Apartment resident retention is something nearly everyone in multifamily real estate is thinking about. You’ve got a fully stabilized, or almost stabilized, property and want to keep it that way. So, how do you do it?
If you’re looking for the best ways to maintain apartment resident retention, the answer can likely be found in your virtual leasing and virtual tour toolkit – video. Here are the two main ways video can make a big impact.
When we think about what will really maintain apartment resident retention, much of it boils down to effective, efficient communication. Creative resident event ideas, even for luxury apartment resident events, are great. But, no one will come if they don’t know or feel motivated to attend. One of the best ways to fix that is through effective communication techniques.
When we think about the most effective ways to communicate today, it’s video. Just look at the evolution of social media platforms. Over time, social media has transitioned from mainly plain text status updates to photo sharing to video with closed captioning. Facebook (Meta) alone has seen all three of those changes over the years. Instagram began as a photo-sharing platform. Now, it’s almost all video.
Why are we seeing these changes? Because video gets engagement which is what creators are looking for – therefore, it will get the engagement you’re looking for from residents. Video is proven to get views and clicks because it grabs and holds audience attention better than photos or text can. Here are just a few points to back that up.
- In 2020, 96% of consumers increased their online video consumption, and 9 out of 10 viewers said that they wanted to see more videos from brands and businesses. An average person is predicted to spend 100 minutes per day watching online videos next year.
- By 2022, online videos will make up more than 82% of all consumer internet traffic — 15 times higher than it was in 2017.
- As of 2020, 83.3% of internet users in the US accessed digital video content.
- 72% of customers said they would rather learn about a product or service by way of video and 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video.
With this level of impact and return, it’s no wonder video has become such a powerhouse tool for brands both within and outside of the multifamily real estate space. However, the effectiveness is only part of the benefit.
When it comes to effective communication with video for apartment resident retention, one of the most important factors is the human-to-human connection. True, you aren’t physically in front of a resident. However, a video with a person standing in front of the camera delivering the message conveys much more humanity and empathy than a plain text delivery. So much context can be lost in text versus video delivery.
Think about it. Sliding a note under a door about the pool area being closed for a couple of weeks during the height of summer? Not a good experience. Now, take that same message and imagine it shared by the property manager via video. It’s still not welcome news, but it doesn’t feel as disconnected. It’s also great to deliver good news with excitement and energy, like drumming up buzz for multifamily resident events. Even something that feels mundane, like apartment FAQs, can benefit from a real human delivering the information on video.
All of that to say, have a property manager, maintenance supervisor, leasing agent – whoever is the best to deliver the message – get in front of the camera. Having a person delivering a message via video, giving an update, or providing information with emotion and empathy – a human touch – will go a long way when connecting with residents.
In the end, video really does help deliver effective communication by getting clicks, views and keeping attention. That much you can see in the stats. However, it also helps share information with a human touch, fostering a critical relationship with residents without having to physically be in front of them every time.
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