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There are many variables when it comes to managing your community value, and in the past we’ve covered ways to improve value with things like curb appeal and waste audits to ensure comfortable living areas and no unnecessary services. But the biggest factor in maximizing community value is resident satisfaction. Without it, you’re not attracting potential residents, and you’re not retaining existing ones. Resident value is the one thing a community can’t do without, so resident satisfaction has to be top priority!
The Importance of Resident Satisfaction
Resident satisfaction is what drives revenue for your community. Maximizing Resident retention means consistent revenue and higher overall occupancy, less revenue lost on turnover and less time trying to attract new tenants for those vacancies. In recent years, resident retention rates for communities have been high. The time to capitalize on retaining existing residents has never been better. Of course, it’s a balancing act between keeping your residents happy and managing a limited budget or set of resources. Here are some of the best and simplest ways to increase resident satisfaction at your community without breaking the bank or breaking your back:
Excellent Communication Between Residents & Managers
Residents need to know their voice is heard! Ensuring resident concerns are heard and met through surveys, email updates and an open-door front office policy shows your respect for and loyalty to residents.
Offering Services & Amenities that Meet Resident Needs
Along with communication, resident needs are vital to satisfaction. Even if your community isn’t able to meet every desire residents have, if they see the effort put in this will give them confidence that management is working in their best interests. Offering services such as Valet Trash Pick-up can make residents feel like their specific needs are being met.
Hassle-free Utilities & Fees
In our last post we covered how RUBS can make fees for utilities a far simpler process. Utilizing up-to-date technology and methods to ensure streamlined resident billing will make your community attractive to new and existing residents.
Creating a Good Culture & Sense of Community
Some surveys have shown residents may be willing to pay higher rent to remain at communities they feel they have good relationships at. Providing residents with activities or social events can have a great impact on retention at your community. Then, even when residents do leave, their positive exit reviews will increase your community reputation to attract new residents.
By offering residents quality living at your community through simple but effective methods, you can keep residents happy and your community thriving.
Residents are the core of a community, and retaining existing residents significantly cuts down turnover and marketing costs, so keeping them satisfied is in your best interest over almost everything else!
We’re happy to help make the process easier on you. Contact us today to see how a partnership with Strategic can keep your community clean and naturally increase resident satisfaction.