The Resident List Of Demands

May 23, 2013 in Customer Service, Multifamily, Resident retention | Tags: , , , , , | by | Leave a comment

List of Demands

We sure do ask a lot of our residents, don’t we?

  • Don’t pay your rent late.
  • Don’t destroy your apartment home.
  • Don’t disturb your neighbors with loud noises.
  • Don’t turn a blind eye to suspicious activity around the community.
  • Don’t walk your dog without a leash.
  • Don’t let your children run around unsupervised.
  • Don’t forget to report maintenance issues immediately.
  • Don’t grill on the balcony.

The list goes on and on.  Before a resident can take occupancy of an apartment home, they must first agree to the terms of the lease.  Contained within its pages, the lease stipulates all sorts of rules, guidelines and demands.  What if residents asked us to sign an agreement?  Something that details their “list of demands”?  As varied as these wants/needs could be, they ultimately relate back to two areas: communication and maintenance.

Don’t believe me?  Check out your community’s ratings and reviews – even some of the less obvious themes link back to communication and/or maintenance.  Here are two examples:

RENT IS TOO HIGH – Complaints about rent are common on review sites.  When residents are dissatisfied about rent, fees, etc. they are so because they can’t see the “value”.  What exactly are they getting for the price they have been asked to pay?  If a resident has to wait days for maintenance issues to be resolved, or for their phone call to be returned and are then expected to renew at a higher rate, to them, it’s just not worth it.  Streamlined communication and efficient maintenance equal value in the eyes of the resident.

SAFETY – This is another topic often seen in reviews.  While no management team could nor should guarantee a resident’s safety, there are ways to safeguard the wellbeing of the community itself.  Maintaining access gates, fences, lighting, etc. are simple things the service team can do.  As for the office, staying on top of unauthorized occupants, promptly resolving noise complaints, towing inoperable cars (and those without proper tags) and removing restricted animals can go a long way to helping residents feel “safe” at the community.  Once again, another example of communication and maintenance working effectively.

We ask a lot of our residents… they ask very little of us.  When presented with a 20-page lease, our residents initial and sign every page; all the while hoping we are agreeing to their unspoken list of demands.

Sign, Sign, Everywhere A Sign

May 2, 2013 in Apartments, Leasing, Multifamily, Online Reputation Management | Tags: , , , , | by | 2 comments

???????????????????????????????????????????????????????????The industry is abuzz with talk of online reputation – what it is, how to build it, how to manage it, how not to go insane because of it!!! We know that over half of all prospects view ratings and reviews sites as a part of their apartment search, so it’s something that absolutely can’t be ignored. But despite the growing trend of needing to develop, manage and improve how the world views your community online, there are some critical lead sources that we can’t neglect.

Your Top 3 Lead Generators

Let’s count down from #3:

3. Internet Listing Services – Between 11 and 14% of prospects have used at least one of the top ILSs to find their new apartment. While there are arguments for and against these pay-per services, they continue to be effective in the marketplace. ApartmentRatings.com traffic continues to grow, but don’t be afraid! There are new tools to help provide a more balanced view of what residents truly experience at your community. (Check out the new program provided by SatisFacts and ApartmentRatings.com, called the Verified Resident Program or VRP.)

2. Word of Mouth – While there’s a lot of focus on social media and how referral incentives potentially skew the true measure of how willing someone is to recommend a community, the fact remains that basic word of mouth is cited by 17% of renters as a source when they were apartment-shopping. What can we say? We trust our friends’, families’ and co-workers’ opinions!

1. Signs/Driving By – People typically know the general vicinity in which they want to live. Whether it’s to be close to work, close to restaurants and shopping, close to the freeway, close to childcare or in a certain school district, people have preferences. And when looking for a new home, they tend to walk or drive through the neighborhoods or areas they prefer.  In fact, more than 1 in 5 renters claimed signage and driving by as a source in their search.

While ratings and reviews are the talk of the industry (and rightly so, as they are becoming the “norm” in the rental decision), it’s important to ensure we don’t neglect some of the old standbys. Some options are quickly becoming obsolete (Newspapers, for example, were only cited by .8%!), but some of the basics still hold true. Ensure your signage is in great condition, is easy to read, and has your community phone number AND web page listed. A prospect may drive or walk by this morning, look you up on the internet when she gets home, and call for a tour by the afternoon. Make it easy for her!

SatisFacts Announces First-Ever Benchmark Properties

April 24, 2013 in Apartments, Customer Service, Multifamily, Resident retention | Tags: , , , | by | Leave a comment

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Highest Property Scores for Priority Annual Resident Satisfaction Survey Questions Recognized

SatisFacts is thrilled to announce the inaugural recognition of properties who achieved Benchmark Status on priority satisfaction topics on their Annual Resident Satisfaction Surveys. To be eligible for Benchmark Status, the community had to meet the following criteria:

  1. Earn one of the top three highest scores in a designated High Priority Satisfaction Topic in 2012.
  2. Receive an “Exceptional” Property Award (score of 4.50+ on a five point rating scale).
  3. Achieve above a 15% response rate and minimum of 20 responses for its 2012 Annual Resident Satisfaction Survey.

SatisFacts works with nearly 200 management companies and over a million units nationally. For this segment of the benchmarking program, only the properties using annual surveys were included.

Doug Miller, founder and president of SatisFacts, shares, “We’re thrilled to recognize the property teams and their management companies who are best of breed and not only ‘talk the talk’ about service delivery, but also ‘walk the walk.’  Our clients recognize that everyone wins when there is a passion for delivering world-class service.  Residents reward the community with their renewal, and reduced turnover grows NOI.  And due to the impact of ratings on generating quality traffic, dramatic marketing advantages can be realized by being able to promote exceptional service to boost a property and company’s online reputation.  The hard work is meeting and exceeding resident expectations, and these teams are shining examples of what our industry is all about.”

Jen Piccotti, Senior Vice President of Education and Consulting for SatisFacts adds, “In speaking with each of these Benchmark Community Managers and Maintenance Supervisors, the passion for their job and their service-focused attitude is very clear. It’s exciting to be able to shine a spotlight on these top performers and learn from their experience and dedication.”

Benchmark Status Property Managers and Maintenance Supervisors were invited to participate in Benchmark Roundtable Discussions over the course of two days to share best practices in their particular areas of expertise. These best practices will be shared in future SatisFacts publications and educational materials with attribution to the contributor, their property and property management company.

Benchmark Status Properties

Category: Office

Arbor Bend, Carter Haston

Avana Canyon Crest, Greystar

Bluffs at Nine Mile Creek, Dominium

Bluffs Landing, EPMI, A Bayside Company

Evergreen Village, EPMI, A Bayside Company

The Enclave, Towne Properties

Washoe Mills, EPMI, A Bayside Company

Category: Maintenance

Arbor Bend, Carter Haston

Burke Gilman Place, EPMI, A Bayside Company

Encore at Wheaton Station, Allen and Rocks

Grand South Senior, Dominium

Park View Miramar, Shelter Properties

Park View Tyler Run, Shelter Properties

Stadium Station, EPMI, A Bayside Company

Category: Overall

Arbor Pointe, Steven Scott Management

Bluffs Landing, EPMI, A Bayside Company

The Enclave, Towne Properties

About SatisFacts™:

SatisFacts™ (www.SatisFacts.com) is multifamily’s resident satisfaction, retention and online reputation authority, working with nearly two hundred property management companies and over a million units nationally. Its feedback systems Take the Guesswork Out of Retention™, help clients reduce turnover, grow NOI, and boost their online reputation.

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Contact: Jen Piccotti, SatisFacts™, a Division of Internet Brands, 866.655.1490 x110, jpiccotti@satisfacts.com

The Likelihood Your Residents Will Renew

April 3, 2013 in Apartments, Customer Service, Multifamily, Resident retention | Tags: , , | by | Leave a comment

ConfusionThere are some service providers that have my unwavering loyalty. To name a few:

- My dentist – The staff is friendly, welcoming and reassuring, the office is immaculately clean, the receptionist always asks about my spouse and kids by name, and they give me a little lavender-scented towelette at the end of my dental cleaning to ensure there is no toothpaste on my face when I leave.

- My hairdresser – She always greets me with such enthusiasm and asks about my spouse and kids by name, offers me a variety of beverages (even champagne if it’s an evening appointment), and gives the best scalp massage as she’s rinsing my hair.

- Kanpai sushi – Though I only get to go every couple of months, the entire staff stops what they are doing to greet me when I come in, the wait staff knows my beverage of choice and that I always order a crunchy roll, and they always ask me about my kids and comment on how they can’t believe how old they are already and that I must bring them in for dinner one of these days.

The common theme here is that they do the basics very well: they make sure that I know that they know exactly who I am (by addressing me by name and asking specifically about the people who are important to me) and they are always happy to see me. They also find small, thoughtful ways of making me – and their other patrons – feel special. The lavender-scented towelette, a 2-minute scalp massage, remembering my “usual” order.

These special extras don’t cost a whole lot. They might cost a little time, some focused attention, less than a dollar in materials. But they sure make a difference in my level of loyalty. Even when rates have gone up, it’s an easy decision for me to stay. My new insurance doesn’t cover 100% of my dental costs, but it’s worth the co-pay for me to stay. My hair cut and my “usual” lunch costs have inched up over the years, but, again, it’s an easy decision to stay because I can’t imagine any other service provider treating me so well or caring about my preferences in the same way.

The SatisFacts Index shows that when asked, “How likely are you to renew your lease?” the breakdown is this:
Likelihood to renew 2012

Most residents expect that another year at your community will include a rent increase, so if you are encountering major objections it may be time to examine the issue more closely. Is it a major life change, such as a job change or buying a home, or is it something else? Neither our residents nor any of us feels good about paying more for indifferent or poor service.  If residents are insisting that they “just need a change” or need a different floor plan or more or less bedrooms, or any number of other manageable objections, offer solutions and then dig a little deeper. Ask what is most important to them about the community they live in. Ask if there is anything in their home that needs attention. Discover if, in their experience, life at your community is worry-free or worrisome, as Lia Nichole Smith, our VP of Education and Consulting, likes to say.  If 1 out of 4 residents can only say they are “Somewhat Likely” to renew their lease and 1 in 7 say they “Don’t Know,” there’s a great opportunity to connect with your residents, let them know they are a VIP, and help them gain confidence in making their renewal decision!

What $1000 Per Month Will Rent You

March 14, 2013 in Apartments, Multifamily | by | Leave a comment

I love a good infographic! Check out what $1000/mo in rent can get you in the U.S., courtesy of Apartments.com
Apartments.com - What $1000 a Month will Rent You
Brought to you by Apartments.com

Making It Easy to be a Customer

February 13, 2013 in Apartments, Customer Service, Multifamily, Resident retention | Tags: , , , | by | 1 comment

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I recently flew on Alaska Airlines and browsed through their magazine – conveniently placed in the seat-back pocket. I was very interested in the letter from the President and CEO that graces each edition of the magazine, because a phrase jumped out and caught my eye:

“…we want to be the airline that makes flying easier.”

This is a concept we’ve been exploring at SatisFacts Research – the idea of making it “easy” to be a resident, and in doing so, demonstrating value to your residents on a daily basis. While Alaska Airlines has been figuring out what would make life easier for passengers by doing their research:

  • standing with passengers in line
  • observing how passengers use kiosks and mobile devices
  • watching passengers search high and low for electrical outlets in waiting area
  • and more…

We’ve been doing our research on what makes life easier for residents and what they say about:

  • Feeling appreciated when a staff member addresses them by name
  • Being able to connect to Wi-Fi in common areas or having reliable cell service
  • Having service requests resolved within 24 hours
  • Receiving same day responses to voice mail and email

We’ve declared 2013 the Year of the Satisfied Resident, and we’re committed to providing data and best practices to support you in your efforts to satisfy and retain those residents! It’s not easy – rents are increasing, and residents are pushing back. They want to know what they are getting in return for their extra $100 or more per month.

This is your chance to demonstrate to each resident every day how their life is easier, less stressful, less worrisome by living in your community than if they lived somewhere else. Sit down with your team and define those things. What makes life easier where you are?

Milestone, Morgan, Madison, Hercules and Over 25 Other Companies Sign Up with SatisFacts™ and the ApartmentRatings.com™ Verified Resident Program

January 30, 2013 in Apartments, Customer Service, Multifamily, Online Reputation Management, Resident retention | Tags: , , , , , | by | Leave a comment

Milestone, Morgan, Madison, Hercules and Over 25 Other Companies Sign Up with SatisFacts™ and the ApartmentRatings.com™ Verified Resident Program

The Future of Online Reputation Management: Generating a Cross Section of Feedback Permits Clients to See a Dramatic Increase in ApartmentRatings.com™ Scores in Just 30 Days

SatisFacts is thrilled to announce that over thirty clients have already contracted to utilize the Insite® resident feedback program in combination with the ApartmentRatings.com™ Verified Resident Program (VRP). The VRP lets clients add the ApartmentRatings.com™ survey to the end of its on-going Insite® surveys. When residents choose to answer these optional questions, results are seamlessly integrated with the property’s ApartmentRatings.com™ page and scores. The resulting increase in the number of reviews posted means property scores more accurately provide a cross section of opinions on the resident experience. Clients that have added this unique and powerful program have seen the number of reviews posted and property scores on ApartmentRatings.com™ increase significantly. Since rolling out the VRP integration in late 2012, the following are the dramatic results after only 30 days for the first fourteen clients:

30 Days After Verified Resident Program Rollout:

Recommend Score: Up 29.8%

Satisfaction Score: Up 13.6%

Postings/Property/Month vs. Prior 12 Months: Up 316%

VRP Results

Managing one’s online reputation starts with focusing on the best practices that impact the day-to-day resident experience, satisfaction, loyalty, and thus retention.  This is where Insite®, the SatisFacts™ touchpoint product line comes into play, providing 365 day/year feedback regarding prospects, move-ins, completed work orders, and 120 day-out lease expirations.  Daily feedback at the moments in time that matter most keep staffs focused on what drives performance.  SatisFacts™ also includes a unique review and education program with its team of seasoned property management experts.  Results from working with more than a million units show a sharpened focus on service leads to improved satisfaction, retention and online reputation.

Participating in the VRP program lets SatisFacts™ clients leverage a cross section of resident feedback on ApartmentRatings.com™ (the industry’s leading ratings/review site; a SatisFacts™ sister brand) creating a win-win-win for residents, prospects and the management company.  In addition, the ApartmentRatings.com™ Manager Center permits Property Managers to monitor all activity on the site, as well as respond to postings.  While results may vary due to service delivery and the resident experience at a community, the combined SatisFacts™/ApartmentRatings.com™ program enables on-site teams to effectively focus on what matters most to residents, and provide the means to leverage satisfaction online and enhance a property and company’s reputation.

 

About SatisFacts™:

SatisFacts™ (www.SatisFacts.com) is multifamily’s resident satisfaction, retention and online reputation authority, working with nearly two hundred property management companies and over a million units nationally . Its feedback systems Take the Guesswork Out of Retention™, help clients reduce turnover, grow NOI, and boost their online reputation.

 

About ApartmentRatings.com™:

ApartmentRatgins.com™ (www.ApartmentRatings.com) is the largest online rating community for rental housing, reaching approximately 30% of apartment hunters nationwide, and is among the Top 5 most-visited apartment hunting sites in the world.  The site is owned by Internet Brands (www.InternetBrands.com), which operates online media, community, and e-commerce websites in vertical markets, as well as develops and licenses Internet software and social media applications. In its Consumer Internet Division, the company owns and operates over 200 principal websites in seven categories. The company currently attracts, on average, more than 90 million unique visitors per month, with 97 percent of the network’s audience originating from organic, non-paid sources.

Contact: Doug Miller, SatisFacts™, a Division of Internet Brands, 866.655.1490 x100, dmiller@satisfacts.com

Onsite Insites – 1st Quarter 2013

January 15, 2013 in Apartments, Customer Service, Leasing, Multifamily, Online Reputation Management, Resident retention | by | Leave a comment

Onsite Insites: The Property Manager’s Guide to Retention and Reputation Management

Powered by SatisFacts Research. Satisfaction, loyalty, retention are driven by the resident experience. We have identified and monitor the actionable best practices that drive resident satisfaction and performance. Our digital magazine includes articles, techniques and ideas to help your community enhance the resident experience, thereby improving its critical online reputation.


http://www.satisfacts.com/BlogsEZineandMore/EZineOnsiteInsites/tabid/79/Default.aspx

2013: The Year Of The Satisfied Resident

January 9, 2013 in Apartments, Customer Service, Multifamily, Resident retention | by | Leave a comment

celebratemini

Have you read the news story about the apartment manager who makes it a point to call at least one resident per day to ask about their living experience and what can be done to make it better? Neither have I. A quick internet search for “apartment success stories” yielded zero results. But this is a new year and anything is possible at the beginning of a new year.

Every New Year brings forth all sorts of resolutions; lose weight, exercise more, quit smoking, and the like. While most resolutions never make it to December 31st, here’s one that every community can make and easily achieve:

Retain as many residents as possible.

Easier said than done, right? Not necessarily so. Calculate your percentage of resident turnover for 2012 and then multiply that number by .75. What’s left is the goal to shoot for this year. Imagine what having 25% less turnover this year will do to your bottom line. Saving 1 out of every 4 residents who are thinking about moving elsewhere is all it takes.

When I was a teenager, I used to hate for my mother to get on me about chores and reminding me to not do things like leaving my shoes lying around. It seemed all she did was nag, nag, nag…sound familiar? I complained once to my father about her incessant “nagging” to which he responded, “Take the words out of her mouth. If you don’t like the nagging, stop giving her something to nag about.” Hmm, now why didn’t I think of that?

The key to resident retention works in the same way. If you don’t want residents to move out, eliminate as many reasons as possible they would have to leave the community. At your next team meeting, brainstorm reasons for moving out. The longer the list, the better. Then come up with possible solutions. One that is sure to make the list is “too expensive”. Let’s tackle that one.

When a resident says the rent is “too expensive”, it could be financially motivated; lost job, hours at work cut, roommate moving out, etc. If that is the case, is it possible to offer a smaller/less expensive apartment at your community or a transfer to a sister community? On the other hand, sometimes what a resident means when they say “too expensive” is simply a question of value. When residents are determining the overall value for the rent they are being asked to pay, it boils down to this; value equals convenience.

As we all can relate, there are businesses and services that we would willingly pay more for because of the perceived value. Whether it’s a grocery store that has stellar service, or a hair dresser that you would follow to the ends of the earth, we do so because of what we get for our money. Our residents are the same way. If you’ve ever had to meet with a resident to discuss a $10 rent increase, that’s a clear sign that the resident’s main issue is service-related and less about the dollar amount.

Residents need to feel confident that the office is responsive and dependable and that service requests are going to be handled promptly by maintenance and resolved correctly the first time. Drop the ball in these two areas and value goes out the window. Residents don’t mind rent increases – they understand it goes with the territory. What they don’t understand is being asked to pay more for lackluster service.

2013 is the year of the snake according to the Chinese calendar, but resolving to make it the year of the satisfied resident is a win-win for you and your residents. All it takes is implementing small changes that will have a big impact at your community.

Comfort and Joy

December 19, 2012 in Apartments, Customer Service, Resident retention | by | Leave a comment

MH900423639This time of year is tricky. Is it ok to wish someone “Merry Christmas” or do we stick to “Happy Holidays” so that we don’t risk offending those of a different faith? Do we ask a resident if they’re spending time with their family over the holidays, or do we just keep it safe and ask if they have any plans for the coming week (just in case there is no family to spend time with).

In our business of providing homes to so many people, there’s an inherent desire to be of service to our fellow man and woman. In some ways, we hope to live by the doctor’s creed and “Do no harm.” Of course, there’s that all-important requirement that we make money while we do all of this, but there are many less personable ways to make money. Somehow, and at some point, we chose this business. We chose to be a part of this industry and to take care of people.

Inevitably, we will have a bad day. We may even have a series of bad days. Or there may be realities in our current situation that create unusual challenges on a daily basis. Despite this, there’s an opportunity – especially during this holiday season and the approach of a fresh New Year – to make a decision to make it a little easier for whoever we encounter.  This can happen in a variety of ways:

- Hold the door open for that mom with the 3 kids. Give her one less task to juggle.

- Personally look for that missing cat while you’re walking the property and let the resident know you did so. Give him an assurance that you care and you’re doing what you can to help.

- Work with the maintenance team to make it possible for that new resident to move in one day early so they’ll have one less obstacle on their cross-country relocation that has been so rough.

- Stop and chat with Mr. Henry out on the property. Let him know that although he may be on his own for the holidays, he’s not alone.

- Make an exception this once and deposit the Johnson’s rent check on the 7th because you know payday is on the 6th and you can save them a penalty.

- Smile.

Today and everyday, you are the one who can provide comfort and joy in the world by making things just a little easier or just a little less stressful for your resident, your co-worker, your family, or even a stranger. And if we think about it, isn’t that part of the reason we chose this career path?

Happy Holidays!

Only 1 Webisode Left in the MProTv 30-Minute Manager Series for 2012!

Register now to attend this free session!

December 20 – Weighing the Value of Resident Events

Do an internet search for “Resident Retention” and you’ll find hundreds ideas for resident events and activities. But what impact do these really have on resident loyalty? Learn what matters most to residents when they are making their lease renewal decision!

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