3 Ways To Master TOP QUALITY RESIDENCES Without Breaking A Sweat

Resident retention is normally the forgotten factor in property management, as the art of apartment marketing and leasing to new prospects continues to be studied, sliced, diced and pureed by the apartment industry to find optimal strategies of getting people in the door. In fact, the better a community reaches 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 that our front line troops are called “Leasing Professionals.” Focusing on Leasing is not a bad idea; however, neglecting another half of your organization can alienate your residents, cause high turnover, and severely impact your important thing.

That is more important: Resident Retention or Apartment Marketing?

When we discuss the value of Resident Retention, it is not to say that apartment marketing isn’t also vitally important. In other words, to improve retention, we should not sacrifice leasing. Ki Residences Singapore That said, a rise in retention is vastly more beneficial than a rise in leasing. This will not be a surprising concept. When you compare a new resident to an existing resident, the existing resident is much more profitable, with almost no make-ready costs and no loss because of vacancy. Additionally, a long-term renter is a lot 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 really is shocking just how much more we devote to prospects. While prospects and new residents obtain the good thing about cheaper rent and extensive marketing, existing residents, those that pay the bills, often get 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 we all 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 do not achieve the expected goals. Let’s first consider a few of the most typical mistakes made in current retention “techniques.”

Customer Service and Maintenance

Let me be clear concerning this: Customer support and maintenance are NOT resident retention programs. We constantly hear how important both of these items are, that is completely correct. However, rather than going above and beyond, these items are an expectation, not a perk. Specifically for Class A and Class B properties, residents usually do not see strong maintenance and customer service as a luxury item that they should be impressed with. They instead see these items 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 if that is the best trait the restaurant can offer, would you really expect the food to be that great? For a residential area to advertise a feature that should be standard, they’re actually implying that the others of their service is not too impressive!

The infamous summer party…

Summer parties can be quite a fun perk, but are rarely a great investment. First of all, summer parties can be quite expensive if food is offered, generally ranging from $1,500 to $3,000 for a 300-unit community. Ironically, you cut costs when you get a low resident turnout at these events. Imagine the price if 100 percent of your residents attended! However, more than likely, you will only have around 25 % of your residents arrive. Of those, it’s likely that no more than 25 percent has a lease coming up to create the feeling on the renewal decision. Therefore, you’re impacting only 6 percent of your “target audience.” This implies for an average community of 300 units, you are spending roughly $2,000 to reach 18 residents – that’s $111 per resident! Even though the party influences several others that renew later in the entire year, investments in these parties do not justify the reward.

So what are some programs we are able to implement?

First of all, know your community. Fair Housing laws limit how much demographic information we are able to keep about our residents, nevertheless, you should at least have a good idea of the different faces of your community. Additionally, instead of having one giant one-size-fits-all party, you can coordinate several smaller, targeted parties throughout the year. Having more frequent parties permits you to target different demographic groups in your community at differing times instead of “putting all your eggs in one basket” approach of large summer events. Spacing these events throughout the year will also guarantee that your events coincide with all of 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 could 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 each other.
Singles Crowd
Poker Night at the Clubhouse (for prizes instead of 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 may make them feel part of an exclusive club with money saving deals all the time!

The continuing future of resident retention

Have you heard the word “Resident Portal?” If you haven’t, continue reading! A Resident Portal is essentially a website for your residents, adding a true social element to your community – contemplate it a “digital clubhouse.” In the event that you haven’t noticed, the vast majority of residents have a social presence online. Resident Portals take that concept and merge it with traditional apartment properties to produce 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 community social experience. These expanded resident portals range from about $125/month to $200/month for a 300 unit community, meaning you will get a whole year of service for the same price of 1 summer party. When done properly, resident social interaction can make strong emotional bonds between your residents, leading to impressive improvements in your retention rates.