I was very much excited about is the brand recognition and the value that the prospect saw in our offerings. Some of the negatives where the age of the buildings and the condition of the units. I tried to explain that its part of the charm and character of living in a Signature Community. For some that explanation worked for others it was not their style. One thing that every brand must learn is that you can't please everyone.

In the end I did receive great feedback from both potential and existing residents that really affirmed that what we are doing is working. The world does need a customer service focused landlord. And that is the niche we are happy to fill.

Thanks for making it happen.
Let's keep growing the brand.

Nick