Being A Star In Your Industry Is A Matter Of TOP QUALITY RESIDENCES

Resident retention is normally the forgotten factor in property management, while the art of apartment marketing and leasing to new prospects continues to be studied, sliced, diced and pureed by the apartment industry to get optimal strategies of getting people in the door. Actually, the better a community reaches 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 enterprise our front line troops are called “Leasing Professionals.” Concentrating 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.

Which is more important: Resident Retention or Apartment Marketing?

When we discuss the value of Resident Retention, it isn’t to say that apartment marketing isn’t also vitally important. In other words, to boost retention, we ought to not sacrifice leasing. Having said that, a rise in retention is vastly more beneficial than an increase in leasing. This will not be a surprising concept. When comparing a new resident to an existing resident, the existing resident is much 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 see the difference in profitability between your two groups, it is shocking just how much more we spend on prospects. While prospects and new residents obtain the benefit of cheaper rent and extensive marketing, existing residents, those who pay the bills, often get the short end of the stick. This difference can lead to 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 elect to either ignore it all together or choose methods that not achieve the expected goals. Let’s first consider a few of the most common mistakes manufactured in current retention “techniques.”

Customer Service and Maintenance

Let me be clear relating to this: Customer service and maintenance are NOT resident retention programs. We constantly hear how important these two items are, which is completely correct. However, rather than going above and beyond, these things are an expectation, not just a perk. Ki Residences Singapore Especially 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. Look at a restaurant advertising that its food is served warm. Isn’t that expected at a restaurant? And when that 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’re actually implying that the rest of their service isn’t too impressive!

The infamous summer party…

Summer parties could be a fun perk, but are rarely a great investment. For starters, summer parties can be quite 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 a low resident turnout at these events. Imagine the price if 100 percent of your residents attended! However, more than likely, you’ll only have around 25 percent of your residents show up. Of those, it’s likely that no more than 25 percent has a lease coming up to make an impression on the renewal decision. Therefore, you are impacting only 6 percent of your “target audience.” This means 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 usually 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 just how much demographic information we can keep about our residents, but you should at least have an idea of the different faces of one’s 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 enables you to target different demographic groups in your community at different 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, this provides you with you the biggest impact possible. Here a few ideas that can it is possible to explore that are less expensive:

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 amongst their apartments hosting small dinner parties for each 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, understand that you have purchasing power! Most events around town offer group rates that one could pass along to your residents. This may 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 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 make a true “community” environment. A basic Resident Portal carries a community calendar of events, utility sign-up features, maintenance requests, and online rent payment. However, several resident portals offer a lot more in terms of a community social experience. These expanded resident portals range between about $125/month to $200/month for a 300 unit community, meaning you may get an entire year of service for exactly the same price of one summer party. When done properly, resident social interaction can make strong emotional bonds between your residents, resulting in impressive improvements in your retention rates.