How to drive financial results with resident engagement

In today's competitive multifamily industry, driving resident engagement is crucial for achieving improved financial results. As a multifamily owner or operator, you understand the importance of building a strong community and fostering tenant satisfaction.

In this blog post, we will explore why resident engagement is essential for financial success and provide six clear steps on how to approach this strategy effectively. By implementing these proven tactics, you can enhance resident experiences, increase resident retention rates, and drive long-term financial growth.

• Step 1: Foster a resident-centric culture
• Step 2: Build a vibrant community
• Step 3: Leverage technology for communication and convenience
• Step 4: Personalize resident experiences
• Step 5: Support local businesses and engage in the community
• Step 6: Continuously measure and adapt

Why resident engagement matters

Resident engagement directly impacts the financial performance of your multifamily property. Here are a few key reasons why it should be a top priority:

1. Higher Tenant Retention: Engaged residents are more likely to renew their leases, reducing costly turnover expenses and minimizing vacancy periods.
2. Positive Online Reviews: 69%^* of renters check online reviews when searching for an apartment. And nearly 80%^* of them won’t visit a property if the reviews aren’t great. That means a strong online reputation is critical to attracting new residents.
3. Increased Referrals: Satisfied and engaged residents become advocates for your property, referring friends, family, and colleagues, resulting in a higher occupancy rate and reduced marketing costs.
4. Enhanced Resident Satisfaction: By actively engaging residents, you create a sense of belonging, improve overall satisfaction, and establish long-lasting relationships that contribute to a positive living environment.

6 steps to approach resident engagement

To effectively drive resident engagement and improve financial results, follow these steps:

Step 1: Foster a Resident-Centric Culture 

Put your residents at the center of everything you do. Train your staff to prioritize exceptional customer service, active listening, and prompt response times. Superior service will make residents feel valued and appreciated. In a world where residents have more options than ever, customer service is the best way to stand out against your competition.

Step 2: Build a Vibrant Community 

Organize regular community events and activities that encourage social interaction among residents, no matter how big or small. These events can range from holiday parties and fitness classes to game nights and educational workshops. By providing opportunities for residents to connect and form meaningful relationships, you create a sense of belonging that fosters long-term engagement.

Step 3: Leverage Technology for Communication and Convenience 

Embrace technology solutions that streamline communication and provide convenience for your residents. Sign up for a resident engagement app like Cobu, which lets residents interact online in a moderated platform. Also, implement a resident portal that offers easy access to important information, such as maintenance requests, package tracking, and rent payment. This tech-driven approach enhances resident satisfaction and engagement.

Step 4: Personalize Resident Experiences 

Recognize that each resident is unique and has different preferences. Utilize resident polls and raffle questions, comment sentiment, and other feedback mechanisms to gather insights and understand their expectations better. Personalization demonstrates your commitment to resident satisfaction and fosters a deeper connection with your community.

Step 5: Support Local Businesses and Engage in the Community 

Forge partnerships with local businesses and organizations to provide exclusive discounts, perks, and community involvement opportunities for your residents. By supporting local establishments and participating in community events, you strengthen the sense of community and offer added value to your residents' living experience.

Step 6: Continuously Measure and Adapt 

Regularly assess your resident engagement efforts to identify areas for improvement. Monitor key metrics such as resident satisfaction scores, renewal rates, and referral rates. Use these insights to refine your strategies and adapt to evolving resident needs and preferences. Continual measurement and adaptation are crucial for sustained success.

Conclusion

Driving resident engagement isn’t an option for multifamily owners and operators seeking improved financial results. By prioritizing resident-centric culture, building a vibrant community, leveraging technology, personalizing experiences, supporting local businesses, and continuously measuring and adapting, you can create an environment that fosters long-term engagement and ultimately leads to improved financial performance. Remember, resident engagement is not a one-time effort but an ongoing commitment to cultivating strong relationships and creating exceptional living experiences. By implementing the steps outlined in this blog post, you will be well-equipped to drive resident engagement, boost tenant satisfaction, and achieve your financial goals. Embrace the power of resident engagement and position your multifamily property for long-term success.

*2022 Renter Preferences Survey Report, NMHC

Learn how Cobu can help you increase retention by up to 20%.