The Keys to Enhancing the Resident Experience for 2024 and Beyond
The State of the Property Management Industry
The property management industry is a service industry, and its success is very much dependent on offering their residents a stand-out-experience. But today’s property managers are finding out that good customer service alone is no longer cutting it.
Key Industry Statistics
U.S. Resident Motivations Report Findings:
70% of renters are satisfied with their property management company.
Only 24% said that they’re likely to recommend their property management company.
The current market requires property managers to provide nothing short of a stellar customer experience. It should be no surprise that resident retention also goes hand-in-hand with the experience a property manager provides.
As we head into the new year, it’s time for some self-reflection to put your best foot forward. Are your renters happy with your management style? Could you be doing more to meet and exceed their expectations? Read on to learn ways you can enhance your residents’ experience and give them something they’ll remember, so you can stay competitive.
Strategy 1: Communication is Key
Being responsive, accountable, and connected is what matters most to residents and prospective renters alike.
The Communication Gap
According to a study by John Burns Real Estate Consulting and AppFolio:
84% of property managers believed they communicated effectively.
38% of residents agreed.
Solutions for Better Connection
Online Resident Portal: Provides a one-stop-shop to access tools and information. Allows for contact via text and email while keeping a system of record.
Empathy through Technology: Using tools to show residents and employees that empathy is a priority.
AI-Enabled Leasing Assistants: Acts as an extension of your team to provide personable responses to inquiries outside of office hours or on weekends.
Strategy 2: Make Life Convenient
Renters really value mobile and online tools when it comes to choosing where to live. The best property management companies go above and beyond to make their residents’ lives as easy and stress-free as possible.
Essential Self-Service Tools
To wow your renters, consider implementing:
Impact on Employee Satisfaction
In our Hiring and Retention Report, 47% of property management professionals stated that technology can help with responding to resident questions and requests.
Strategy 3: Going Above and Beyond
It’s important to remember that small things can make a big impact. In a webinar, Jay Baer — founder of Convince & Convert — suggests that by striving for just a 15% improvement, you can see a boost to your resident’s experience.
Value-Add Services
Proptech Solutions: Integration with current property management software.
Convenience Services: Concierge service or valet trash service.
Community Events: Building a sense of community through holiday parties, BBQs, or movie nights to increase lease renewals.
Conclusion
The level of customer service provided by a property management company plays a large role in your resident’s decision-making process when determining where they want to continue living or start living. Consider utilizing cutting-edge software solutions to automate the key workflows of your business to boost efficiency, all while giving the personal touch needed to manage your property. With the right technology, you can attract, qualify, and engage residents throughout the entire leasing flow.