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Simple Tips to Boost Resident Satisfaction and Increase Renewal Rates

Dec 14, 2016 12:00 PM

Retention is an important factor for all multifamily operators. With more than 60% of revenue coming from renewals for most properties, a small decrease in renewals can have a tremendous impact on pricing power and NOI performance.

Regardless of the situation, resident loyalty has a significant impact on the bottom line. Resident satisfaction has a dramatic impact on renewals rates – even when renewals include a rent increase. A recent NMHC survey measureed the  “…difference between the percentage of customers who are totally and completely satisfied (raving fans) and those who aren’t” and has found that loyal residents in fact renew and refer more often, with satisfied residents more likely to renew at 63% and dissatisfied residents renewing only 34% of the time.

Here are some simple actions you can take to enhance resident satisfaction, and thereby increase your renewal rates.

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The Mystery Behind Apartment Leasing Success Revealed

Aug 03, 2016 12:00 PM

Most multifamily apartment communities already have dozens of leads in their pipeline. Yet, if you’re like many multifamily operators, you know that more leads do not always equate to more signed leases.

What if you could improve your lead-to-lease ratio while streamlining your marketing efforts? You can if you solve the mystery of how to take the right action at the right time with your prospects. 

But before multifamily operators are in a position to solve this mystery, you need to invest some time in assessing your current lead management process so you know where the gaps lie.

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Gain Actionable Insights with Apartment Leasing Reports

Apr 06, 2016 12:00 PM

One of the biggest challenges for multifamily operators is the ability to make data-backed decisions that will save time and money.

Apartment leasing reports can give you the information you need when you need it. And without this data you can overvalue or undervalue services. You may focus on the wrong things like pricing and lead volume when the data shows your problem is conversions.

Yet, when you rely on outdated property and lead management software, it’s difficult to get the information you need all in one place in an easy to understand report. The lack of data consolidation leads to “gut” decisions.

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5 Ways to Improve Apartment Leasing Staff Productivity

Mar 23, 2016 12:00 PM

Like any business, multifamily property management has related, yet competing priorities. One is balancing the needs of the current residents and the other is finding new residents for vacant apartment homes. For many leasing offices, the current way of managing leads allows too many prospects to fall through the cracks. This leaves leasing associates with fewer qualified leads and more vacant apartment homes than is desirable.

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Apartment Leasing Agent Communication: Improve or Die

Mar 09, 2016 12:00 PM

In the apartment leasing industry, communication is critical – between owners and property managers, between property managers and leasing agents, between leasing agents and the call center and with current and potential residents. Phone calls, emails, texts and face-to-face meetings are constant and can overwhelm…there’s simply not enough hours in the day.

The challenge for operators is to construct a platform that enables everyone to have the right interaction with the right customer at the right time, thereby improving all results derived from your leads to leasing process.

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