5 Ways To Build Resident Retention This Thanksgiving Season

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.

The Gift Of Thankfulness

The gift of thankfulness can go a long way, especially in today’s world where people feel isolated, alone and even forgotten. Now, of course, we know that gifts can add up but there are ways to say thank you within a reasonable budget. First, printing off festive tags and attaching them to your gift of choice speaks volumes to your residents. Most people are visual and seeing something that marks your gratitude will lift their spirits before they even open the gift. Some simple gift ideas are filling small bags with candy, creating hot cocoa jars filled with cocoa, small marshmallows and crushed peppermint candy pieces, smores kits or a simple box filled with specialty teas. Whatever the idea, residents will appreciate the thoughtfulness behind your efforts and see that you took the time to show you care.

Being Thankful As A Community

Outside of showing your appreciation to your residents, it’s important to find ways of bringing your residents together as a community. When residents feel they are a part of something they are less likely to leave. Even in today’s current season there are ways to connect; it just takes a little bit of creativity. A simple go-to idea for bringing the community together is having everyone write on a leaf made of construction paper what they are thankful for. As residents add their thoughts, a thankful tree can be created within the complex’s office space. This is an ongoing idea that everyone can participate in and even reflect upon as they read from what others attributed. During a time where many have experienced loss in multiple areas of life, creating a visual of what we can all be thankful for is a great way to come together as a community. Being thankful as a community draws people together and is one way to communicate that we are not alone.

To-Go Thanksgiving Craft Sets

More than likely, within your complex you have multiple families with small children. During Covid we have all had to spend more time in our homes in order to keep everyone safe which makes to-go Thanksgiving craft sets a great idea in reaching our residents, letting them know we are thinking of them and that we care. Economical friendly sets can be created by buying items in bulk and creating bags to pass out to the families. Even residents who are older can appreciate these gifts as they may know someone they can share it with and spread the joy of thankfulness. The idea is that you show your residents how thankful you are for them, even if the gift item itself cannot be used by them directly. There are tons of craft sites that can be looked at online to find ideas in building a craft set for the season and you and your team may have just as much fun putting them together!

Community Food Drive

Now here is a common idea that everyone can get behind! Local stores all over the area collect non-perishable foods to help those in need during the holiday seasons. Whether you directly partner with your local stores, a local church or even put together your own food drive; people feel better when they can find ways to give to others and a community food drive is a practical way to do this. Not only will everyone be helping families in need but this is another way of bringing your residential community together and establishing resident retention. Community food drives can be as simple as letting residents know that they can drop off non-perishable goods to be collected in the main office. You could even go above and beyond and ask residents if they know any families in need so that residents can see their giving touch the lives of those in their surrounding community. Being involved within your surrounding communities is a great way of establishing rapport and speaks volumes about you to your referrals.

A Raffle Of Gratitude

Who doesn’t like a good raffle?! A nice worthy prize at the end gets everyone excited about the possibility of a raffle and what better time to do it than the thanksgiving season. Raffles can be as basic or complex as you choose; it’s the creativity behind it that makes it worth the while. We like efficiency so putting together a raffle that kills two birds with one stone, sort of speak, is prize worthy for all involved. One idea that accomplishes this train of thought is putting in names for those who pay their rent on time and even adding an extra ticket for every day that they are early on their payment. This encourages tenants to not only pay on time but even go the extra mile if possible to pay their rent early. Of course, the prize at the end of the raffle must be worthy of such measures. We know that not everyone can pay their rent whenever they want as households have specific budgets within specific timeframes so to add to this idea, one way to have extra raffle tickets entered under a tenants name is to enter tickets for those who have been tenants for at least six months. This way, everyone feels they have a solid chance of winning and is excited to hear of the outcome.

No matter what ideas you implement to build resident retention this Thanksgiving season, we are sure that any act of gratitude towards your tenants is a win for everyone!

Property Management Tips In Managing Multi-Family Communities During Covid

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.

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What Property Managers Can Learn From The Elite 1% ORA Power Ranking

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.

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What Are The Top Amenities For Condos

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.

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Tips to Build Community in your Multifamily Property

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.

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Cost cutting tips for multifamily property owners Part 2

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.

 

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Multifamily property owners can implement technology to cut costs and improve returns

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.

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RESPONDING TO NEGATIVE REVIEWS: THE PROPERTY MANAGER’S GUIDE

Navigating online reviews is critical for small businesses due to the popularity of social media and review sites. If done correctly, responding gives you the chance to deliver strong customer service and show potential renters you care. In fact, a recent study found that constructive engagement with reviewers actually leads to more reviews and higher ratings.

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