One of the keys to building a successful Class A community is to create a sense of community among your residents. One of the best ways to foster this sense of community is through resident events. Not only do resident events create happy memories and experiences for your residents, but they can also help increase your net operating income (NOI) and decrease resident churn. NOI is one of the most important metrics for property managers. It represents the revenue generated after operating expenses. High NOI and resident retention are paramount for the success of your Class A community. Let's explore the benefits of throwing resident events, how they can increase your NOI, and how they can decrease the rate of resident turnover. We’ll also provide tips for planning and executing these events and discuss how a resident engagement app (https://www.elevatedliving.com/resident-app) can help.
Resident churn, or the rate at which residents leave and are replaced, is a major challenge for many property managers. Resident events can be a powerful tool for reducing churn. Happy residents are more likely to renew their leases, and events can increase resident satisfaction and a sense of community. Communities with high resident satisfaction rates typically have lower turnover costs because they don’t have to spend as much on re-leasing or make-ready expenses. In addition, events can help create a sense of belonging and encourage residents to become more attached to their community.
When it comes to planning resident events for Class A communities, several different approaches can work. Events like pool parties or happy hours encourage residents to mingle and make new friends. These events can be particularly effective if you target resident demographics that are likely to be interested in socializing. Alternatively, you could host educational events, like cooking classes or financial seminars, that provide your residents with valuable knowledge and skills. Finally, you could host community service events, like a charity walk or a recycling drive, that help residents connect with their community and feel like they are making a positive impact.
Remember, it’s important to be flexible in your planning and have a clear idea of what events you want to host. Ask for feedback or input and choose the right events based on interest or needs. Use tools like social media and a resident engagement app to promote your events and gather reservations. The success of these events can impact NOI and resident retention rates.
Be Creative and Impress Your Residents
Throwing resident events can be a powerful way to increase your Class A community’s NOI and reduce resident turnover. By creating enjoyable living experiences for residents, you can increase rent revenue, reduce marketing costs, drive positive reviews, and encourage referrals. In addition, events can increase resident satisfaction, create a sense of community, and decrease turnover costs. If you’re not currently hosting regular resident events, now is the time to start. Work with your team to implement a proper plan and measure the impact it has on your NOI and resident retention rates. And don’t forget to take advantage of tools like Elevated Living’s resident engagement app, which can help you streamline and automate the planning process and encourage residents to participate in future events. Remember, happy residents lead to a happy community and a successful business. Contact us to know more details.