How We Improved Our TOP QUALITY RESIDENCES In One Week(Month, Day)

Resident retention is generally the forgotten element in property management, while the art of apartment marketing and leasing to new prospects is still studied, sliced, diced and pureed by the apartment industry to find optimal strategies of getting people in the door. Actually, the better a community is at apartment marketing and leasing, the more it could mask its shortcomings on the resident retention side. So much effort is manufactured on the leasing side of the business that our front line troops are called “Leasing Professionals.” Focusing on Leasing is not a negative idea; however, neglecting the other half of your organization can alienate your residents, cause high turnover, and severely impact your bottom line.

That is more important: Resident Retention or Apartment Marketing?

When we discuss the worthiness of Resident Retention, it isn’t to state that apartment marketing isn’t also vitally important. In other words, to boost retention, we have to not sacrifice leasing. Having said that, an increase in retention is vastly more beneficial than an increase in leasing. This will not be a surprising concept. When you compare a new resident to an existing resident, the existing resident is a lot more profitable, with almost no make-ready costs and no loss due to vacancy. Additionally, a long-term renter is much more prone to refer friends and coworkers when compared to a new renter would.

When you see the difference in profitability between your two groups, it is shocking just how much more we devote to prospects. While prospects and new residents get the good thing about cheaper rent and extensive marketing, existing residents, those that pay the bills, often obtain the short end of the stick. Ki Residences Singapore This difference can result in alienation of your current residents, a situation you need to strongly avoid.

Why is resident retention not on the radar?

Even though most of us understand the concept of resident retention, surprisingly little is known about how to perform it. Therefore, most communities choose to either ignore it all together or choose methods that not achieve the expected goals. Let’s first look into a few of the most typical mistakes manufactured in current retention “techniques.”

Customer Service and Maintenance

Let me be clear about this: Customer support and maintenance aren’t resident retention programs. We constantly hear how important these two items are, that is completely correct. However, instead of going above and beyond, these things are an expectation, not just a perk. Especially for Class A and Class B properties, residents usually do not see strong maintenance and customer support as a luxury item they ought to be impressed with. They instead see these things as a required section of living at your community. Look at a restaurant advertising that its food is served warm. Isn’t that expected at a restaurant? And when this is the best trait the restaurant can offer, would you really expect the meals to be that great? For a community to advertise a feature that should be standard, they are actually implying that the others of their service is not too impressive!

The infamous summer party…

Summer parties can be a fun perk, but are rarely an excellent investment. Firstly, summer parties could be very expensive if food emerges, generally which range from $1,500 to $3,000 for a 300-unit community. Ironically, you cut costs when you get yourself a low resident turnout at these events. Imagine the cost if 100 percent of one’s residents attended! However, more than likely, you’ll only have around 25 percent of your residents arrive. Of these, it’s likely that no more than 25 percent includes a lease coming up to make an impression on the renewal decision. Therefore, you are impacting only 6 percent of one’s “target audience.” This implies for the average community of 300 units, you’re spending roughly $2,000 to reach 18 residents – that’s $111 per resident! Even if the party influences several others that renew later in the entire year, investments in these parties do not justify the reward.

Just what exactly are some programs we can implement?

Firstly, know your community. Fair Housing laws limit how much demographic information we are able to keep about our residents, but you should at least have a good idea of the different faces of your community. Additionally, rather than having one giant one-size-fits-all party, you can coordinate several smaller, targeted parties over summer and winter. Having more frequent parties lets you target different demographic groups in your community at differing times instead of “putting all your eggs in a single basket” approach of large summer events. Spacing these events over summer and winter will also guarantee that your events coincide with all your residents’ renewal periods, thus giving you the largest impact possible. Here a few ideas that can you can explore that are less costly:

Older Residents

Bridge or Mah Jongg Night
Dinner Rotation – This can be quite popular! Have a sign up period for singles or couples. These groups then take turns rotating amongst their apartments hosting small dinner parties for every other.
Singles Crowd
Poker Night at the Clubhouse (for prizes rather than money)
Networking Night
Dance Classes
Sporting events
Children Friendly
Ice Cream Social
Kite Day
Scavenger Hunt
Also, remember that you have purchasing power! Most events around town offer group rates that you could pass along to your residents. This may make them feel a part of an exclusive club with money saving deals all the time!

The future of resident retention

Have you heard the term “Resident Portal?” In the event that you haven’t, continue reading! A Resident Portal is essentially a website for your residents, adding a true social element to your community – consider it a “digital clubhouse.” If you haven’t noticed, almost all residents have a social presence online. Resident Portals take that concept and merge it with traditional apartment properties to make a true “community” environment. A simple Resident Portal carries a community calendar of events, utility sign-up features, maintenance requests, and online rent payment. However, a few resident portals offer much more in terms of a residential area social experience. These expanded resident portals range between about $125/month to $200/month for a 300 unit community, meaning you can find a whole year of service for exactly the same price of 1 summer party. When done properly, resident social interaction can create strong emotional bonds between your residents, leading to impressive improvements in your retention rates.

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