The Journey of a Multifamily Expert
Darcey Forbes, Head of Real Estate Operations and Industry Principal at Renew, didn’t plan to lead in multifamily housing. She wanted to be a history teacher. But life had other ideas. A summer job at Oakwood Worldwide turned into a career in property management. Over 25 years, she climbed the ranks, working with industry giants like Essex Property Trust and launching resident engagement platforms like Modern Message (now Community Rewards).Today, at Renew, Darcey tackles one of the most overlooked yet critical aspects of the multifamily industry: lease renewals. While property managers and owners focus on acquiring new residents, they often ignore their most valuable asset—the residents they already have. That’s where Getting to Hell Yes! comes into play.The Industry’s Retention Crisis
The renewal process in multifamily housing is broken. Even though retaining residents is the easiest and most cost-effective way to maintain revenue, the industry continues to suffer from staggering turnover rates.Darcey highlights the biggest issues in resident retention:- Lack of technology: The renewal process relies on PDF attachments in emails instead of streamlined, automated solutions. “If we’re investing in tech to attract residents, why aren’t we doing the same to keep them?”
- Blame on residents, not the experience: Property managers assume renters leave due to life changes, but 75% of departing residents move to another rental in the same market. “If they’re staying in the same city but leaving your building, that’s not a resident problem—it’s a renewal problem.”
- No dedicated renewal strategy: Companies invest heavily in attracting new tenants but rarely focus on making renewals easy or attractive. “We celebrate lease signings, but we should celebrate lease renewals even more.”
- Operational inefficiencies: Site teams juggle administrative work, leaving little time for proactive resident engagement. “Teams are overwhelmed, and the renewal process should help them, not add to their workload.”
Creating a ‘Hell Yes’ Experience
Renew transforms lease renewals by introducing automation and optimization. Instead of treating renewals as an afterthought, Renew turns them into a seamless, resident-focused experience.How Renew Revolutionizes Renewals:
- Make renewals easy – The goal is to create a “take my money” mindset, where renewing a lease feels effortless. By removing friction, residents stop shopping around for other options. “If renewing is easier than moving, why wouldn’t they stay?”
- Use data to predict renewals – Renew helps operators anticipate renewal challenges by tracking resident sentiment, service requests, and likelihood to renew. This lets teams act before a resident decides to leave. “It’s not a guessing game anymore. Data tells us who is at risk before it’s too late.”
- Shift from transactions to relationships – Instead of treating renewals as a lease extension, Renew makes them a customer experience journey. Engaged residents feel valued and stay longer. “Residents should feel like they’re part of a community, not just a lease agreement.”
Getting to ‘Hell Yes’ in Sales
Darcey applies the Getting to Hell Yes! philosophy not just to resident retention but also to selling Renew itself. When meeting with property owners and managers, she often hears objections:- “We don’t have the budget for this.”
- “We’re already handling renewals our own way.”
- “We don’t want to disrupt our process.”
- “If your renewal process worked, why are you losing so many residents?”
- “How much money are you leaving on the table by relying on outdated renewal methods?”
- “If reducing five days of vacancy loss pays for itself, why wouldn’t you invest in a better system?”
3 Key Takeaways on Getting to ‘Hell Yes’ in Selling
- Sell like a consultant, not a salesperson – The best way to sell is to educate the market, not just pitch a product. “When you solve a real problem, you don’t have to sell—you just help people see the solution.”
- Understand the real problem you’re solving – The renewal challenge isn’t just about paperwork; it’s about retention, revenue, and resident experience. “This isn’t about leases. It’s about making residents want to stay.”
- No’s lead to better Yeses – Not everyone says yes immediately, but every “No” helps refine the pitch, making the next “Yes” a Hell Yes! “Every ‘no’ teaches you something that gets you closer to a ‘yes.’”
Final Thoughts
Retention is the easiest revenue to earn—yet most operators ignore it. Renew flips the script, bringing automation, strategy, and customer-centric thinking to an outdated process.Darcey’s advice? “If you want a Hell Yes from your residents, give them a reason to stay. If you want a Hell Yes in sales, solve the real problem with authenticity and confidence.”Ready to transform your renewal process? Learn more atheyrenew.com.Our mission is to simplify the homeowners & home builders customer experience. Let Iris do the work.
Up next
Getting to Hell Yes! in Selling: Insights from Dennis Steigerwalt
By: Guillermo Salazar • 12 January 2025
Dennis Steigerwalt: Driving Housing Innovation with Vision, Collaboration, and 'Hell Yes!' Solutions
The importance of online product reviews [+3 ways to get more]
By: IrisCX • 19 September 2022
Online reviews are impactful because they reach people with purchasing intent – a total of 93% of new customers consult reviews before purchasing a product or service. With virtual CX, your team can start receiving and leveraging better quality reviews.
Building Value: How New Home Builders Save Big with a Stellar Customer Experience Strategy
By: Guillermo Salazar • 08 January 2024
7 ways to measure your CX program in New Home building