In the world of apartment resident retention, there are things you can control and things you can’t. There are always going to be residents who won’t renew for reasons completely out of leasing teams’ control. That’s just one of the cardinal rules of apartment leasing.
For example, if a resident is moving out of state, or moving to be closer to work, moving in with a significant other, or choosing to purchase a house, on-site teams can’t do anything about it. However, there are quite a few things on-site teams can impact to either maintain a good retention rate or improve the one they have.
One of the major, controllable aspects of a resident not renewing their lease for another year is that they just didn’t have a great experience with the community. Maybe they didn’t love the unit they were living in. Or the amenities weren’t what they expected. Perhaps the community just didn’t provide the vibe they wanted and didn’t feel like home. These are all controllable aspects, which on-site teams can use video to combat.
Here are a few ways video can help improve or maintain apartment resident retention in those areas you can control.
Before the Lease
Before the lease is even signed, video can help pave the way for a good apartment resident retention plan if videos are used throughout the process. By using video, you can allow prospective residents a real, authentic look at the property and their unit in a virtual environment. Either a personalized playlist of pre-recorded videos or a live video tour works to show prospects exactly what they need and want to see, plus it gives prospects a chance to ask the exact questions they want to be answered. That level of authenticity and transparency gives prospects a real look at where they may call home.
They’ll make their leasing decision, even if it’s totally in a virtual leasing capacity, with more certainty. Pinterest is a great way to get design ideas! But, keep in mind, highly produced videos or photos aren’t going to set a resident up for long-term satisfaction. If they come in happy with what they are getting, that’s a great first step. Now, let’s keep them happy.
Humanize Resident Communication
Once a prospect turns into a resident, the next step in keeping them long-term begins. When it comes to maintaining a high apartment resident retention or improving resident retention, one of the best ways is to improve communication with them. Much of the communication today is driven through apps, resident email lists, and text message systems. All of that is predominately text-based which, unfortunately, can lead to misinterpretation of tone or just feeling very impersonal.
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One of the easiest and most subtle resident retention ideas is to add a video to those communications. Imagine the difference between reading about construction plans that are going to waylay your day a bit versus hearing the ins and outs from your on-site team via video. Or receiving an invitation to an event versus a video invite. Video brings emotion, an empathic ear, or genuine excitement, that text doesn’t – no matter how well it’s written. Adding video is a simple shift but it is also highly impactful. By putting a human in front of the camera to deliver the message, it’s increasing the ties that residents have to the management team.
Video is Viewed
Not only will video humanize the message by having a property team member talking through the update, making the property team more human and approachable, but video also gets more engagement.
If you’re looking at how communication works with apartment resident retention, you’ll want to make sure those communications are viewed. Video gets increased clicks, open rates, and engagement. The message will stick with residents more than a simple email or text pushed out to their phones.
Another resident video idea is to use it for resident events. Resident events can create community and make a property feel like home for those who live there, helping the apartment resident retention efforts. But, only if they actually come. Use video as not only the invite but also to record the event. Interview residents about their experience at the event, what they enjoyed about the event, and why they’re looking forward to the next one. Put together a video montage recapping the event and send it out. Not only will residents see how much fun apartment life events can be, but seeing what they are missing out on may make them less likely to miss out next time.
When it comes to apartment resident retention, adding video is so simple and so easy, but is also immensely effective. No matter how your team communicates with residents (email, text, or push notifications), video will improve it. It gets the clicks, it adds empathy, it humanizes the message, and includes relationship building into the equation in a way it may be lacking today. No matter how fancy your resident retention gifts may be, those are the things that, ultimately, will increase or maintain resident retention.