Resident Retention

Many communities struggle with new ideas for resident activities as a method for increasing resident retention.  While resident retention should be approached from many different angles (the least of which is excellent service), we also need to be reminded renewals are not an event but a process.  Constantly keeping your resident energized and excited about where they live can be a challenge, unless you let your imagination run with the wind.

Today we live in the "knowledge" age, where information can be obtained at the click of a mouse and people based on studies are constantly seeking new information.  Previously we would have a cookout, holiday event, pizza party, or other event only to have the same residents show up every time for the events.  We must remember we deal with a very diverse resident profile today, even when you may have a  specific target profile.  We also should tap into that knowledge and information resource when we consider our resident functions and activities.

Look at your resident profile and review some of the diverse opportunities and potential interests.  Look at what are leading topics in the news or today's world that have a personal or emotional impact.  Look at where you might be able to make ties with local businesses and even employers, benefiting not only your residents but your occupancy.  Look at the trees to see how vital the forest can be!  Some ideas that have proven to be extremely successful include information sessions and not just fun activities.  Here are some examples:

As I begin to write this blog about effective resident retention I am reminded of the Tracy Chapman song, “Give me one reason”. I’ve referenced some of the lyrics below.

Give me one reason to stay here
And I'll turn right back around
Give me one reason to stay here
And I'll turn right back around
Because I don't want leave you lonely
But you got to make me change my mind

Resident Social Media meets Outreach Marketing

Pick a box…Do you like me? Yes, No or Maybe.  Remember when getting important information was as easy as passing a note in gym class, checking a box and passing it back?  It still is!  The beauty of the internet and social media (Facebook, Pinterest, etc.) allows us to find out all kinds of pertinent information on our current residents and potential new residents too!  This is a perfect marketing marriage!  This strategy, much like this post, is quick and easy to apply.

Last week, I discussed what it would be like to be an exceptional apartment community, and how that would affect our view of our community, our confidence in our product, and our entire operational process.  I would like to expand upon one of the bigger elements:

Creating a community that truly provides a memorable experience shifts
work from a sales-oriented model to an experience-oriented model.

What does that truly mean, and why is it so difficult?  As I mentioned, if you have a scarce product, and you have high demand, sales happens easily on its own.  The problem is somewhat of a “chicken and the egg” scenario, however, because how do you allocate labor to creating an experience, when you need that labor to plug the holes from residents walking out the door? 

It takes one to know one… a community manager that is! The task of community and Facebook humanitarian is sure to keep one on his or her toes. It’s always good to know what others in a peer group have to say. Mashable recently shared great insight from community managers of notable brands. Take it from these guys, they know how you feel!

 
1. Don’t be a one-hit wonder: Teresa Wu, community manager at Google Docs, says rather than sporadically connecting with users, establish a humanistic connection to create a long lasting relationship. Invite them to a community event and take the time to get to know your residents. Valuing them as individuals rather than renters makes a huge difference.
 
2. Set up meet and greets: Etsy Community Strategist, Morgan Evans, has found success by encouraging members of a community to meet with one another and form groups that draw out commonalities that would otherwise remain dormant. Promoting peer networks is a great way to jumpstart engagement and makes your residents feel supported. Setting up Facebook events for your residents is a great way to get the ball rolling.
 
3. Seeing is believing: Use photos to connect to your residents. McKee Floyd, director of brand development at Sweetgreen, uses photos to do a lot of the work for him. Knowing the power of image association, he says his Facebook fans see the image and make the connection to head to Sweetgreen’s Instagram page. Instagram photos can be shared on Facebook. By pairing the creativity of Instagram with the viral quality of Facebook, you double the power of your campaign and engage multiple users. McKee also shared a cross-pollination tip: “Photos or content featuring your product or branding are priceless. Use a tool like statigr.am to share these photos easily on your Pinterest page or Facebook Page. Always give a shout out to the creator — they’ll appreciate the kudos and keep spreading your brand love.”
 
4. Identify your power residents: Morgan of Etsy touches on some good points. Knowing those in your community who are vocal online is vital to your business. Word of mouse is just as, and maybe more, powerful than word of mouth. Support these people as much as possible. They are some of your most valuable assets. Ask them to use the Recommendations App to post a referral to attract new potential residents.
 
5. Helps us help you: Jonathan Goldman of Jetsetter says to get to know your customer service team. You may not always know the answer but a social media specialist with the For Rent Marketplace Team can help!

I can't express enough how important a GOOD, MOTIVATED maintenance team is in the success of your property.  This is not an epiphany, I am not a genius because I'm saying this - I know this!  But, what are we doing day to day to keep our maintenance teams motivated?  Although I hope I don't have to tell you why it is important to keep them motivated but I will so we are on the same page.

WHY keep them motivated?

• Motivation builds loyalty and engagement - what they deal with daily is a challenge - I mean when was the last time that YOU unclogged someone else's toilet?
• We frequently forget when we have events or meetings to include maintenance so they are forgotten
• They know what is happening on your property and in your units -- if you connect with them and make them feel like they are part of the team then they will feel more comfortable telling you what is happening on site.

I want to give you all a few quick activities to help you get started in maintaining good, motivated teams:

• Have a make ready contest - take a perfect make ready and stage some things in it that are out of place, i.e.,  missing vent, minor leak in sink, lights out, missing rod on blinds, etc.. then have a timed race for who can find the most errors in the make ready - give gift cards, etc..
• Attach customer comments to the work orders and give away gift cards to the team member that gets the most positive ones returned wins something
• Have a vendor come in and host a training meeting and then give them lunch
• Trading Spaces for the day -- have the leasing agents work in the maintenance shop and the maintenance work in the leasing - make sure the entire teams don't switch on the same day but have them change jobs for the day so they build a level of respect for each other and appreciation
• Host a mini maintenance mania
• Let the maintenance teams train your office team on basic maintenance troubleshooting

Hola! Aquí estamos. Are you ready, or not?

As property owners, managers or leasing agents, you understand the need to conserve energy at your apartment community.  By installing energy-efficient appliances and windows and using eco-friendly alternatives for floors, countertops and paint, you are not only significantly reducing your carbon footprint, but also banking significant savings on energy costs.  If 10,000 owners of large apartment communities change to Energy-Star appliances, the energy saved could power each of your TVs for 1,640,625 years!  While the people on the property level are doing their part to protect the environment, we want to provide you with four sustainable tips you can share with your environmentally-friendly residents—leading up to Earth Day on April 22^nd—that they can put into practice today.

1. Be a Savvy Shopper

By Linda Day Harrison, theBrokerList, Chicago, IL

In the history of property ownership and property management, as far back as the Stone Age (maybe not that far back), we have always called our customers “tenants” and for some reason it just stuck like glue. We can try to shake the term, but no matter how we spin it, turn it, or twist it the relationship comes back full circle to calling them “tenants” and not customers. It is rather maddening to say the least. Even though I preach this and believe it, I catch myself using the term because nobody understands who I am speaking about when I say “customer!”

What drives me batty is that when you consider all of the blood, sweat, and tears we put into marketing, promotions, “tenant” retention, newsletters, “tenant” parties, and “tenant” appreciation, why do we not refer to our “tenants” as customers? It just does not make logical sense.