Competition in the multifamily market is heating up, and if you are not continually looking for ways to innovate, you might be falling behind.

According to CBRE, multifamily construction will remain elevated in the near term and completions are expected to reach an all-time high this year. Another 300,000-plus units are expected to be delivered. Deliveries have averaged 206,000 each year since 2010.

With this positive outlook in mind, how can your property stand out from the crowd to win the loyalty of prospective renters and retain current residents?

Below we explore some out-of-the-box solutions multifamily industry leaders are embracing to maintain high occupancy and distinguish their properties from the competition.

1. Actively managing their property’s online reputation.

It is more important than ever to actively monitor your property’s online reputation. As the impact of brand trust on a consumer’s purchase decision rises, your prospective residents will increasingly turn to current residents for reviews and feedback about your property. In fact, an Edelman study found that more than half (57%) of respondents said they would purchase a new product or service from a brand they trust. 

Brand trust matters and brand trust is established through word-of-mouth referrals and resident reviews. Prospective renters want to hear from someone who actually lives at your property. Online reviews and social media sites are becoming an integral research tool for people seeking an apartment home, and hearing from real people is more trustworthy to your residents than advertising.

A report by J Turner Research found that 62% of residents check apartment ratings and reviews at the beginning of their apartment search. In order to outpace the competition, it’s clear properties need more than a couple of reviews per month, and many industry leaders are taking notice.

Greystar Real Estate Partners, for example, considers online reputation management as a critical component of its leasing strategy. “There is an unquantifiable loss of traffic that you will never even know that you could have possibly had at your door if you don’t manage your online reputation,” Jackie Rhone, Greystar’s executive director of real estate, said in the J Turner report. “We consider it as our new online curb appeal.”

2. Sending personalized emails before signing the lease.

Most leasing agents utilize a hard sales approach when interacting with prospective residents, but that trend is starting to shift as more property professionals realize the benefits of “soft selling” their residents.

Cortland Partners — an Atlanta-based apartment management company with 30,000 units — takes a softer approach to the sales process. Rather than asking the person to sign a lease right away, leasing agents will ask open-ended questions to build a relationship with that prospect on a deeper level. Based on the response, the leasing agent will then send personalized follow-up emails to funnel them further into the buyer’s journey.

For example, the property’s leasing agents will ask prospects what their hobbies are. If the prospect enjoys painting, for example, the agent would send that person an email with a list of art galleries and exhibitions near the community. By engaging with prospects rather than pushing the sale, the staff shows they genuinely care about their renters and want them to be part of the community.

3. Using gamification and rewards to incentivize residents.

Rewards programs are not a new tactic. Property managers can achieve several benefits from investing in gamification tools to reward residents for taking certain actions. In turn, this can significantly impact referrals and resident retention, which ultimately adds to the bottom line. Investing in gamification programs can not only increase your property’s brand awareness, but it also encourages current residents to renew. Industry leaders like Lincoln Property Co. and Gables Residential are just two of many property management companies that utilize these types of programs to incentivize current residents and attract new renters at their properties. 

These programs allow renters to complete tasks and collect points which are then exchanged for prizes, discounts, and gift cards. Tasks include writing a review, taking surveys, referring a friend, posting about the apartment on social media, and even renewing their lease.

4. Showing resident appreciation in creative ways.

While all apartment communities offer resident appreciation events (or should), not all properties take these events to the next level. Elevating your resident events does not require a big budget, but it does require big creativity. 

Providing free donuts in the leasing office once a month is no longer enough; today’s residents are more inspired by personalized tokens of appreciation. Showing residents your appreciation in new and unique ways is what helps build those long-term relationships and edges out the competition.

At one of Cortland Partners’ communities, for example, the apartment expressed its gratitude to a 40-year resident by throwing her a party, complete with cake and various festivities.

Even if throwing resident parties is out of your budget, there are other ways industry leaders can show their appreciation beyond offering free pizzas every once in a while. Station a few of your community staff members at the apartment’s exit one morning and hand out breakfast bags filled with bananas, granola bars, juice, and a nice note. You can even host a bingo night for residents with useful prizes like bags of groceries or gas station gift cards. 

Increase Your Retention, Increase Your ROI

The bottom line is that there are various solutions you can adopt to kick your apartment community up a notch (and increase retention at the same time). The key is to be unique and thoughtful to show your residents that you truly care. As more and more residents value experience over amenities, it is paramount your organization focuses on building the customer experience, rather than building the latest and greatest in community luxuries. Doing so will not only increase resident retention and your brand awareness but likely your return on investment as well.