008 - Is Your Price Too Low??? | CX Unplugged

CX Unplugged | Pricing Pitfalls & Lessons from Spirit Airlines Welcome to another episode of CX Unplugged, a Multifamily Media Network podcast. I’m your host Gabrielle Gonzalez, and today’s episode covers pricing strategies in multifamily management with a surprising lesson from Spirit Airlines’ recent bankruptcy. Pricing — it’s always on our minds. But here’s the twist: sometimes, being too low can work against you. The Spirit Airlines Effect Spirit Airlines built its brand on ultra-low prices. But for many of us, $49 flights felt too good to be true — raising questions about the value and sustainability of the offer. And now, Spirit Airlines has filed for bankruptcy. This reminded me of a time in my multifamily career when we faced a similar dilemma on a property with vacant storage units. The Multifamily Takeaway We had a 400-unit property with storage units that were 82% vacant. After investigating, we discovered the issue: they were priced at just $10/month—so cheap that residents didn’t see the value. What’s your take? Have you encountered similar pricing challenges in your multifamily portfolio? Let’s connect on social media — I’d love to hear your thoughts! Thank you for tuning in to CX Unplugged. If this episode resonated with you, please like, comment, and subscribe to the  @MultifamilyMediaNetwork  for more actionable insights. See you next time! Visit www.multifamilymedianetwork.com to subscribe to our newsletter and enjoy our expansive library of multifamily-centric podcasts and blogs from industry pros on all the key topics from maintenance and marketing to personal and professional growth.