In today’s markets with increasing headwinds and occupancies, it could never be more important to focus on maximizing Share of Wallet (SoW) in addition to rate management.
Simply put:
– Attract and convert interested customers into tenants
– Understand your customer’s complete needs and desires
– Cross-sell and service customers with other high value products and services (i.e. ancillary products) that meet these needs!
Doing so will delight your customers, increase your Share of Wallet, increase economic occupancy, and most importantly net operating profit. It’s a win-win!!!
