From Resident Event to Experience: The Transformational Impact.

Community is the most-desired amenity

According to ButterflyBMX recent article, “8 trends to expect in the future” #4 trend, “Community is a most desired amenity. We may not think of Community as an amenity or even connect the dots on the benefit when a prospect is looking. Understanding the scope and effect community has on a resident is important. So much so the NMHC/Kingsley Apartment Renter Preference Report showed that 60% of residents indicated their living space reflects their identity. That is 6 out of every 10 renters, or view it this way: 180 residents of a 300 apartment home.

While a "resident event" is a specific gathering or activity aimed at fostering community engagement and social interaction, the "resident experience" is a broader concept that encompasses the overall quality, satisfaction, and lifestyle provided to residents throughout their stay in a property or community. Residents are not looking at a Pool Party as a specific event, they view the opportunity to have an experience at the community they live at. To the resident it is more.

Cole Cason, Director of Training with LMS Investment Group, shares, “the most important aspect from the property management mindset is retention. Residents are more likely to stay in our communities if they have had a more positive “experience.” He further explains ”most of our friends have never excitedly told us about breakfast on the go, but if the event mindset is changed and slightly more geared towards creating a lasting memory/experience, those tend to be the ones we all remember, and that pulls us to want to stay at that business or community.” One of his communities took the idea of the traditional Donuts on the Go and created an ”Experience” where the residents participated in stacking the most donuts and go for the Guinness Book of World Record for highest stack of donuts. As a resident, who wouldn’t want to participate in this experience? Residents who didn’t have a chance I am sure missed out and those that did participate had the opportunity to build something special with their neighbors and create community.

We as an industry have some ground to make up, especially since COVID. Community life and social connectedness is central to our health and wellbeing. We need efforts to build and rebuild community life post-pandemic. The significance of an experience often lies in its ability to evoke emotions, create memories, facilitate connections, or provide unique and beneficial outcomes.

The value of an experience is multifaceted but three that are connected to resident retention (renewals)

• Emotional Impact: Experiences often evoke emotions, memories, and connections, which can greatly influence a residents perceived value. Positive emotions associated with an experience, such as joy, satisfaction, or fulfillment, contribute to its worth.

• Memorable and Unique Aspects: Unique or extraordinary experiences tend to hold higher value. The distinctiveness, rarity, or memorability of an experience can enhance its perceived worth.

• Social and Relational Value: Experiences shared with others or those that foster connections and relationships often hold considerable value. Social experiences that create bonds or strengthen connections can be highly valued.

The direct impact on a resident experience is resident retention. Since 2013, SatisFacts national survey asks residents the number 1 reason for renewing and every year since then Sense of Community is at the top year after year. Enhancing the resident experience is key to improving resident satisfaction and retention. As you look at your resident retention strategy for 2024, lets work together to be creative and create experience and not just events. We can be creative even within a budget, it just takes a bit more planning than throwing something together last minute. Innovation is Key! Connect with me if you’re interested in partnering together.

Building Trustworthiness: Elevating Your Company's Brand with Personal Brand Trust Values

The concept of personal brand trust can extend beyond individuals to also influence the trustworthiness of a company. A company's brand is essentially the sum of the perceptions and experiences people have with it, and trust is a fundamental element of a strong and positive brand. 

What are the components that create trust for a personal brand which leads to an increase in a company’s brand?

Be authentic

One of the best ways to build brand trust is to be authentic and consistent in your marketing. Don't try to be something you're not, or copy what others are doing. Instead, focus on your unique qualities and your target audience's needs and preferences. Show your personality, your passion, and your purpose through your content, your design, and your interactions. Authenticity builds credibility, loyalty, and emotional connection.

Be transparent

Another key factor for building brand trust is to be transparent and honest. This means being open and clear about your products, services, prices, policies, and processes. Don't hide or exaggerate any information, or make false or misleading claims. Instead, provide accurate and complete details, disclose any risks or limitations, and admit any mistakes or failures. Transparency builds confidence, respect, and trustworthiness.

Be responsive

A third way to build brand trust is to be responsive and attentive. This means being available and accessible to your network which is full of customers, prospects, and partners. Don't ignore or delay any feedback, questions, or complaints. Instead, acknowledge and address them promptly, professionally, and politely. Use multiple channels and platforms to communicate and engage with your audience, and provide helpful and relevant information and solutions. Responsiveness builds satisfaction, retention, and advocacy.

Be valuable

A fourth way to build brand trust is to be valuable and useful.  This means providing value and benefit to your audience, not just selling or promoting your products or services. Don't spam or annoy your audience with irrelevant or intrusive content. Instead, create and share content that educates, entertains, inspires, or solves their problems. 

Be ethical

A fifth way to build brand trust is to be ethical and responsible. This means respecting and protecting your audience's privacy, data, and rights. Don't collect or use any personal or sensitive information without their consent, or share it with third parties without their knowledge.. Ethics builds security, reliability, and reputation.

Be adaptable

A sixth way to build brand trust is to be adaptable and flexible. This means being able to adjust and improve according to the changing needs, preferences, and behaviors of your audience, as well as the evolving trends, technologies, and opportunities in the digital landscape. Instead, monitor and measure your performance, and use data and feedback to optimize and innovate your digital marketing tactics. Adaptability builds relevance, differentiation, and growth.

If you have an employee who has built a personal brand, the work the employee is doing is also connecting the dots to the company in so many ways. I couldn’t just choose a few, so bear with me as there are 10 benefits to an employee who has built their personal brand and how it can have a positive effect on a company. 

1. Enhanced Company Reputation: When employees build strong personal brands, it reflects positively on the company. A credible, knowledgeable, and influential employee can elevate the company's reputation within their industry.

2. Increased Credibility and Trust: Employees with strong personal brands often have a dedicated following or network. Their endorsements or recommendations for the company's products or services carry weight, increasing credibility and trust among potential customers.

3. Better Customer Engagement: Employees with well-established personal brands often have a direct line of communication with their followers or network. Engaging with these individuals can improve customer relations and enhance the customer experience.

4. Attracting Talent: A company associated with employees known for their expertise, thought leadership, or innovation becomes an attractive place to work. This can lead to a more talented pool of potential employees wanting to join the company.

5. Content and Thought Leadership: Employees with strong personal brands often create valuable content that positions them as thought leaders. When they share insights related to the company's industry or products, it indirectly benefits the business.

6. Networking and Partnerships: Employees with strong personal brands can open doors to new partnerships, collaborations, or networking opportunities that benefit the company. Their connections can introduce the company to potential clients, vendors, or industry leaders.

7. Amplified Marketing Reach: Employees who actively promote the company through their personal brand can significantly expand the company's marketing reach. Their social media presence, speaking engagements, or contributions to industry publications can all bring positive attention to the business.

8. Increased Sales and Revenue: Engaged and influential employees can influence purchase decisions by recommending the company's products or services. Their endorsements often lead to increased sales and revenue.

9. Brand Advocacy: Employees with strong personal brands are more likely to advocate for the company both online and offline. They can positively represent the brand and its values in various contexts.

10. Employee Retention and Motivation: When employees are encouraged to build their personal brands, they often feel more valued and empowered. This can lead to higher job satisfaction, improved morale, and increased loyalty to the company.

The one thing to remember regarding building brand trust, is it takes time. It is the long game, one may not see the ROI within 3 months, so patience and consistency is really key to seeing the benefits. Encouraging and supporting employees in developing their personal brands can be a strategic move for companies to leverage the collective influence and expertise of their workforce, ultimately benefiting the business as a whole. 

Customer-Centric Strategies: The Path to CX Glory

In 2024, CX in multifamily real estate will be shaped by a mix of technological innovations and a focus on personalization and community building. Currently. “57% of landlords are placing the management of resident relationships above all else when it comes to investment dollars.”1. Resident expectations have changed and as we serve our residents we need to shift our approach. It is not just okay to do the minimum and expect the resident to be satisfied, as an industry we must focus on the experience in order for residents to truly enjoy living in the community which leads to renewing their lease. Residents in apartments have increasingly high expectations for their customer experience (CX), driven by evolving technology, changing lifestyle preferences, and a desire for convenience and quality of life.

It is not satisfactory to just assume what residents want, but to use the data and surveys to accurately understand what is most important to residents. According to data, 24% of multifamily operators do not have formal retention goals within the company. This is a mistake, metrics and KPIs need to be measured and reported just like you would with rent and expenses. 

The top 5 areas we should focus on through streamlining operations with the appropriate tech stack should be: 

1. Personalization:

   Use data and technology to remember prospect and resident preferences and offer personalized recommendations.

2. Empathy and prospect/resident centric approach:

   Train staff to be empathetic and attentive to guests' needs and concerns.

   Make guests feel valued and appreciated by going the extra mile to meet their expectations.

3. Cleanliness and Maintenance:

   Maintain high standards of cleanliness and maintenance to create a comfortable and safe environment. 

   Maintenance is the number 2 reason as to why a resident renews. No one wants to live in a home where things are broken and not able to be used. 

4. Communication/Community Engagement 

   Keep prospects and residents informed through multiple channels, such as email, mobile apps, and in-person communication.

   Focus on building a sense of community among residents through events, social platforms, and shared amenities.

5. Technology Integration:

   Implement technology solutions that drive a frictionless experience, whether that be an app, smart technology in an apartment or through self applications. 

In summary, PropTech plays a vital role in creating more comfortable, safe, and convenient living environments for residents while enhancing the efficiency and profitability of property management. As technology continues to advance, we can expect even more innovations in this space, further benefiting both residents and property managers.

Source 1 Resident Retention for MF Owners and Investors 2023 Update

Are we falling short when it comes to Maintenance for Residents

Over the last several years, our industry has become aware of the prospect expectations when it comes to the leasing experience. We have heard loud and clear their desire for flexibility, exceptional user technology experience and access at their fingertips to a subject expert when it comes to having questions. Not only have we become aware, but many Management Companies are realizing they must take action and implement new technology to meet the prospects expectations is necessary, to which many have already implemented technology. 

On the other hand, when you look at the residents' experience with maintenance, we are a bit behind. Through the last 3 or so years we have focused heavily on the experience of how we are attracting and winning a prospect, but now it is time to catch up and look at the residents' experience specifically with maintenance. The industry's staggering stat these days is 92% of residents have not had a positive experience with maintenance. That means, only 1 out of every 10 residents have had a positive experience when it comes to their service requests. That number alone should really light a fire for us to dig deep and look at the needs and desires of a resident. 

Most recently I was reviewing the 2022 vs 2023 Work Order Survey from Satisfacts (Stats Jan through Oct, both years) and was saddened by the year over year scores. All 8 of the questions are important, no doubt, however what is even more astonishing is these are controllable areas the onsite team can correct. You may be saying, sure we onsite can do better, but how do we do better with so many tasks, work orders alone and of course the never ending employee struggle. This is where we must look to be able to optimize our team with technology. As an industry we are starting to see many teams focus on specialization by trade or skill and add in a layer of technology (service or product) to move these industry statistics in the right direction. 

We have continuously heard residents want to be able to self-serve as much as possible, this really goes for multiple generations. 

Baby Boomers (born 1946-1964): Baby Boomers may have grown up in an era where DIY home maintenance and repairs were more common, and as a result, some members of this generation may still be willing and capable of handling minor repairs themselves. 

Generation X (born 1965-1980): Gen Xers are often more self-reliant and resourceful, and many of them are comfortable with basic DIY tasks. They might be willing to handle minor repairs but could also value their time and prefer to hire professionals for more complex jobs.

Millennials (born 1981-1996): Millennials tend to have a mixed relationship with DIY maintenance. Some are quite capable and prefer to use online resources to learn how to perform repairs, while others may have grown up in urban environments with less exposure to DIY skills and are more likely to hire professionals.

Generation Z (born 1997-2012): Generation Z is a tech-savvy generation, and they may be more inclined to use online tutorials and resources to tackle DIY projects. They are known for their resourcefulness and might be willing to learn how to do basic maintenance and repairs.

Looking at each of the generations there is a subset that are willing to DIY with the help of a maintenance tech with years of experience via text or facetime. Regardless of the generation they want the ease and simplicity of digital services and self service. They like how it makes them feel connected, informed and in control of their experience.  What might this look like when it comes to maintenance? Two key areas we must deeply reflect on: 

Self Service: Residents expect prompt response and resolution of maintenance requests. Offering the option for residents to be able to fix the small easy service requests, allows them to complete it when they are available. Not to have to lock up a pet, clean up their home, wait for a specific time or have to re-arrange their schedule.  A great analogy outside of our industry is Grocery Shopping: We as a consumer have options, right? We can pick up our order, shop our order in story or have them delivered. We are able to choose what works for us when it works for us. One week I may want to go to the store and later that same week, I might be busy and need them delivered. We have the freedom and flexibility to meet our needs.  When it comes to maintenance, self service is no different. What we learned several years ago is residents are eager and willing (80% of residents actually) to walk through how to fix a GFI, a toilet flapper, a garbage disposal etc, via text or a facetime call. Again this option meets them on how they currently experience services in their everyday life. 

Effective Communication: Clear and open communication with property management is vital. Residents want to know the status of their maintenance requests, including when and how the issue will be resolved. Leaning into technology and automation is going to be the winning solution. A quick analogy, Amazon is amazing at effective communication, we always know where our package is. technology has allowed us to transparently know when our package will be delivered. 

Not only is the self service option creating an outstanding customer experience, but with a shortage of maintenance tech's (and the gap becoming larger) focusing on and investing the technicians which are currently employed can have room to advance in their career. The average age of a maintenance tech is 48 years old, and most retire around 55 to 60. When we look at that number, that leaves us with on average 10 years left where the gap may not get smaller if the younger generation doesn't enter the field. We must look at opportunities to invest in our current and new maintenance techs, create ways again with technology services to be able to not burn our maintenance techs out. They should not be working 24/7, on call and weekends. 

If we can focus on optimizing our team, creating opportunities for the resident to receive self service and of course focus on optimizing our communication with the residents we can see our resident satisfaction scores increase which will lead to resident retention and renewals. 

2024... Where should we focus?

The cliche line, Multifamily is slow to change… on the heels of 2024 our industry I see we need to continue to embrace the change that is needed.  I recently asked the Multifamily Insiders Linkedin Group what they saw as the area’s we needed to focus on and Staff came in first with 55% agreeing. Lisa Russell shared her perspective digging into three specific areas. 

She shares the following:  

1. Digital Transformation: Property management has been slower to adapt to technological changes compared to other industries. Digitizing property management by implementing technologies like AI, machine learning, and robotics could streamline operations, improve efficiency, and save costs.

2. Resident Experience: There's a need for a renewed focus on resident experience. This could be achieved by providing seamless communication channels, quicker response times, and personalized services.

3. Staff Training: Emphasize on ongoing staff training to adapt to new tools and technologies to ensure the workforce is equipped to handle the evolving industry changes. Change management is a vital strategic process needed over the next 5 years.

I absolutely agree with all three of these and believe these all actually tie together. I firmly believe that it all starts with outstanding training.  Industry onsite team’s need continuous training. We as an industry need to invest and focus on our team's need for training. When we invest in our teams onsite they grow personally and professionally, they feel valued, invested in and will continue to deliver an outstanding customer experience. Now staff training needs to involve tech training and we shouldn’t ever lose sight or reduce the training available for team members around technology. Everyone learns differently which really means we should be adding trainers to our corporate teams. In some regards, we need personalized trainers who are experts in specific software or areas of the business. Technology doesn’t make things easier in some regards, sometimes there are more hiccups in making sure technology all works together. (just like we need to personalize our customers experience) 

I recently heard from a former executive of a top NMHC company that between 2020 and 2022, about two dozen new technologies were launched! Everything from self-guided touring, video touring widget, smart home access control, rent reporting, alternative insurance + deposit programs, flexible rent payments, digital asset management tool, more sophisticated reputation management, virtual leasing assistants, virtual events app for residents, contact centers, and the list goes on. 

She went on to say, not all of those directly impacted onsite team members, however, that was absolutely a huge consideration - a number of tools did, and that was really difficult for everyone to shoulder during COVID. So much change across the org, from leadership and business continuity / safety, on down to remote work and managing new technology platforms for onsite teams. The last 3 years have really taken it out of everyone. 

How can we rethink, invest in our onsite teams and cultivate a culture where we all can embrace new technology to better service our employees 

Understanding that scenario was a little over a year ago, and we are still struggling with onsite turn, training, implementing new technology etc. We must focus on our staff and train them with intention. If we as an industry can embrace the digital transformation which includes finding the right marriage of AI to HI (Human Intelligence), we can increase the resident experience. It all starts with investing and training our employees.

Without the Right Communication, Maintenance Will Suffer

Most people think communication is about what they are saying, however exceptional communication isn’t about what you said, it is about what the other person heard. Every single individual involved in a maintenance request should know what is happening at every step in the process and can get engaged if they need to. Should the resident call to ask what the status of their request, no matter who picks up the phone, that employee should know. 

Personally, my biggest pet peeve is calling customer service and having to be transferred or put on hold because the support contact couldn’t answer my question or needed to talk to someone else on their team.

I always say, effective communication is when everyone who is involved understands the exact details. Now, my analogy may be a bit odd, but follow me. When communication is not just shared, but documented, that is effective communication. If a person onsite happened to be out unexpectedly (I have always said in the hospital and you didn’t know when they would return) would another person know exactly what to do and pick up where they left off? Would the resident need to re-explain the issue or would the new technician have to ask the resident for what is happening?

Years ago, I always trained my Property Managers to know the full position of Maintenance Tech’s, now I don’t mean how to actually fix a flapper (although, that one is a pretty easy fix) but does the property manager understand “how” things work which will lead to asking the right questions. There must be effective communication between all three parties; “Front of House” that includes Property Managers, Leasing Agents and Assistant Managers and the “Back of the House” Maintenance, which includes, Tech’s Managers, Groundskeepers. 

Have the Property Manager work with the maintenance team for a solid 5 days, not just a few hours. Have them understand all aspects from work orders, to make readies etc. 

Now I am not saying this is just a one way street where the “Front of the House” should be the only one responsible for understanding other positions, I fully believe that the “Back of the House” should also understand what the Front of the House is doing. Once again, I don’t think Maintenance should necessarily be able to fully jump in and post something on social media or even apply someone’s rent money, but how awesome would it be if Maintenance knew and understood how to answer the phone if they were in the office and be able to answer a prospects questions. Better yet, what if Maintenance teams were part of the Leasing Team when it comes to meetings? Why do we separate our maintenance teams for training and our leasing teams for training? Sure we can look at training from in depth to a higher level however, in order to communicate well we need to row in the same direction for the same goal. As a resident or even a prospect, fully seeing the entire team working together I would instantly feel the sense that everyone has my best interest at heart. 

What if you're short staffed? We all keep hearing about short staffed communities. (It is even more imperative to have effective communication when there is less people as there is more multi-tasking happening) Believe it or not, HappyCo offers a service where multifamily maintenance tech’s with up to 25 years experience are available to answer and communicate (effectively) with your residents on each and every service request. Due to the extensive experience our tech’s have, they know the right questions to ask, to be able to work with the residents on gathering the information in detail that is needed for onsite maintenance tech’s to be able to optimize their time and quickly complete the work orders. Plus, we all know residents want to be heard when it comes to something that is needed to be fixed in their home. They want to talk to someone immediately. 

The bottom line is effective communication only works when there are no corners, a complete circle, where the right hand knows what the left hand is doing. We as an industry must do better.. Without maintenance tech’s we would not have residents wanting to renew and without leasing staff we would not have created an exceptional customer experience. We need each other more than ever in 2023 and into the future! Let’s work together.