Why You Market for Resident Retention
Current residents can provide greater long-term value and return on investment than can continually looking for new residents to fill vacancies.
Marketing usually involves attracting new potential residents to apartment communities. But what about directing those efforts internally to ensure that current residents remain as tenants?
The tactics that attract new customers to communities often involve deep discounts or other profit-busters, a Forbes contributor writes. Retaining residents not only prevents you from having to provide offers that hurt the bottom line, but also instills a sense of value in the experience a community provides.
One way to retain residents is to customize their experiences. Analyzing data to track how residents interact with staff, Web properties, social media and the like can help property managers determine the most sensible ways to communicate with and deliver services to residents — providing them that necessary value. That analysis can be done in-house or through a third party, depending on resources.
For those data-based measures to succeed, the community staff needs to buy in to the importance of resident retention, and it should also be reflected in the property's performance metrics. Building retention builds loyalty, which can reap rewards in both profits and referral traffic.