REITCo, one of the largest multi-family REITs with over 60 apartment communities throughout the U.S., had a stellar reputation with its customers and investors. Its competitors had grown rapidly via acquisitions and were now extending their reach into REITCo’s key markets. The company sought P&C’s guidance to transform its business, internally, to better serve its customers and prepare for substantial growth via acquisitions.
Increase in Same Store Sales Year 1
Increase in Same Store Net Income Year 1
Although the multi-family REIT industry, as a whole, was not known for its innovative use of enterprise technologies including application software, customer-facing mobile and web solutions, and adoption of IoT/Smart building technology, senior leaders at REITCo had a larger vision in mind.
The company’s C-level leaders asked P&C for guidance on the following topics:
P&C created a 4-step approach to address the opportunity and overall business objectives.
P&C recommended 5 major components vital to meeting REITCo’s objectives:
REITCo’s incredibly fast-paced deployment of its Digital Reinvention Program was a tremendous success. The legacy enterprise systems were replaced with a world-class product suite from one vendor. Concurrently, the new company website and its expansive prospective and existing customer portals were designed, developed, and launched. The unified corporate social media presence on Facebook, LinkedIn, and Instagram were also designed, developed, and launched.
P&C led the vendor selection process for the company’s new enterprise application suite–using its partner ecosystem to engage C-level executives at each of the global software companies evaluated. This was to ensure REITCo had the highest level access to secure the most effective pricing and contractual negotiation outcomes.
P&C also led the design, development, and launch of REITCo’s new website, digital customer portals, and social media platforms.
REITCo’s Digital Reinvention program delivered impressive results on the three key measures the company’s leaders chose for the initiative: Same Store Sales (9% higher), Same Store Net Operating Income (12% higher), and total company revenues (11% higher excluding asset sales).
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