Let’s face it — attracting and retaining great residents is critical not only to generating revenue but powering your property management business. Established residents become involved ambassadors for your communities and this means more multi-family leads.
But how do you ensure you're not just filling spaces but building a collective of people who actually like each other?
In this article, we take a look at this with strategies for resident attraction and retention. We also look at the role resident property management software can play in this.
1. Tweak your websiteIt’s one thing having a site to showcase your properties and another to fully utilize it to attract multifamily leads. Here’s how to find your tribe:
- Get local SEO right: Add your city or neighborhood name into your website's content, meta tags, and possibly even its URL.
- Keep your photos updated: In particular, post fresh photos of amenities that appeal to your target audience.
- Engage with Google My Business: Claim your listing and respond to reviews.
2. Craft magnetic social media content
Your social media should allow your ideal resident to imagine life at your property, Here are some tips:
- Share genuine stories: Post resident testimonials or short clips capturing a lively day at your property.
- Initiate conversations: Run polls or quizzes, asking followers about their dream amenities or gathering feedback on potential property enhancements.
- Offer a behind-the-scenes look: Introduce your team (on a good day) and show the love they pour into the property.
3. Invest in paid ad campaigns for direct retargeting
To attract multifamily leads try:
- Running social media ads: Here you can target audiences based on age, interests, or behaviors.
- Using Google AdWords: Place your bids on local-specific phrases or keywords and pair this with an irresistible landing page to convert curiosity into genuine interest.
- A/B test: Adjust your copy and visuals to see which attracts the most suited residents.
4. Keep email marketing in your playbook
A well-crafted email can catch attention and spark action. Try:
- Creating monthly newsletters: Inform about property updates, available units, or upcoming events. Keep it vibrant and scannable.
- Setting up drip campaigns: For those who've shown initial interest, periodic emails can keep you in their consideration set and prompt a move.
- Using segmentation: Create groups of audience members — for example, market directly to those who have viewed your property before.
5. Leverage AI
Introduce AI-driven chatbots on your website to:
Answer queries: This 24/7 approach ensures no potential resident feels overlooked.
Offer instant information: Quickly share pricing, availability, and leasing terms to expedite the decision-making process.
- Schedule property viewings: Streamline the process of converting multifamily leads.
6. Offer a flexible lease
The right lease is key to attracting and retaining residents so don't lock them into rigid start and end dates. By allowing mid-month move-ins or varied lease lengths, you cater to individuals like students or relocating professionals whose timelines don't align with the typical first-of-the-month cycle.
7. Provide a referral bonus
Encourage your current residents to be your ambassadors. If a resident refers someone, and they sign a lease, offer the resident a $50 rent deduction for the next month. It's a small investment for a secured lease and shows appreciation to your loyal residents.
8. Offer the right amenities
Amenities are your secret weapons in attracting and retaining residents. Here's what you should consider including:
- Parking: Residents often shell out over $100 monthly for off-site parking. Include secure spaces, and you instantly raise your property’s appeal.
- Shared spaces: Rooms where residents can host parties or gatherings strengthen the sense of community.
- Play areas: For families, a play area can be a deal-breaker. Knowing kids have a safe space to play without venturing too far is priceless.
- High-speed Wi-Fi: In this digital age, strong, reliable internet isn't a luxury; it's a must. By offering this, you could save residents the $60 they'd spend monthly on an individual plan.
- Laundry facilities: Offer on-site laundry or in-unit washer/dryers and eliminate trips to external laundromats. Consider this: if residents save $5 per load by not visiting a laundromat, you're putting $240 back in their pockets annually.
- Gardens and green spaces: Whether it's a vegetable patch or just a relaxation spot, green spaces add aesthetic and functional value.
9. Keep in regular communication
The key to retaining residents is staying in touch. This doesn’t mean updating them about every new plant that sprouts up in the community garden, but it does mean using resident property management software such as FORTRESS to centralize communications.
Our portal allows you to send out communications and updates, organize rent roll and manage service requests in one place. The result is happy, engaged resident and an easy workflow for your team.
Ready to learn more about attracting and retaining residents? Read our latest e-book.