In 2019, just 16% of property managers said that attracting and retaining great residents was one of their top three priorities. In 2020, that number has risen significantly to 45% .
Investment in the resident experience has always supported these core areas: #1 Marketing Resident reviews have a direct effect on attracting quality residents. #2 Budgeting A significant reduction in unit turnover can directly affect the bottom line. #3 Property Protection Residents who feel taken care of tend to, in turn, take better care of the property. By further investing in the resident experience, property managers are also achieving profit margins that look more like 25% and above. They are cutting down time spent on operational
Why The Resident Has Become The Priority The pandemic has forced property managers to put residents at the forefront. Adapting to safety measures, staying current with local laws, increasing communication, and balancing empathy with business have all been bare necessities in staying afloat. Digital innovation was already raising resident expectations in terms of speed, service levels, and overall convenience, and the pandemic has pushed this expectation further. Residents are asking: “If Amazon can deliver me groceries in 2 hours, why can’t my property manager respond to a request in a reasonable amount of time?”
headaches so that they can allocate more time and energy to focus on growth. Resident Amenities That Fuel Your Margins A recent Consumer Insights study noted that 86% of consumers are willing to pay more for a better experience. This finding applies to renters as well. Most renters have the same kind of headaches that property managers do - maintenance. Most negative online reviews
are related to slow response times and
maintenance requests that are handled poorly. It’s a pain point for all parties involved.
So, property managers typically outsource their
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