“Should I stay or should I go?”
It’s a question all renters eventually ask themselves. And whether or not they renew hinges more on an apartment community’s people, and how they resolve resident issues, rather than its things, like wine cellars and movie theaters.
To see what we mean, check out these highlights from our latest #AptChat. (Click on the links to jump straight to a specific question.)
- Q1: What are the main reasons you see that make residents want to stay? Want to leave?
- Q2: Over-the-top amenities are becoming the norm. How much do the amenities influence retention? Is it really all about service?
- Q3: Assuming you can’t add new physical amenities, what are some things you can do on-site to reduce turnover?
- Q4: How does your marketing influence retention? How much should marketing focus on current residents vs attracting new ones?
- Q4a: What are some ways marketing can influence/improve retention?
What are the main reasons you see that make residents want to stay? Want to leave?
@AptChat maintenance is in the top 5 of lean and stay reasons along with customer service according to satisfacts data #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat sense of community – meaning “do the people in the office take care of me and know my name,” not “is there bingo here?” #aptchat
— Heather Blume (@artchickhb) April 19, 2016
A1. Obviously service is going to be #1 issue, but don’t you think there are a ton of anchoring factors? #aptchat
— Holli Beckman (@Apartmentalist) April 19, 2016
@AptChat I think some stay by default simply b/c they don’t want 2 deal w/hassle of moving.Happens w/customers in many industries #Aptchat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@AptChat A1: Not sure where it falls on the list, but have seen people stay or leave based on neighbors (other residents) #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@Marketing_Mommy @AptChat having an effective service plan to deal with bad neighbors is a MUST for resident retention #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat Goes both ways – maintenance and pricing – largest factors IMO. #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@daniellecnoel @AptChat pricing is more of a factor now than I’ve seen it be in a long time, especially in metro markets #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@artchickhb @AptChat Yes bc renter’s don’t care what the cost to move is if it appears they are saving or will be happier. #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@daniellecnoel and not to be all Paul Revere a/b it but the concessions are coming…the concessions are coming. #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat @artchickhb Both-renters are smarter and have data at their fingertips – they are calculating what is most cost effective #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@artchickhb @daniellecnoel For sure! Home ownership is coming back – big time. Business is booming for my realtor friends. #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@Marketing_Mommy @artchickhb As a new home buyer, yes! I was tired of poor service/maint and pay less total per month than renting. #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
Over-the-top amenities are becoming the norm. How much do the amenities influence retention? Is it really all about service?
A2″: Depends on area/demo, but if I’m paying $1200 for a comm w lmtd amenities & can move to a comm w new/shiny for 1200 sign me up!#aptchat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@daniellecnoel I wish @AthleteatHeart was on this chat! Her last leaseup had a ton of people giving up ownership to rent again #aptchat
— Holli Beckman (@Apartmentalist) April 19, 2016
@Apartmentalist @daniellecnoel Before I left 40% of our renters had sold homes to rent with us… Discussing this at Yardi Mktg Forum now
— Karen Kossow (@AthleteatHeart) April 19, 2016
@AptChat A2: Amenities impress at time of tour/rental, but true functionality of those same amenities/svcs influences the renewal #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@AptChat Residents are now more concerned with how their community makes them look to friends and family. #aptchat
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
@SatisFactsLia @AptChat THIS!! Such a major point. Renter’s want to have it all and show it off! #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@AptChat a2 – I’ve heard people say that 80% of residents factor them into the decision to buy but only about 20% actually use them #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat nope. Usually it’s more like “why am I paying for this stuff I don’t use” #aptchat
— Heather Blume (@artchickhb) April 19, 2016
Amenities only really become retention tools when you engage your resident base to frequently make use of them #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@artchickhb It’s about giving them the amenities they are missing out on by not having a home-Give them a “backyard” or workshop #aptchat
— Holli Beckman (@Apartmentalist) April 19, 2016
@Apartmentalist I love the create spaces that @AlexJackiw company has built in. And your gardens and roof usage at PC #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat Much of what we thought was important is now the norm.
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
@AptChat It’s becoming about personal branding. Do people think I’m smart or dumb for living here. We’re working on some good stuff #aptchat
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
@SatisFactsLia @AptChat Agree! The apartment/community you live in is now one of the biggest status symbols out there #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
Assuming you can’t add new physical amenities, what are some things you can do on-site to reduce turnover?
@AptChat follow up on every single work order every single time #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@AptChat What we know: residents say being capable and helpful is more important than customer service. #gamechanger #aptchat
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
@SatisFactsLia @AptChat I think the industry will need scenarios on this one! I can see ppl telling you that is cust service! #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@AptChat Residents are caring less about the warm and fuzzy rockstar cust svc.They would rather have a problem solver. One & done #aptchat
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
Ie- empower your front line staff to make it right, or the customer will feel you’ve already done wrong #aptchat https://t.co/KY7tshxO7J
— Heather Blume (@artchickhb) April 19, 2016
@artchickhb So how is that different from customer service? #AptChat
— Mike Whaling (@mwhaling) April 19, 2016
@mwhaling it’s not different, it’s the higher level of customer service. Your resident doesn’t want to have to wait 2 be escalated. #aptchat
— Heather Blume (@artchickhb) April 19, 2016
A3: When things go wrong, FiX them – make it right. Do more than just apologize. Like @artchickhb says – empower that front line #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@AptChat Office courtesy ranking close to the bottom of retention drivers, professionalism ranking among the top. #aptchat
— Lia Nichole Smith (@SatisFactsLia) April 19, 2016
Retention has to start earlier. It can’t start with form letters weeks B 4 the lease is expiring b/c that’s what policy says 2 do #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
@Marketing_Mommy resident retention starts at the tour. Solve my problem. keep solving my problems. I’ll keep working with u #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@artchickhb There are many companies I’ve done biz w/4 years w/out ever looking 2 change.Why? They’ve got my back & that feels good #AptChat
— Kristi Fickert (@Marketing_Mommy) April 19, 2016
How does your marketing influence retention? How much should marketing focus on current residents vs attracting new ones?
@AptChat A4: Should depend on current occupancy but there should always be a focus on current res. WOM is free advertising #AptChat
— Danielle C. Noel (@daniellecnoel) April 19, 2016
@AptChat I think @BmoreDougMiller used to say that the point is to have apartments rented, not necessarily to rent apartments #aptchat
— Heather Blume (@artchickhb) April 19, 2016
@artchickhb @AptChat Good memory Heather! Yes! Marketing gets more attention…but service, value, retention more important!
— Doug Miller (@BmoreDougMiller) April 19, 2016
What are some ways marketing can influence/improve retention?
@AptChat but seriously, it’s all about customer/community–food truck fridays, yappy hours etc. It’s all about delighting in your residents
— Jerry Ascierto (@Jascierto) April 19, 2016
@AptChat don’t offer a lower price to new residents than u did for current renewals. Garunteed move out w/ a middle finger to u. #aptchat
— Heather Blume (@artchickhb) April 19, 2016
When we meet again, we’ll be discussing the 2016 Apartment Internet Marketing Conference!
Our next #AptChat will be Tuesday, April 26, 2016 at 12 pm Eastern. In the meantime, be sure to sign up for #AptChat updates to get these recaps and more delivered straight to your inbox!