Community management is one of the most important factors to consider in the world of multifamily development. It is critical to manage the building properly in order to ensure a high lead-to-lease conversion rate and, subsequently, a high retention rate. Most business professionals know this for their companies and the same applies to apartment communities, it’s more expensive to get a new client than to keep the one you already have. Hence why maintaining a higher resident retention rate is important. And it is likely that most of your community’s NOI calculations were built off maintaining a certain high level of occupancy as well.
One of the top ways to ensure that a community is well run and resident retention efforts are high is to put the property multifamily community solutions in place. Of course, with so many options for apartment community management solutions, it can be hard for someone to make a decision. There are a lot of different components that are going to play a role in the ultimate success of any community management solution, ranging from the technology used to the processes that are put in place.
The goal of any community management solution should be to streamline operations, enhance the resident experience, and, of course, maintain high resident retention rates. There are many ways that a property manager can increase their retention rates. This includes providing a high level of security, keeping rent stable, upgrading the equipment at the gym, making it easy to get in and out of the building, pay rent, submit maintenance requests and more, and throwing great resident events that build a sense of community. At the same time, all of this can take a tremendous amount of work. By being able to automate many of these processes (and what a resident has to do) through community management solutions, the resident satisfaction is going to increase. Therefore, it is important for every property manager to think carefully about the community management solutions that he or she is going to employ.