Resident Retention Ideas

(Editor's Note: If you are looking for Resident Retention Ideas, enjoy Bill's post below, and then feel free to check out our entire list of Resident Retention resources!)

As I have traveled the country meeting with clients, vendors and other multifamily service and product providers, I have accumulated some creative and cost effective ideas regarding resident retention and marketing. The current economic pressure seems to have induced some extraordinary, yet simple applications to not only retain residents, but attract the market, and in some cases, improve NOI beyond occupancy results. Some of these features are amenity based, subtle impact improvements. Other ideas revolve around community interactive events.

Here’s a sampling of recent, modestly priced, unit by unit amenity upgrade programs that teams are trying to win over renewals:

• Upgraded Closet Designs
• Upgraded Electronic Door Locks
• Upgraded Lighting
• Upgraded Kitchen Counter Tops
• Above Counter Lighting
• Upgraded Plumbing Fixtures
• Upgraded Hardware
• Flat Screen TV Installation
• Special Limited Unit Enhancements
• Comprehensive High Speed Wi-Fi
• Green Enhancements

From a social and service approach, managers are also trying measures such as:

• Valet Trash Removal
• Recycling Programs
• Community Gardens
• Regular Themed Parties/Events
• Group Educational Events
• Outdoor Movie Nights
• Pet Parties
• Off-Site Resident Socials
• Promotional Give-aways or Contests
• Improved Communication Services
• Proactive Maintenance Programs
• Community Retail Discounts
• Service & Product Delivery Programs

The underlying theme here is that the managers that do not except the status quo are seeking and trying new ways to add value to their residents’ living experience; serving and providing for your customer without being overbearing, as well as not breaking the bank.

Today’s consumer is more demanding than ever. They want to enjoy life while getting the most for their dollar. This doesn’t always mean the cheapest. Creating value, and marketing that value will definitely get the attention of the resident keepers.


Bill E. Nettles
pmr – Professional Multifamily Redevelopment, LLC – www.pmredev.com

As a resident I gotta say, I'd take amenity upgrades over valet trash removal (what *is* valet trash removal, anyway? they haul it from your door to the dumpster??) any day. Like, say, a full-size stove, and low-flow toilets. Included WiFi would be awesome also but I'll take what I can get!

Hi Bill,
Great post. I am always looking for inexpensive ways to improve the tenant experience and drive NOI ... at least in terms of lowering concessions in today's market.

In my discussions with my property managers ... one thing they emphasize is that improving curb appeal in Multifamily may not actually improve the Tenant experience. Remember the Tenant lives in the complex ... they don't spend all day just driving by and seeing it from the street.

I have seen that improving landscaping on the INSIDE of the complex ... especially around the pool ... can be seen as very nice by the tenants.

Just keep in mind that NOI drives appreciation and is more dependent on tenant experience than curb appeal. Check it out for yourself.

My two cents,

Dike
Dike Drummond MD CPC
Investortours University
www.investortours.com

Here's a couple questions that have been thrown out to the managers in my company...and I would love to know what you all think...

How do you give the upgrade?

Example:

Residents who have lived at the complex 1-3 years...

Do you give residents the choice of 3 different items they can pick from if they renew

Residents who have lived there 4-6 years, get a list of 3 higher end upgrades

and so on...

Or do you give all your residents the same list of 4 or 5 upgrades that are pretty close in price and let them pick which upgrade they want no matter if they've lived there 1 year or 10 years....

And...when do you let them know there is an upgrade?

Do you send a letter out (at the time of their renewal) that says, guess what, it is time to renew your lease and we want to give you an upgrade if you renew, here's your choices...or do you send out a letter to everyone that says...starting Jan 1, 2010 we will be offering upgrades to all residents who renew leases with us and here is the list of upgrades you can choose from...

Thanks...

Christine - I vote for personalizing the letter as much as possible to make the residents believe the gift is for THEM not for you. If you send out a mass mailer, it will be something that just gets tossed away.