AAGO MARKET TRENDS
How to Tackle Turnover At Your Community And Maximize Resident Retention By Ashley Tyndall, Chief Relationship Officer at Swifty https://beswifty.com/AAGMCO As a multifamily professional, you know that resident retention is key to the success of your property. Retaining residents is just as important, if not more so, than getting new ones. Decreasing your resident turnover can not only save you in annual expenses but it can also liberate hours of work from the maintenance team that can be spent on other pertinent issues. It can also lead to stronger long-term relationships with your community. Potential residents should never be looked at as an entry in a database or a contact in a CRM (Customer Relationship Manager). What renters perceive is reality to them, which is why it is important to ensure your residents feel comfortable and welcome at your property. This requires properties to anticipate the needs of community members, and the best way to do that is to get to know them. Below, we’ve outlined strategies for multifamily professionals to maximize retention and enhance the resident experience in the process:
1
FOCUS ON SERVICE-BASED AMENITIES Amenities are not the point of differentiation in today’s saturated market; amenities have become a necessity. Properties need to take a customer service approach that permeates every aspect of their operation: prospecting renters, leasing, community engagement, planning resident events. Valet Living found that home cleaning, package delivery, and pet services are among the most desired services for renters. About 88% of respondents claim they would use a pet care service and 73% are interested in home cleaning. Your marketing approach also needs to reflect these service-based amenities. While everyone loves a sparkling infinity pool, what really attracts and retains residents is knowing they live in an apartment community that cares about their specific needs and has an on-site security guard, an after-hours call number for maintenance emergencies, concierge services like dry cleaning and package delivery, and so much more. 44
THE KEY www.aago.org
2
MAKE SURE YOU HAVE A RESPONSIVE WEB DESIGN A multifamily website is the centerpiece of a strong brand identity, which is why your property needs to make it the best it can be. As more people access the internet via their mobile devices, responsive web design will continue to be the most important feature for apartment websites. A good apartment website will be mobile-friendly, responsive, creative, and will drive brand recognition.
3
CREATE AND DISTRIBUTE A RESIDENT NEWSLETTER Newsletters aren’t just a tactic to market your property; they are a way to stay in front of your residents on a regular basis and offer them resourceful information. Consider distributing a newsletter every week or month to offer reminders to residents of all the fun events taking place in your community. This newsletter can be in an email format or printed and dropped in your residents mailboxes. Take this opportunity to offer resident deals, amenity or property updates, highlight community events, and other value-add content.
4
MAKE SOCIAL MEDIA THE CENTERPIECE TO YOUR STRATEGY The business world is changing, and those multifamily properties that refuse to change with it will find themselves falling by the wayside. Today’s residents want you to meet them where they already are, and that’s on social media. It’s critical to actively connect, engage, and inspire residents through your social media presence. Host special giveaways and contests, share relevant news, offer easy recipes, or highlight local happy hours. Position yourself as a trusted and valued resource to attract new residents and retain current ones.
5
MAKE IMPROVEMENTS BASED ON RESIDENT FEEDBACK No apartment community is perfect, and property managers can’t please everyone. However, the properties that don’t listen to their residents or make improvements will see the highest turnover. Negative feedback, left unanswered, has the power to turn into negative word of mouth. When a property responds,
