How To Make Your Product Stand Out With TOP QUALITY RESIDENCES

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 get optimal strategies to getting people in the door. In fact, the better a community is at apartment marketing and leasing, the more it can mask its shortcomings on the resident retention side. So much effort is made on the leasing side of the business enterprise our front line troops are called “Leasing Professionals.” Concentrating on Leasing is not a bad idea; however, neglecting the other half of your organization can alienate your residents, cause high turnover, and severely impact your important thing.

Which is more important: Resident Retention or Apartment Marketing?

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

When you start to see the difference in profitability between your two groups, it really is shocking how much more we devote to prospects. While prospects and new residents obtain the benefit of cheaper rent and extensive marketing, existing residents, those who pay the bills, often obtain the short end of the stick. This difference can result in alienation of your current residents, a situation you should strongly avoid.

Why is resident retention not on the radar?

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

Customer Service and Maintenance

Let me be clear about this: Customer support and maintenance are NOT resident retention programs. We constantly hear how important these two items are, which is completely correct. However, instead of going above and beyond, these things are an expectation, not a perk. Specifically for Class A and Class B properties, residents do not see strong maintenance and customer support as a luxury item that they ought to be impressed with. They instead see these items as a required part of living at your community. Consider 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 provide, would you really expect the meals to be that great? For a community to advertise a feature that should be standard, they’re actually implying that the others of their service isn’t too impressive!

The infamous summer party…

Summer parties could be a fun perk, but are rarely an excellent investment. To start with, 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. Ki Residences Singapore Of those, it’s likely that only about 25 percent has a lease coming up to make an impression on the renewal decision. Therefore, you’re impacting only 6 percent of your “target audience.” This implies for the average community of 300 units, you are spending roughly $2,000 to attain 18 residents – that’s $111 per resident! Even if the party influences several others that renew later in the year, investments in these parties do not justify the reward.

Just what exactly are some programs we can implement?

First of all, know your community. Fair Housing laws limit just how much demographic information we can keep about our residents, but you should at least have a good idea of the different faces of one’s community. Additionally, rather than having one giant one-size-fits-all party, it is possible to coordinate several smaller, targeted parties over summer and winter. Having more frequent parties allows you to target different demographic groups in your community at differing times instead of “putting all of your eggs in a single basket” approach of large summer events. Spacing these events throughout the year will also guarantee your events coincide with all your residents’ renewal periods, thus giving you the biggest 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 among 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 one could transfer to your residents. This can make them feel part of an exclusive club with money saving deals all the time!

The future of resident retention

Have you heard the word “Resident Portal?” In the event that you haven’t, keep reading! A Resident Portal is actually a website for your residents, adding a true social element to your community – consider it a “digital clubhouse.” In the event that 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 basic Resident Portal includes a community calendar of events, utility sign-up features, maintenance requests, and online rent payment. However, a few resident portals offer a lot more in terms of a residential area social experience. These expanded resident portals range from about $125/month to $200/month for a 300 unit community, meaning you will get an entire year of service for the same price of 1 summer party. When done properly, resident social interaction can make strong emotional bonds in the middle of your residents, resulting in impressive improvements in your retention rates.