What Factors Affect Owner Churn? with Ray Hespen
Today, we asked him to discuss what some of his recent data has been telling him about customer churn in the property management industry. How Can We Describe Owner Churn? When we think about churn, we typically think about losing a customer. How good are you at hanging onto those customers? How many of them do you lose? Understanding your churn rate is not complicated math. What to Assess When Evaluating Churn Why are owners churning? You need to spend time understanding why customers leave and then trying to make things better whenever possible. Volume of Repairs: The More Work, the Less Churn Property owners don't know how much work you do for them. What's surprising is that the more maintenance work that was done, the more likely it is that an owner will stay with a property manager. What is Normal Churn? How much churn is normal, and how much churn is too much? That's a benchmark we still need to set.