Retention
Rowland Hobbs | Stake | Collective Conversations
In this enlightening episode, we dive into a fascinating conversation with Rowland Hobbs, CEO and co-founder of Stake, where he shares groundbreaking developments in the real estate industry.
From introducing Stake’s new free offerings to exploring the impact of AI and machine learning in rental management, this video is packed with insights and innovative strategies.
Key Highlights: Stake’s Free Financial Services: Discover how the are revolutionizing the real estate sector with free services, including 1% cash back and FREE credit building.
AI and Machine Learning in Real Estate: Learn about the role of AI in analyzing consumer behavior, helping property owners make informed decisions, and enhancing the resident experience.
Challenges in Managing Incentives: Uncover the practical difficulties in handling gift cards and cash incentives and the need for effective management solutions.
The Shift to Loyalty Thinking: Understand the transition from transactional to loyalty thinking in real estate and its operational implications.
Stake’s Innovative Approach: The company offers free financial services under Hobbs’ leadership and implements AI and machine learning for deeper consumer insights.
This approach is shaping the future of rental management, making it more efficient and renter-friendly.
For more details, insights, and industry-leading advice, visit MultifamilyCollective.
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#RealEstateInnovation #AIinRealEstate #StakeFinancialServices #RentalManagement #ConsumerBehavior #MachineLearning #PropertyManagement #RealEstateTechnology
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Why is Retention Important?
Photo by AbsolutVision on Unsplash
Employee retention is paramount to the success and growth of any organization. Employees who remain with an organization for an extended period become more experienced, possess deep knowledge of the company, and contribute significantly to its culture and productivity. Below are a few of my thoughts that highlight the importance of retention:
- Cost Saving: Managing or cutting costs is more critical than ever. Inflation and the rising cost of insurance and labor are putting a drag on NOI. Hiring and training a new employee can be substantially more expensive than retaining an existing one. Advertising, interviewing, screening, and onboarding costs can add up. Additionally, new employees might take time to reach the productivity level of an existing worker.
- Preservation of Company Knowledge: Long-standing employees hold vast amounts of institutional knowledge. When they leave, they take this invaluable knowledge with them, and it can be challenging for new hires to fill these knowledge gaps quickly. Putting math to this is nearly impossible, but the cost is high.
- Increased Productivity: Continuity is a significant factor in achieving consistent productivity. Employees with the company longer tend to understand the processes, tools, and culture, allowing them to work more efficiently. They also understand their fellow team members and how to work well with them.
- Enhanced Company Culture: Retention contributes to a strong company culture. Employees seeing their colleagues staying and growing with the organization fosters a sense of stability and belonging.