Apartment Trends Magazine September 2020 | Page 18

TACKLING TURNOVER:
By Ashley Tyndall
Chief Relationship Officer, Swifty
10 STRATEGIES TO MAXIMIZE YOUR RESIDENT
RETENTION AND ENHANCE RENTER EXPERIENCE
A
good multifamily professional knows
that resident retention is key to the
success of the community and bottom
line. Retaining residents is just as
important, if not more so, than getting
new ones.
Reducing resident turnover doesn’t
only make financial sense, but it can also
lead to stronger long-term relationships
with your community and added value to
the property. Decreasing your turnover
can not only save you in annual expenses
but it can also liberate hours of work from
the maintenance team that can be spent on
other pertinent issues.
However, solving the issue of resident
retention is no easy task. Below, we’ve
outlined strategies for multifamily
professionals to maximize retention and
enhance the resident experience in
the process:
1. DEVELOP A STRONG BRAND AND
RESPONSIVE APARTMENT WEBSITE
A website is the centerpiece of a
strong brand identity, which is why your
multifamily property needs to make it the
best it can be. As more people access the
internet via their mobile devices, responsive
web design will continue to be the most
important feature for apartment websites.
A good apartment website will be mobilefriendly,
responsive, creative, and will drive
brand recognition.
2. DISTRIBUTE A RESIDENT NEWSLETTER
Newsletters aren’t just a tactic to market
your property; they are a way to stay in
front of your residents on a regular basis
and offer them resourceful information.
Consider distributing a newsletter every
week or month to offer reminders to
residents of all the fun events taking place
in your community. Take this opportunity
to offer resident deals, amenity or property
updates, highlight community events, and
other value-add content.
3. MAKE SOCIAL MEDIA THE
CENTERPIECE TO YOUR APARTMENT
MARKETING STRATEGY
Today’s residents want you to meet them
where they are most active, and right now
that’s on social media. It’s critical to actively
connect, engage, and inspire residents
through your social media presence.
Host special giveaways and contests,
share relevant news, offer easy recipes,
or highlight local happy hours. Position
yourself as a trusted and valued resource
to attract new residents and retain
current ones.
4. ASK FOR RESIDENT FEEDBACK AND
MAKE IMPROVEMENTS
No apartment community is perfect, and
property managers can’t please everyone.
However, the properties that don’t listen to
their residents or make improvements will
see the highest turnover.
Create custom surveys, hand out
comment cards, run polls via social media
or email, or utilize feedback management
software to reach your residents and
learn their likes and dislikes about the
community. Remember, residents don’t care
about how you obtained the feedback if you
don’t execute on it. Initiate opportunities
to gain resident feedback, then respond
accordingly to make the resident experience
a pleasant one.
16 | TRENDS SEPTEMBER 2020 www.aamdhq.org