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Employee Engagement

The latest multifamily research and data regarding the impact of employee engagement on resident retention, online reputation, and revenue growth.

Resident Retention: Low Cost / No Cost Strategies

Numbers? We Ain't Got No Stinking Numbers! 

So, you need to obtain permission to enter, track down a late rent payment, return a phone call, or place a pre-renewal phone call.  But wait! Their phone number isn't in the system. Surprised? You shouldn't be. 

The sad truth is that the average apartment community has contact information for only 50% of their residents, and much of that information is outdated.  Perhaps, as an industry, we have the mindset of, "Well, at least I know where they live!" The problem is that when issues come up and we need to contact them, we can't.  Calling information, searching through their paper rental application, searching the White Pages online... It's a waste of the staff's time - and time is money! 

There's a simple, yet EXTREMELY effective solution. We ask the resident for their contact information.  Sounds crazy, I know. But snark aside, by setting an organizational standard, property managers can train the team to ask for or confirm the resident's contact information at every interaction.  The impact of this basic cultural change will astound you.

"Well hello Mrs. Jones. Yes, I can help you with that. Oh, I see that we do not have a current phone number for you. What's the best number to reach you? What's the best email address to reach you?"  "Thanks for calling Mr. Lee. Is this still the best number to reach you: 555-1234? I see we don't have an email address for you. What is your email address?" 

For whatever reason, our leasing teams feel uncomfortable doing this or don't see its importance. They can close a deal and ask for the $1000 monthly rent, but they find it difficult to ask for an email address or phone number. Get over it. My doctor's office does this; my hair salon does this; even the retail store where I buy my favorite soap does this.  The result? They can each contact me when they need to, whether its to change an appointment, give me a reminder or offer me a special deal. In return, I feel valued, I feel appreciated, and it makes my life easier, frankly.  It makes me want to continue doing business with them.

Not convinced? Chew on this: when conducting surveys for our clients, 85% of survey respondents provide their contact information when asked.  And our research shows that those communities with a high percentage of resident contact information have a higher rate of resident satisfaction, because it indicates a willingness and ability to communicate.  The proven equation you need to remember is this: Higher satisfaction = Higher likelihood to renew.

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