As the multifamily industry gears up for its peak leasing season, it finds itself at a critical turning point. Although more prospects are checking out properties, keeping current residents happy is essential for maintaining profitability and controlling turnover costs. It's also essential for communities to be prepared to retain the new residents they attract. While amenities and prime locations may draw interest, research indicates that outstanding customer service and prompt problem resolution are the true drivers of customer retention.

New residents are excited about moving into their homes, but any delays or poor communication from onsite and maintenance teams can quickly dampen their enthusiasm. If their experience is smooth and responsive, they're more likely to renew their lease. Here's where technology can make a difference in these key areas. 

Enhancing Resident Experience with Technology

So, how can communities improve their services? The answer lies in utilizing technology, which can transform how onsite and maintenance teams engage with residents. A community where residents can report, converse and follow up on issues from anywhere will be a happier place.

Consider the example of laundry services. Research from CSC Serviceworks reveals the importance of reliability to residents in meeting their laundry needs. Machines can break down occasionally due to heavy use, but both property managers and residents can utilize in-app technology to report service-related needs and send refund requests. This proactive strategy makes life easier for residents and provides the added benefit of fostering trust and loyalty. 

Mobile Apps: Today's renters want convenience when it comes to handling their daily lives. This means that many have embraced mobile apps. This is changing how residents connect with property management, allowing them to submit maintenance requests, access community news and even pay for various resident services—all from one platform. This level of convenience significantly enhances resident satisfaction and fosters stronger community ties.

Maintenance Software: Teams can speed up their response times by using automated systems that focus on urgent requests, which helps resolve issues quickly and reduces downtime for critical systems. For example, if a resident's heating system breaks down during the cold winter months, effective ticketing software can significantly improve response times. This leads to more satisfied residents and encourages higher lease renewal rates. Additionally, this technology helps teams understand how residents prefer to communicate and ensures they receive timely updates on the status of their issues.

Resident Experience/Marketplace Platforms: These are helping transform the experience for residents by streamlining daily tasks and enhancing convenience for residents. The platforms centralize services and community engagement in a single, user-friendly interface. They also offer personalized, easy access to local vendors and exclusive discounts that help foster a stronger community.

Artificial Intelligence (AI): This evolving tool is becoming a powerful ally in property management. These technologies analyze resident feedback and service requests to identify trends, enabling proactive steps to improve service quality. For example, if a number of residents often report problems with a specific appliance, property managers are made aware via reports from AI and take action to address the underlying issue before it affects even more residents. 

The advantages of these technologies are clear. Properties that implement these solutions effectively can realize significant gains in renewal rates and resident satisfaction. This boosts the resident experience and adds the benefit of positively impacting the bottom line. But as different technologies are implemented, it's important to remember the people side of the equation. 

Don't Forget the Human Touch

Technology isn't a substitute; it's merely a tool. As the industry moves further away from its previous reluctance to embrace technology, it should not lose sight of the fact that multifamily remains a people-centric business. Teams shouldn't rely on tech to replace their communication with residents; instead, they should approach it as an enhancement to their processes.

Remember, retaining residents isn't just about meeting their expectations—it's about exceeding them. This involves building trust and loyalty through consistent, high-quality interactions. By prioritizing speed and reliability in customer service and blending with understanding and communication, multifamily communities can cultivate an environment where residents feel valued and connected.

Multifamily owners and property management companies should adopt these technological advancements. Investing in mobile apps, leveraging maintenance ticketing software and exploring AI solutions elevates service offerings and performance. The future of property management is here, and it's time to seize the potential of technology to forge lasting relationships with residents.