How To Tackle Turnover At Your Community And Maximize Retention YELLOW PAGES:

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:

1FOCUS 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.

2MAKE 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.

3CREATE 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.

4MAKE 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.

5MAKE 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,

not only does it demonstrate a commitment to that resident relationship, but it demonstrates a standard of customer service for any prospective resident who might be flipping through your property reviews.

Create custom surveys, hand out comment cards, run polls via social media or email, or utilize feedback management software to reach your residents and learn their likes and dislikes about the community. Remember, residents don’t care about how you obtained the feedback if you don’t execute on it. Initiate opportunities to gain resident feedback, then respond accordingly to make the resident experience a pleasant one.

6CREATE AN APP FOR YOUR COMMUNITY

Many of today’s tech-savvy residents don’t just want a mobile-friendly experience; they want mobileonly. With technology at their fingertips, it’s easy to lose their attention. Developing an app for your apartment community not only puts you top of mind and sets you apart from the competition, but it can help eliminate some of the pain points of apartment living. For example, residents can receive maintenance alerts, learn updates about the property and amenities, and pay rent on their mobile device.

7DEVELOP A RESIDENT REFERRAL PROGRAM

Despite how inviting your community is, residents often need an extra push to actively recruit their friends. Incentivize your residents for referrals by offering gift cards, cash, or rent credits.

Several software companies also offer gamification programs and apps that can not only increase your property’s brand awareness but also encourage current residents to renew or refer their friends. These programs allow renters to complete tasks and collect points which are then exchanged for gift cards.

8UTILIZE LIVE CHAT ON YOUR WEBSITE

Live chats have proven to be one of the highest converting self-help solutions. A live chat can provide residents with instant access to answers they seek and an easy route to acquiring important information. The simplicity of being able to type right where they are is unbeatable. Within seconds they can have what they need to move forward.

9PERSONALIZE COMMUNICATIONS WITH CRM TECHNOLOGY

Customer Relationship Management (CRM) is the solution to personalizing all of your property’s communications with renters. A CRM can assist properties in tracking renters’ actions as well as storing their personal information. This data can be integrated into properties’ online communications with residents and create personalized content.

10 ADD A THOROUGH FAQ TO YOUR WEBSITE A detailed FAQ page is often an appreciated resource in creating an effortless resident experience. This allows renters to quickly view answers to questions they may have without having to call a leasing agent or wait for a response via email or social media.

11 ADD A VIRTUAL PROPERTY TOUR As the technology behind virtual reality progresses, it significantly enhances residents’ online apartment search experience. With a high-quality virtual property tour offered on your website, prospective renters can potentially view the entire community and decide to rent all online.

STRATEGIES TO INCREASE YOUR APARTMENT LEAD GENERATION

As technology advances and resident demands change, it will be up to you to promote these amenities as part of your apartment marketing strategy; this will ensure resident needs are met and that the community is keeping pace in the amenities arms race.

And while these strategies can help you enhance the resident experience, it’s important to couple these efforts with updated amenities, quick service, and an attentive leasing team. Improving your resident retention will help build a strong community, one people will not only want to live in but will recommend to all their friends — and it is all dependent on the property’s entire team making a continuous effort.