Resident Retention Ideas

Resident Retention Ideas
As I have traveled the country meeting with clients, vendors and other multifamily service and product providers, I have accumulated some creative and cost effective ideas regarding resident retention and marketing. The current economic pressure seems to have induced some extraordinary, yet simple applications to not only retain residents, but attract the market, and in some cases, improve NOI beyond occupancy results. Some of these features are amenity based, subtle impact improvements. Other ideas revolve around community interactive events.

Here's a sampling of recent, modestly priced, unit by unit amenity upgrade programs that teams are trying to win over renewals:

• Upgraded Closet Designs
• Upgraded Electronic Door Locks
• Upgraded Lighting
• Upgraded Kitchen Counter Tops
• Above Counter Lighting
• Upgraded Plumbing Fixtures
• Upgraded Hardware
• Flat Screen TV Installation
• Special Limited Unit Enhancements
• Comprehensive High Speed Wi-Fi
• Green Enhancements

From a social and service approach, managers are also trying measures such as:

• Valet Trash Removal
• Recycling Programs
• Community Gardens
• Regular Themed Parties/Events
• Group Educational Events
• Outdoor Movie Nights
• Pet Parties
• Off-Site Resident Socials
• Promotional Give-aways or Contests
• Improved Communication Services
• Proactive Maintenance Programs
• Community Retail Discounts
• Service & Product Delivery Programs

The underlying theme here is that the managers that do not except the status quo are seeking and trying new ways to add value to their residents' living experience; serving and providing for your customer without being overbearing, as well as not breaking the bank.

Today's consumer is more demanding than ever. They want to enjoy life while getting the most for their dollar. This doesn't always mean the cheapest. Creating value, and marketing that value will definitely get the attention of the resident keepers.

Bill E. Nettles
pmr – Professional Multifamily Redevelopment, LLC –

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