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Using Data to Maximize the Resident Experience

Do you have a way to measure your residents' use of your property and your amenities?  Francis Chow, of Ellis Partners, who spoke at this year's National Apartment Association Education Conference and Exposition, showed the audience why understanding touch points with your residents can be so critical to understanding your resident's needs and how to impact their decision to renew.  His panel was speaking on the topic of using "Big Data", and he shared some great information: 3 months after move-in, engagement and loyalty drops Loyalty decreases when rents increase or even when residents anticipate a rent increase It is pretty common for residents to get "lost" during that period between 3 months, where they are active with the move-in process and move-in related maintenance requests, and the later renewal period.  Francis noted that the primary reasons for this lull is "staff engagement, resolving of issues and the ongoing 'connection with the resident' ".  So while we may be blissfully ignorant of their state of mind, thinking they are completely happy with their experience, they are actually trending downward in their connection with their community.  What I love about going the NAA Conference is that not only do I get great factual data, but it also spurs me on to analyze different elements of multifamily operations to see if there are improvements possible.  For example, if we are discussing the idea of using resident touch point data to adjust our operations to impact their experience, then there are two challenges I......
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Hyper Targeted Renewal Incentive?

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I have never seen anything like this before - Customizing your renewal incentive specifically to the needs of that particular resident!  I can't imagine it would be practical for widespread use, but I thought you all would get a kick out of it.

Apparently the property manager has realized that the resident has a LEGO obsession!  What a great renewal letter.

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Source: "My landlord knows me too well..."

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