Once upon a time, decent curb appeal, a washer and dryer in every unit, and perhaps a timely discount now and then were enough to attract potential residents to a multi-family property—and keep them renewing their leases year after year. As more young professionals and families choose to rent rather than buy, multi-family owners and operators must continue to offer high-value amenities for comfort and convenience, industry-leading software for safety and security, and best-in-class service and maintenance to stay at the head of the pack.
Resident satisfaction is what a flourishing multi-family property business is built on. Keeping your residents satisfied depends on knowing what they are looking for in a property so you can make every effort to deliver it.
The following three strategies are some of the most effective ways to boost multi-family resident satisfaction and retention.
Keep Amenities Updated
Large outdoor living spaces extend your tenants’ living space and provide comfortable places for entertaining or lounging. A rooftop deck (maybe even with an outdoor theatre or fire pit?) fits right in with the “moving outdoors” trend that young, single tenants and families are looking for, especially in urban areas. A 24-hour fitness center with virtual yoga, spin, and Zumba instructors is attractive to residents with flexible or unusual schedules. Conference rooms and office spaces, while more traditional amenities, are still attractive add-ons for existing and would-be residents.
Staying on top of trends like these and adding them to your multi-family property will help you stand out from the competition and deliver the type of unique and attractive living experience that can only increase resident satisfaction.
Invest in High-end Resident Safety and Security
According to the most recent Apartment Resident Preference Report, today’s residents are demanding that their homes have the best safety and security features on the market. They want products like MVI’s KeyCom® Smart Video Kiosk and Software Platform, a smart entry system designed specifically for multi-family building managers, residents, visitors, delivery staff, and maintenance workers. But the KeyCom® does much more than just get residents through the front door. Far more than a video intercom system, the KeyCom® kiosk allows:
- Residents to receive and retrieve video and voice calls, send and receive text messages, grant access to the building, and manage their accounts using a smartphone or MVI’s Web Portal.
- Visitors to use the KeyCom® touchscreen to scroll through the building directory, select an apartment, and either video chat with the resident or leave a video voicemail when they are unavailable.
- Delivery staff can access the building via the KeyCom touchscreen and deliver packages to a secured package location. No more lost or undeliverable packages!
- Maintenance workers can be granted access to the building via the KeyCom® touchscreen at any time, without the need to constantly require the superintendent.
- Owners and property managers can use the Web Portal to update tenant records and send building-wide announcements. Management can request detailed reports on events and access that have occurred in the building at any time.
Bottom line? Your residents want apartments with increased security. Slightly more than 61% say they are likely to rent an apartment specifically because of its electronic-access features, including keyless entry doors, and 55% are likely to pay more for an apartment that uses a “smart entry system.” In fact, installing a smart entry system like MVI’s KeyCom® could be one of the most effective things you can do to improve customer satisfaction at your multi-family property.
Stay on Top of Maintenance and Repairs
A survey of 10,000 multi-family property residents by J Turner Research revealed that the top three complaints they had involved maintenance and repairs. There’s never a good time for an HVAC system to break or a water heater to go on the blink, so forward-thinking owner/operators of multi-family properties know that an ounce of prevention is worth a pound of cure. Turner’s study showed a 20% increase in resident satisfaction properties where preventative maintenance was done on major systems and appliances
Providing sought-after amenities, offering a leading-edge smart entry system, and developing a culture of service in your multi-family property are the keys to building resident satisfaction and long-term value.