Expanding Customer Lifetime



Note: The names in the video are swapped. The first guest shown is Chris Harold and the second is Tommy Chambers.

The Property Management Show is back with Marie Tepman and Brittany Stephens from Fourandhalf, and today we’re talking about customer lifetime value. 

When we think about customer lifetime value, the biggest variable that comes to mind is the length of time a customer stays with your company.

But what happens when your service area is full of military or intelligence personnel, who only need your services while they are deployed overseas?

Our guests today are Tommy Chambers and Chris Harold from Chambers Theory, and not only have they discovered how to protect their customer lifetime – they also found a way to expand it through innovation.

Customer Lifetime Reflects Customer Satisfaction

This season of the podcast is all about companies that are doing so well their customers don’t want to leave. 

Chambers Theory tracks a lot of data to review and improve their performance, and according to that data, they’re a company that’s doing very well. We asked Tommy and Chris to talk about some of their most impressive statistics. 

Two of the statistics they are always tracking are days on market and average rents. This property management company has lower days on market and higher average rent than any of their competitors. With a slogan that says “Real Estate with Intelligence,” Chambers Theory has managed to embody what they say about themselves. They collect data on their own performance and that of their competitors, and then they use it to their advantage. 

Days on Market

Average Rents

Sometimes, the results of their data seem intuitive. A property in one area is going to rent faster than a property in another area simply because it’s a more desirable neighborhood. 

But it helps to know those numbers. 

At Chambers Theory, they look at the historic data and they use their experience to make intelligent decisions and improve the metrics that they invest so much time into collecting. 

Here’s what they’ve found:

Chambers Theory has rents that are an average of 27 percent higher than their competitors. The average rent in the northern Virginia market is close to $3,500 a month. 

The average days on market is 12. This is notable because their competitors have an average days on market of 30. 

The data they collect is used to make intelligent decisions and to improve the work they do for their clients

Which helps with their client retention rate. 

The simple act of measuring is what’s important. It’s important to the company and their clients. Measuring allows you to see how you can get better and then track your improvement over time. New solutions and innovations show up and the entire team works together to improve. 

But, you can only improve by tracking your progress and monitoring the numbers you care most about.

Client Retention Rate

At Chambers Theory, the client retention rate is over 95 or 96 percent. 

Tommy and Chris are quick to say that a lot of that has to do with the team and how well they are able to service their clients. 

They also have a stellar reputation in the industry. 

Reputation, systems, and a well-focused team are the reasons that they retain so many clients. 

Two specific things have pushed this client retention rate even higher:

A team member was recently promoted to Director of People and Culture. All staff achievements are communicated to clients,