Are You Dating Your Residents?

If you're not, may you should be! No, not you and the cute resident in 202A, out for dinner and a movie. The dating as in - continued involvement with an intentional relationship strategy. Websters definition of dating states: The relation connecting or binding participants in a relationship.

Often in multifamily, extensive plans are prepared to acquire new prospects, new residents. Budgets are made, expenses outlined, advertising and marketing efforts are defined and executed. Chic displays are presented, and the list goes on and on, on how to attract great qualified residents. And Ta da!! It works!! You capture the awesome lead, wow them with your wonderfulness and Presto! You have a brand-new resident living in your community.

Like dating, we strive to present the very best version of ourselves and our community during the leasing and online tours. We make sure all looks good, smells amazing, we walk & enjoy quality time together, are professional, polite and show genuine interest in the person. The prospect. Our date.

But then what? Is the same effort and attention extended once they live there? Do you continue wooing and dating them, or do you just let them exist until the dreaded, Dear Valued Resident renewal letter is pushed out. Cause hey, you already got them, right?

We learn early on in the apartment industry that resident retention is the best and most affordable way to keep a property occupied and maximize revenue. In addition, the residents that stay and renew their lease are usually happy and it often leads to valuable resident referrals and positive word of mouth throughout the community. Shutting the back door is what we used to call it. But are we doing it? Do you continue to date your residents once they move in?

In today's market we've seen some of the highest occupancy rates experienced in years at higher rental rates. Renewal rents are often increased up to 30% (or higher) in some markets. In the Midwest as in many markets, we're starting to see a bit lower occupancy rates than in previous years. Concessions are making a comeback too. But there is always value in resident retention.

Make 2023 the year to date your residents if you're not already. There's no better time to plan, make a budget and execute "The Great Resident Date". When dating goes well and is done consistently, it often leads to long, happy (and profitable) relationship with your residents.