As we enter into a new year, for many it is the season of goal-setting and incorporating ways to give back beyond the holidays. Anyone involved in managing and operating a multifamily portfolio knows the importance of resident retention. There are so many ways to give back to your communities, and goal-set for 2022 to make a positive impact on your residents. Here are our top 4 suggestions for new year goals that promote resident retention:
- Build a Community
Building a community can be done through a variety of ways, and often doesn’t have too much of a burden on your budget. Some ideas here include organizing a food or clothing drive for those in need, or sending out ‘Thank You’ notes to your residents. Small acts of kindness go a long way in letting your residents know that you appreciate them, and can leave them with a sense that they belong, making it more likely they will stay in the community longer.
Other community ideas include building “Pet Perks.” These can be as simple as treating pets like the family members they are, providing treats in the office/clubhouse, or starting a “Pet of the Month” club.
You can also host events like a movie night at the pool, resident meet & greets/networking events, Food Truck Fridays, community gardening days, or even holiday themed events like a pumpkin carving contest, sugar cookie decorating, or a wrapping party where you supply tape & wrapping paper.
- Set Aside a Small Budget for Resident Thank-You’s
A little can go a long way in this arena! By setting aside a small budget to help with resident retention, you can offer thank-you’s to your residents that really make a difference. These can be small Starbucks or Amazon gift cards for a much-needed pick-me-up. You could even create a raffle to encourage more interaction with the residents by having them come to the office to enter to win something of value.
Another idea would be to identify anyone across your communities who might need a little extra assistance after the financial strain of the holidays – think of those families who are expecting a baby, dealing with health issues, losses in their family, or who have recent job changes. This would be of the strictest confidentiality but you could offer them a small discount on rent for the month of January or February.
- Add Rent-Reporting and Financial Services into Your Amenity Package
Rent reporting and financial services are a great addition to your amenity package that will leave a lasting positive impact on your residents for years to come. It can even generate ancillary revenue for your communities. By adding a rent-reporting service, you give residents the opportunity to build their credit and improve their financial health. Building credit opens many financial opportunities for your residents for the long-term. They’re better able to qualify for lower loan rates, better interest rates, and look forward to the future possibility of buying a home. These perks all come at a low cost to your residents, give your communities a competitive advantage, and incentivize residents to stay longer. On average, communities that offer rent-reporting and financial services, like RentPlus, have residents who stay longer than those communities who don’t offer this service. Make adding rent-reporting a goal for your community, and it’s likely you’re helping your residents achieve some of their own 2022 financial goals as well!
- Build value-add amenities into the 2022 budget
This is another great way to give back to your community, while also benefiting from value-add amenities that encourage your residents to stay longer. Set a goal to carve out a portion of your 2022 budget and provide some attractive perks to your residents, like turning your community into a smart community. Often, while these additions improve the overall community appeal, they can also provide cost-savings. A recent study showed that smart thermostats save an average of 10-12% on heating costs and 15% on air conditioning costs.
Other value-add amenities you could provide include adding food delivery or package delivery storage center, a morning coffee bar, or a community pet-walking service.
With enough planning, you can make many of these goals a reality for a prosperous new year for your residents and your business. Check out this article for more ways to show appreciation to your residents.