Introduction

Resident retention is a hot topic in Multifamily these days. It is cheaper and easier to have a resident renew than find a new renter--- $2,811 cheaper to be exact. So why does multifamily still have a turnover rate of 53%? Most agents don’t have enough time to check in with residents regularly. We identified the five best times to connect with residents. Now, this can seem like more than your agents have time to do, but there are a lot of email schedulers that can make this a breeze for your team.

Settling the Pre-Move Jitters

Before any big change in life, there seems to be a frenzy of emotions. Over the course of one minute, a soon-to-be resident can go from ecstatic to stressed to sad. With all that going on, it’s hard to remember things like when to pick up their keys or how to reserve an elevator.

The last thing they want is to do is realize they needed a money order to pay the first month’s rent and all they have is a credit card. And to top it off, its a Sunday so the bank is closed.

The worst part is that the leasing agent told them about the money order three weeks ago when the lease was signed. So, they only have themselves to blame. Let’s be real, nobody wants to blame themselves. So, they are going to blame you, the property management, instead.

This is not how you want to start off a relationship with your resident.

Andrew Grant said it best, “You never get a second chance to make a first impression.” So let’s make sure it’s a good one.  We have compiled a list of emails to send to new residents before they move in. 

These emails gives your soon-to-be residents peace of mind when they are preparing for their big move. This gives your new residents a positive outlook on their new home… and their new management company! With your residents moved-in, it’s time to get them connected to the community with a set of Welcome emails!

Why is the Welcoming Residents Important?

Have you ever house sat for a friend? It can be like a little vacation living in someone else’s house for a few days. Unless, your friend forgot to tell you where anything is.

So you are stuck watching old DVDs because you can’t figure out the TV or the Wifi password. Or worse, they didn’t tell you the restaurant down the street regularly gives their customers food poisoning. Which is super unfortunate since you don’t know where your friend keeps the extra toilet paper…

Moving to a new place can be kind of like that. We made a list of emails every PMC should send to help your new residents navigate their new neighborhood.

Welcoming your residents makes your property feel like home. Plus, it gets your residents connected and involved in your community! So you have done a lot to make residents happy at your property, next we are discussing which emails you should send to keep residents happy. 

Check-In Before Residents Check-Out

“I can’t get no satisfaction.” It’s cool when The Rolling Stones say it, but no so much when it comes from your residents. We want residents to feel like Pharrell Williams, happy. To state the obvious, happy residents renew leases. So, we created a list of emails to make sure your residents are satisfied.

You should start sending the Satisfaction emails about three months after a resident moves in. Then, it continues to send them a monthly email for the next two months. This gives you a way to check-in without seeming naggy. The satisfaction emails are a great way to assess your resident’s happiness. Plus, it gives you a way to fix any problems your residents may have before they make their renewal decisions. These emails are a simple way you can increase resident retention! Next, we are going to talk about how renewal emails can inspire more residents to renew their leases!

Reduce, Reuse & Renewal

The Renewal emails allow you to reduce employee efforts, reuse lead lists and get more renewals!

Did you know, a PMC loses $2,811 for each resident who does not renew? Seems a little outrageous, but when you think about the time your property spends vacant, the cost of acquiring new leads and employee hours used to get leases signed, you can see how it adds up fast.

So, we composed a list of emails to encourage more residents to renew their leases and save you time and money!

Multifamily is quick to say things like ‘Never let a lead get away’ yet forget that they have a perfect pool of leads right under their noses. The renewal emails make it easy to send residents some TLC and to save PMC’s thousands in the long run! However, there will always be some residents who chose not to renew. Next, we are going to explore how exit emails can ease the move-out process.

Exit with Care

Tom Stoppard once said, ‘Look on every exit as being an entrance somewhere else.’ That is the exact idea we have when we think about residents who are moving out. Yes, a resident is leaving and no longer is a paying customer, but that doesn’t mean they aren’t valuable. They have just moved from a customer to an ambassador for your property. Also, they can provide crucial insight into your resident turnover rate.

In fact, many people are happy to refer friends to communities they once lived. Unless you stink at property maintenance or resident care, chances are your residents are moving out for reasons beyond your control. They may need to relocate for work or maybe they are starting a family and need a bigger place. Most of these residents would be willing to recommend your property.

That’s why it is so important to make the move-out process easy. It is the last memory they will have and you want to make sure it is a good one. The Exit emails make the most out of losing a resident.

Maintaining a good reputation with former residents can increase the likelihood of a referral. Plus, your residents will be more inclined to fill out an exit survey, which can increase your resident retention in the future.

Conclusion

By creating an email strategy that targets these five stages of the resident lifecycle, we believe you can increase resident retention and improve your bottom line!

Your Turn. Where are other pain points for residents that should be addressed?

Next Week. We are talking about the three stages in the prospect lifecycle that your email strategy should focus on.