10 Secret Things You Didn’t Know About TOP QUALITY RESIDENCES

Resident retention is generally 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 get optimal strategies to getting people in the door. In fact, 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 that our front line troops are called “Leasing Professionals.” Concentrating on Leasing is not a bad idea; however, neglecting the other half of your business 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 isn’t to state that apartment marketing isn’t also quite crucial. In other words, to boost retention, we ought to not sacrifice leasing. That said, a rise in retention is vastly more beneficial than a rise in leasing. This will not be a surprising concept. Ki Residences Singapore When comparing a new resident to a preexisting 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 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 is shocking just how much more we spend on prospects. While prospects and new residents get the good thing about cheaper rent and extensive marketing, existing residents, those that pay the bills, often obtain the short end of the stick. This difference can lead to alienation of one’s 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 well known about how to perform it. Therefore, most communities elect to either ignore everything together or choose methods that do 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 about this: Customer service and maintenance are NOT resident retention programs. We constantly hear how important both of these items are, which is completely correct. However, instead of going above and beyond, these items are an expectation, not a perk. 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 things as a required section of living at your community. Consider 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 is not too impressive!

The infamous summer party…

Summer parties can be quite a fun perk, but are rarely a great 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 spend less when you get yourself a low resident turnout at these events. Imagine the cost if 100 percent of one’s residents attended! However, probably, you’ll only have around 25 percent of your residents show up. Of those, it’s likely that only about 25 percent has a lease coming up to create an impression on the renewal decision. Therefore, you’re impacting only 6 percent of your “target audience.” This means for the average community of 300 units, you are spending roughly $2,000 to attain 18 residents – that’s $111 per resident! Even though the party influences several others that renew later in the year, investments in these parties usually do not justify the reward.

So what are some programs we can implement?

To begin with, know your community. Fair Housing laws limit how much demographic information we can keep about our residents, nevertheless, you should at least have a good idea of the different faces of your 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 enables you to target different demographic groups in your community at different 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 that your events coincide with all your residents’ renewal periods, thus giving you the largest impact possible. Here some 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 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, remember that you have purchasing power! Most events around town offer group rates that you could transfer to your residents. This may make them feel a part of an exclusive club with money saving deals all the time!

The continuing future of resident retention

Have you heard the term “Resident Portal?” If you haven’t, keep reading! A Resident Portal is actually a website for the residents, adding a genuine 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, 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 in the middle of your residents, resulting in impressive improvements in your retention rates.