How To Easily Improve Your Multifamily Resident Retention
October 27, 2021 10:00 am Leave your thoughtsMultifamily resident retention can be challenging to navigate as it varies specifically from community to community. For some multifamily properties, it makes sense to host regular events, and for others, it may be easier to do something on a smaller scale. Whatever the case, it’s essential to continue your resident retention efforts and increase them.
Resident retention doesn’t have to mean always hosting an event. There are various ways that you can connect with your residents every month that will strengthen their satisfaction. It’s also a smart way to continue to bring new prospects into your community. With the right resident retention strategy, you can increase your leads and maintain the residents that you do have. It’s time to intentionally increase your resident retention efforts so that you can improve your community as a whole.
1 – Set Resident Retention Goals
Before you embark on completing any new resident retention strategies, it’s essential to pinpoint what your exact goals are. Do you know what you would like to accomplish by strengthening your resident retention? Do you want more reviews, more leads, or more community engagement?
Setting a clear intention will help ensure that you are heading in the right direction. Plus, aiming for a common goal will help you and your team be on the same page. Depending on what your specific goals are, you can determine the best plan of action.
A few example resident retention goals might be:
- Hosting one event every month.
- Sending a monthly newsletter.
- Getting five new resident reviews each month.
- Creating a strategic resident referral strategy.
- Giving new residents a move-in gift.
2 – Build A Resident Retention Strategy
Every community is different and has different people! You may have had bad luck with resident events, or perhaps they work great for your property. Regardless, it’s important to discuss a multifamily resident retention strategy that will go hand in hand with your goals.
For example, if you want to host more resident events, build a plan to promote those events. If you haven’t seen a large turnout in the past, then get creative with how you can get more people. To reach your goals, you will need the right combination of new methods.
3 – Ask For Resident Feedback
One of the best and quickest ways to increase your resident retention is to ask your residents for feedback. Many apartment websites include a question box that enables residents to leave their suggestions. There are a variety of ways that you can go about collecting feedback that is helpful and productive. You may haven’t thought of certain feedback points, and common responses can help you set the right goal. Turn negative reviews into opportunities for improvement, directly impacting your resident retention rates.
While there may be more problems brought to your attention, it can help you know where to place your time and efforts. As property owners, managers, and leasing agents, your time is precious, which helps simplify what your residents are looking for.
4 – Implement Resident Communication
Better multifamily resident retention starts and ends with better communication. Your residents want to know what’s going on in your community and feel included. There is a mixture of ways to convey messages to all residents, but it’s crucial to focus on the concise and convenient ones.
For example, apartment texting allows you to notify your community of something all at once quickly. Having an apartment newsletter can keep your residents informed on events that are coming up! Regardless, it would be best if you always considered how you could best communicate with your residents. How you communicate with your residents can determine how they feel about where they live as a whole!
5 – Improve Resident Satisfaction
All of the tips above will help you to increase your overall resident satisfaction. It’s easy to get hyper-focused on getting new leads and leases. While this is a significant part of apartment marketing, it’s also important to consider how you can maintain those you have.
Ultimately, if you can keep more residents, you can likely increase your NOI and improve your property value. With the right strategies and goals, you can help each of your residents feel right at home. In return, your residents will give you better reviews, more referrals and will stay longer in your community.
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Categorised in: Resident Retention
This post was written by Isabella Housel
Isabella Housel is a passionate and versatile professional writer with a deep love for words and a commitment to crafting compelling content that engages, informs, and inspires. With many years of experience in the industry, she has honed her skills across various genres, from creative storytelling to informative articles and technical documentation.