Engaged Residents + Premium Amenities = Improved Retention Rates and Better ROI
PROPERTY MANAGEMENT
When you’re a property manager, one of your most important jobs is to help keep good residents in your building. Keeping good residents happy is easier, less costly, and less risky than looking for new ones to fill empty units. Residents who are engaged with their communities and friendly with other residents make better long-term community members, and premium amenities can help. Take a look at what you need to know about increasing your retention rates and ROI with engagement and premium amenities.
Facilitating Similar Interests
People who share specific interests or hobbies are more likely to become friends because they already have something in common. That means that appealing to certain sub-groups may attract residents who are more likely to bond over their shared interests. For example, a property that has a golf course on the grounds will most likely attract golfers, and those that don’t already know each other will meet on the course and establish friendships.
What’s more, facilitating these kinds of interests will also generate referrals. Residents who love the property and what it has to offer will recommend it to their friends who have similar interests and hobbies. People referred by existing residents are more likely to be a good fit for the existing community and therefore more likely to stay. Building an engaged, cohesive community through shared interests means retaining more residents even through rent increases because the residents will be more likely to see increased rates as worth paying.
Convenience and Customer Service
It’s difficult to establish bonds with your neighbors or engage in your favorite hobbies when you’re busy waiting for maintenance to fix your sink or running across town to pick up your dry cleaning. Providing your community members with excellent customer service and amenities that make their lives easier is another good way to ensure not only that your residents are happy, but also that they’re able to build relationships in the community.
For example, if you can offer your residents a premium laundry and dry cleaning service like Tide Cleaners, they will be able to cut down on the time they spend doing laundry and spend more time getting to know their neighbors and taking advantage of the other activities your community offers.
With Tide Cleaners, community residents can drop off their dry cleaning and other laundry in a convenient on-premises dropbox, and pick it up after it’s been cleaned and returned to the locker. This cuts down on the time they have to spend doing errands and chores and increases the time they can spend engaging in the community. Plus, they won’t want to leave a community that offers this kind of convenience.