Building Reputation Currency for Better Resident Retention
Barbara Savona chats with Priyanka Agarwal, who, yes we might have blindly DM’d after seeing her speak at the Social Media Summit. She was so amazing we couldn’t help ourselves! Priyanka, Director of Public Relations at J Turner Research, brings her expertise on multifamily marketing and property management strategies aimed at boosting resident retention. She talks about the importance of resident reviews, reputation currency, and fostering positive resident experiences. You’ll get practical tips for positively influencing reviews, handling negative feedback, and maintaining a safe, supportive environment for residents. With an emphasis on how compassion, proactive engagement, and safety perceptions are crucial elements in building a strong community reputation and ensuring long-term resident loyalty, you’ll leave uplifted and encouraged! Let’s dig in!
UNDERSTANDING REPUTATION CURRENCY
In the world of multifamily marketing and resident retention, reputation currency is a crucial concept. It encompasses the trust and goodwill earned from residents through consistent efforts to ensure their safety, support, and enjoyment within the community. (<< Write those three things down, it’s the core reasons residents choose where to live!) To leverage reputation currency effectively, property managers should prioritize regular engagement with residents, address their concerns promptly, and foster a culture of proactive problem-solving.
>> Your Actionable Takeaways:
Conduct regular resident surveys to gauge satisfaction levels and identify areas for improvement in safety, support, and enjoyment.
Implement training programs for staff members to enhance their communication skills and empathy towards residents.
Establish protocols for responding to resident inquiries and maintenance requests in a timely and efficient manner to demonstrate commitment to their well-being.
IMPACT OF RESIDENT REVIEWS
If content is king, then resident reviews are… SUPER KING. Resident reviews serve as a window into the resident experience, offering valuable insights into operational strengths and weaknesses. When you analyze reviews, you can gain a deeper understanding of residents' perspectives and pinpoint areas for operational improvement. Proactive engagement with reviews, whether positive or negative, enables property managers to address concerns, mitigate issues, and ultimately enhance resident satisfaction.
>> Your Actionable Takeaways:
Set up alerts or notifications for new reviews across various platforms to stay informed and responsive.
Develop standardized procedures for addressing negative reviews, including personalized responses and resolutions.
Create a system for tracking trends and themes in resident reviews to inform strategic decision-making and prioritize areas for improvement.
RESIDENT REVIEW & Survey DESIGNS
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TIMING AND LEASE RENEWAL:
The timing of resident interactions and engagement significantly influences lease renewal decisions. Early intervention and continuous engagement throughout a resident's lease term are essential for maintaining satisfaction and fostering loyalty. Property managers should proactively address resident concerns, prioritize open communication, and demonstrate a commitment to resolving issues promptly to improve lease renewal rates.
>> Your Actionable Takeaways:
Implement a proactive outreach strategy to engage with residents at key milestones throughout their lease term, such as move-in, mid-lease, and lease renewal.
Offer incentives or perks for residents who choose to renew their lease, such as discounted rent or upgraded amenities.
Create a feedback loop with residents to solicit input on their leasing experience and identify opportunities for enhancing satisfaction and retention.
renewal incentive DESIGNS
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LEVERAGING POSITIVE REVIEWS
Positive resident reviews aren’t just a giant (and well-deserved) ego boost for the on-site team, they’re valuable assets for multifamily marketing and branding efforts. By leveraging authentic testimonials from satisfied residents, property managers can showcase the unique benefits and experiences offered by their communities. Incorporating residents' own language and experiences in marketing materials adds credibility and resonates with prospective renters, ultimately driving leasing success.
>> Your Actionable Takeaways:
Curate a selection of positive reviews to feature on the community website and social media channels as testimonials.
Encourage satisfied residents to share their experiences on review platforms and provide feedback that highlights the community's strengths.
Incorporate quotes or excerpts from positive reviews in marketing collateral, such as brochures, flyers, and digital advertisements, to reinforce messaging and attract prospective renters.
OPERATIONAL IMPROVEMENTS THROUGH REVIEWS
Property managers can leverage resident reviews to drive operational improvements and enhance resident satisfaction. By analyzing common themes and feedback trends, property managers can identify areas for improvement, such as staff training or policy adjustments. Implementing targeted initiatives based on resident feedback demonstrates a commitment to continuous improvement and fosters a positive resident experience. Not to mention, your residents will feel heard, seen, and valued. What was that? A huge deposit of reputation currency? Cha-ching!
>> Your Actionable Takeaways:
Conduct a comprehensive review of resident feedback and identify recurring issues or concerns that warrant attention.
Develop action plans to address identified areas for improvement, such as staff training programs or policy revisions.
Monitor the effectiveness of implemented initiatives through ongoing review analysis and resident feedback to measure progress and adjust strategies as needed.
THE MULTIFAMILY RESIDENT JOURNEY GUIDEBOOK
A step-by-step guide to help build your resident journey experience and a little “WOW to every resident experience.
“Wow, that was fast!"
"Wow, that was easier than I expected!"
"Wow, that was sweet.”
"A customer who is merely satisfied is still likely up for grabs in the marketplace."
-Walt Disney
THE POWER OF POSITIVE EXPERIENCES
Priyanka emphasizes the importance of curating positive resident experiences that drive them to share their stories online. These experiences, rooted in compassion, empathy, and basic customer service principles, hold the key to garnering five-star reviews.
>> Your Actionable Takeaways:
Prioritize compassion, empathy, and effective communication in resident interactions.
Identify and celebrate instances of exemplary resident service within the community.
Implement cost-effective gestures such as handwritten notes or thoughtful gestures to enhance resident experiences.
BUILDING REPUTATION CURRENCY
Few things in life pay off as consistency will. Keeping consistent efforts to maintain a positive reputation within the community will give you a huge return on your reputation currency. You earn your residents’ trust through continuous acts of kindness and support towards them and their lives. This currency serves as a buffer during occasional mishaps (because we all know those happen), reducing the likelihood of negative reviews.
>> Your Actionable Takeaways:
Cultivate a culture of proactive support and kindness among property teams.
Prioritize resident safety and well-being through visible maintenance and responsive communication.
Stay attuned to societal trends and community sentiments to address evolving resident concerns effectively.
NAVIGATING NEGATIVE REVIEWS
We all hate ‘em. We all get ‘em. Negative reviews, while frustrating, always need to be handled with tact and diplomacy. Use proactive resolution by directly engaging with residents to address their concerns and offer solutions before you even reply to the review online. In cases of vindictive reviews, strategic responses and collaboration with review platforms may be necessary to maintain reputation integrity.
>> Your Actionable Takeaways:
Promptly reach out to residents to address and resolve their concerns before engaging in online responses.
Craft professional and empathetic responses to negative reviews, focusing on factual accuracy and resolution.
Employ strategies to flag and report vindictive reviews while upholding transparency and professionalism.
ENHANCING PERCEPTIONS OF SAFETY
Honestly, you can’t guarantee the safety of your residents. So how do you show safety without saying safety? Priyanka talks about studies that showed residents’ perceptions of safety within multifamily communities go beyond just crime prevention. Things like having well-maintained environments, keeping hallways and other areas bright and well-lit, and responsive management practices all have a hand in shaping residents' sense of security.
>> Your Actionable Takeaways:
Maintain well-lit common areas and promptly address maintenance issues to create a visually safe environment.
Demonstrate proactive measures during natural disasters or community challenges to reassure residents of their safety.
Utilize social media platforms to showcase community maintenance efforts and promote transparency.
INCLEMENT WEATHER AND MAINTENANCE DESIGNS
