Oftentimes, multi-family housing focuses on marketing towards new tenants but what if some of that focus was geared towards keeping the tenants you already have? Resident retention is just as important as marketing for new tenants because it not only decreases turnover rates but it has the ability to function as a referral base as well. Here we offer 5 ways to build resident retention this Thanksgiving season.
With Covid-19 in effect, many of those in the work field have had to work from home and as much as we may think this is a byproduct of the virus, the truth is that the virus has only accelerated a trend that many were already practicing. Yet, it’s new enough that some are still adjusting. With multi-family communities in mind, rental agents have had to try and find new ways to stay engaged with their tenants, all the while continuing to keep safety in mind. As much as we would like to think that everything will go back to what we knew before, multi-family properties may need to anticipate this ‘new’ way of engaging with their tenants in the future. No matter what lies ahead, the focus should be on maintaining a thriving community where tenants feel their overall needs are met.
There is more to an ORA Power Ranking Score than one may think. With the digital world making its leaps and bounds in every facet of the world as we know it, society functions every day via the internet and that is the first place they will go when researching multi-family residences for tenancy. Here we will briefly discuss what property managers can learn from the elite 1% ORA power ranking.
What Is An ORA Score?
An ORA score is an online reputation assessment. This assessment is compiled from ratings of over 21 different review sites with the score itself being determined on a scale of 0-100 per property. The determined score is a widely acknowledged ranking that serves as a benchmark to compare and contrast individual properties as it relates to resident satisfaction, community performance and positive online reviews and rankings. The ORA Power Rankings are based on monthly assessments of independently ranked multi-family properties and management companies ORA scores. J Turner Research developed this multi-family industry standard to measure online reputation, however, property or management companies are not required to be a J Turner Research client to qualify for this ranking.
As with any multi-living development, the key to knowing which amenities are right for your residents is dependent upon the demographics of the area your looking to build. As developers, it’s important that you know which amenities are essential to your residences living experience in order to ensure your targeting the right market. Here are the top five amenities that are standing out above the rest as must-haves for condo buyers.
Multi-family owners and operators carry the responsibility to not only create a sense of home and safety for their tenants, but also the atmosphere and feel of the apartments community. It’s a significant task and one that owners and operators should feel honored to provide. Tenants living side by side will not always engage with one another as they go about their day to day. This is why it’s important to cultivate an atmosphere where tenants can gather and build community with one another. The following tips provide some ideas to potentially build an engaging sense of community.
Property management professionals are always looking for opportunities to make adjustments and cut costs wherever they can in order to cut costs and continue to realize profits. Cutting back on expenses is never easy, but there are ways that you can save some money without having to sacrifice service or efficiency. Here are a few ways that you can start cutting costs in your property management business.
The days of simply collecting rent and making sure the grass is trimmed are long gone for today’s multifamily owners and managers. To be an efficient competitor requires more skills and knowledge than in the past, especially for small property owners. Some of today’s savvier owners are improving bottom lines by leveraging technology and other resources. They are discovering that what works for top leading competitors can also work for them.