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