As a property manager of a Class A community, you know that the resident experience is everything. Whether it's the amenities, the community events, or the top-notch customer service, every little detail can make a huge impact on your residents' satisfaction and loyalty. And why does this all matter? Because it directly affects your bottom line. By offering residents a great experience, you can increase your NOI (Net Operating Income) and improve retention rates. Let’s explore why the resident experience is so important, the benefits of creating a great experience, and how to go about it.
NOI is the income generated from a property after operating expenses have been deducted. Essentially, it's a measure of a property's profitability. By creating a great resident experience, you can increase your NOI in several ways:
Increased rent revenue: When residents are happy, they're more likely to renew their leases and pay higher rents. This means more money in your pocket.
Reduced marketing costs: Happy residents are also more likely to recommend your community to others, which means less money is spent on advertising and marketing.
Better online reviews: Positive reviews on sites like Google, Apartments.com, and Yelp can attract more potential residents and improve your online reputation.
Increased resident referrals: By creating a great experience, you can encourage residents to refer their friends, family, and colleagues to your community.
Improve Resident Retention
When residents are happy and satisfied, they're more likely to stay in your community for the long haul. This means lower turnover costs, fewer vacancy periods, and less time spent on finding new tenants. Here are some specific ways a great resident experience can improve retention:
Resident satisfaction: When residents feel valued and heard, they're more likely to stay put. This means offering top-notch customer service, addressing concerns quickly and effectively, and offering amenities and services that meet their needs.
Sense of community: Living in a Class A community isn't just about having a nice apartment; it's about feeling like you're part of a vibrant and engaging community. By hosting events, creating spaces for residents to socialize, and fostering a sense of belonging, you can make your community more desirable and increase retention rates.
Resident loyalty: When residents feel like they're part of something bigger than just an apartment, they're more likely to develop a strong sense of loyalty to their community. This means they're more likely to renew their leases, refer their friends and family, and leave positive reviews.
Reduced turnover costs: When residents move out, it can cost a lot of money to clean and repair the apartment, market the vacancy, and find new tenants. By keeping residents happy and satisfied, you can reduce turnover rates and save money in the long run.
A great resident experience is the key to retention and increased NOI. Investing in a resident engagement app will improve your resident’s experience and streamline services such as maintenance requests, event management, and rent payments. Elevated Living’s resident engagement app offers all these features and more for your Class A community to thrive. By focusing on customer service, community events, amenities, and resident feedback, you can create a community that is desirable, engaging, and profitable. Find out how to improve resident retention.