Now You Can Have Your TOP QUALITY RESIDENCES Done Safely

Resident retention is normally the forgotten factor in property management, while the art of apartment marketing and leasing to new prospects is still studied, sliced, diced and pureed by the apartment industry to get 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 manufactured on the leasing side of the business our front line troops are called “Leasing Professionals.” Concentrating on Leasing is not a bad idea; however, neglecting the other 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 is not to state that apartment marketing isn’t also quite crucial. In other words, to improve retention, we should not sacrifice leasing. Having said that, a rise in retention is vastly more beneficial than a rise in leasing. This should not be a surprising concept. When comparing a new resident to a preexisting resident, the existing resident is a lot more profitable, with hardly any make-ready costs and no loss because of vacancy. Additionally, a long-term renter is much more prone to refer friends and coworkers than a new renter would.

When you see the difference in profitability between the two groups, it is shocking how much more we devote to prospects. While prospects and new residents obtain the advantage of cheaper rent and extensive marketing, existing residents, those who pay the bills, often obtain the short end of the stick. This difference can result in alienation of one’s current residents, a situation you should strongly avoid.

How come resident retention not on the radar?

Even though most of us understand the concept of resident retention, surprisingly little is known about how to perform it. Therefore, most communities elect to either ignore everything together or choose methods that not achieve the expected goals. Let’s first look into a few of the most typical mistakes manufactured in current retention “techniques.”

Ki Residences Singapore Customer Service and Maintenance

Let me be clear concerning this: Customer support and maintenance are NOT resident retention programs. We constantly hear how important these two items are, which is completely correct. However, instead of going above and beyond, these items are an expectation, not just 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 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 if that is the best trait the restaurant can offer, would you really expect the meals to be that great? For a residential area to advertise a feature that should be standard, they are actually implying that the rest of their service is not too impressive!

The infamous summer party…

Summer parties can be a fun perk, but are rarely an excellent investment. To begin with, summer parties could be very expensive if food is offered, generally ranging 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 price if 100 percent of one’s residents attended! However, probably, you will 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’re impacting only 6 percent of your “target audience.” This means for an average community of 300 units, you’re 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.

Just what exactly are some programs we are able to implement?

Firstly, know your community. Fair Housing laws limit just how much demographic information we can keep about our residents, nevertheless, you should at least have a good 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 throughout the year. Having more frequent parties lets you target different demographic groups in your community at different times instead of “putting all of your eggs in one basket” approach of large summer events. Spacing these events over summer and winter will also guarantee your events coincide with all your residents’ renewal periods, thus giving you the biggest impact possible. Here some ideas that can you can explore that are less expensive:

Older Residents

Bridge or Mah Jongg Night
Dinner Rotation – This could be quite popular! Have an indicator up period for singles or couples. These groups then take turns rotating among their apartments hosting small dinner parties for every 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 transfer to your residents. This may make them feel part of an exclusive club with great 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 actually a website for your residents, adding a genuine social element to your community – consider it a “digital clubhouse.” If you haven’t noticed, almost all 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 includes a community calendar of events, utility sign-up features, maintenance requests, and online rent payment. However, several resident portals offer much more in terms of a residential area social experience. These expanded resident portals range between about $125/month to $200/month for a 300 unit community, meaning you can find an entire year of service for exactly the same price of one summer party. When done properly, resident social interaction can create strong emotional bonds in the middle of your residents, leading to impressive improvements in your retention rates.