resident retention
Mastering Self-Discipline and Fostering Patience
Achieving Success in Multifamily Property Management Through Personal Discipline and a Culture of Patience
Photo by Tyler Milligan on Unsplash
In the realm of multifamily property management, self-discipline, and tolerance are vital. Self-discipline guides leaders to stay focused, make sound decisions, and maintain integrity. Patience creates a harmonious environment where residents and team members thrive. Let’s look at some insights into these challenges and provides solutions for integrating these essential qualities into your leadership.
The lack of self-discipline can lead to inconsistency, inefficiency, and failure to meet objectives in property management. Meanwhile, an absence of tolerance may foster a hostile environment, causing dissatisfaction among residents and team members. The combination of these two weaknesses can lead to significant problems such as decreased resident retention, poor team member morale, and legal complications.
Cultivating self-discipline starts with setting reasonable expectations, diligently working to meet them, committing to daily routines, time management, and personal accountability. This leads to a more robust decision-making process and success in meeting residents’ needs, enhancing efficiency, and earning trust from residents and team members.
Promoting patience within the team can be achieved by creating open communication channels, regular training, and actively recognizing and rewarding team members. This fosters an intentional atmosphere, builds community among residents, improves resident retention, and makes a living and working environment more attractive.
Marrying the qualities of self-discipline and patience allows multifamily property leaders to create a cohesive and high-performing team. This ensures content residents and a thriving community, setting a course for long-term success and generating loyal residents and satisfied team members who align with the property’s values and goals.
Nick Latz | Collective Conversations
All Aboard The Spirit Train
I recently heard a story from a friend who is also in the property management business about an apartment community that was promoting an early renewal contest. The community sent out flyers telling residents that if they signed renewal papers early, they would be entered into a raffle. So a resident excitedly entered the leasing office early with his paperwork and, as my friend stated, “that’s 12 more months of rent right there” and their office associate begrudgingly took the paperwork, almost as if not interested in dealing with this obviously-satisfied-enough-to-renew-for-another-12-months resident, that there was not even a smile on his face and didn’t even mention the contest until the resident asked about his raffle ticket.
I understand that sometimes we as property management communities forget that our every day job is the same place that our residents want to look forward to coming home to after a hard day of school or work. I can even think back to times when I was really tired and busy and would lose sight of the fact that where I work is where people live, their home, the place they chose to live (and renew) among the hundreds of others, but even then I can’t remember being annoyed and ungrateful when they brought their renewal paperwork back or got excited about a contest or event (especially because sometimes it took a lot of work on my part to get that renewal paperwork back!). The fact that they got excited about contests and events was often the motivation I would need to get back on the spirit train.
I visit on-site teams now to help them think of new ways to involve residents in the community, and more and more I hear them tell me that their residents don’t want to be involved or aren’t interested in the community experience. And I honestly started to believe it. Then I hear a story like this, and it makes me think: If when they are excited and motivated enough to participate, they are then let down by feeling like they are being bothersome, it’s no wonder they “don’t want to participate”. Just as we would not want to go home to someone who’s miserable to have us there, neither do our residents and it just might mean they go elsewhere where they are appreciated.
While I will not naively believe that every resident will get excited about or become involved in every community activity that is presented to them, that story helped me to regain that spirit and confidence in the importance of resident appreciation and community activities and I hope to motivate our teams to get back that spirit instead of giving up.
I would love some advice and even some great stories that I can share to help others regain their spirit and motivate them to continue to think outside the box and create a living experience that is truly memorable for their residents.
Using Social Media to Market Apartments – Resident Retention
Apartment residents move for a variety of reasons and many times we have no idea why. It’s kind of a shame, really. Social media/networking can help change that and by default drive down our cost of turnover. Think about it, if you couple the advent of the internet with the understanding that people are innately social – toss in a few platforms where they can observe, connect or participate and you have the perfect recipie for resident retention. And, as demonstrated in the last post you have the recipie for some great GoogleJuice. What we are really after is what Seth’s Blog: Share of wallet, share of wall, share of voice speaks to. [A quick shout out to @sbrewer10 for bringing this one to my attention.
In short, Seth speaks to the point many of us have made over the years – long before the advent of the internet and social platforms – the replacement cost for a resident is far more than the cost of retaining our current ones. Lisa Trosien wrote a great piece over at Multifamily Insiders that speaks to this point.
What kind of experience are you creating today to get a share of the wallet, wall or voice of your current resident base?
Have a stellar day –
M
Why did you lease?
In the dynamic realm of multifamily real estate, understanding why individuals call a property their home is crucial for growth and success. Traditional marketing strategies often analyze why prospects did not lease, yet there is a transformative opportunity in shifting this perspective. By asking new residents why they lease, we can uncover invaluable insights that affirm our strengths and provide a robust foundation for strategic marketing efforts.
This approach fosters a paradigm shift in how we perceive and utilize resident feedback. It’s a move from a deficit-oriented perspective to an asset-based mindset. This transition is not merely a change in technique but a profound cultural evolution within the organization. It signifies a commitment to celebrating and building upon what works rather than solely fixating on shortcomings.
The insights gained from new residents are a treasure trove of information. They offer a direct window into the most appealing factors about our properties, be it the location, amenities, community atmosphere, or customer service excellence. Understanding these key drivers of satisfaction enables us to tailor our marketing strategies more effectively, ensuring that we highlight these strengths in our outreach to potential residents.
Moreover, this strategy aligns perfectly with the human-centric approach to leadership. It involves listening to and valuing the voices of those who have chosen to become part of our communities. This enhances our marketing efforts and contributes to building a vibrant, engaged community. When residents feel heard and valued, it fosters a sense of belonging, critical for retention and word-of-mouth referrals.
Implementing this strategy requires a systematic approach to gathering and analyzing feedback. This might involve post-move-in surveys, informal conversations, or community events designed to engage residents in sharing their experiences. The key is to ensure that this feedback is collected and actively used to inform marketing strategies and operational improvements.
