Resident Retention By Russ Sandlin In our industry, many of us wear different (and sometimes many) hats. Whether you call yourself Property Manager, Resident Manager or Area Manager, we are all responsible for resident retention. If you are to be effective in property management, you must continually strengthen resident retention. With resident retention so important, why do so many "sad-isfied" residents tell me, "When I was renting the apartment, they waited on me hand and foot. Now that I've moved in, it's my turn to wait for everything!" While there has been a revolution in service in our industry, many residents indicate it's only "Lip Service!" How effective are you in living up to commitments made to your residents? Ask yourself and your staff this question, "What does a satisfied resident look like?" When I recently asked this of a group of property managers, they said: Satisfied residents... smile when they pass you in the community. speak to you in pleasant tones, and in a warm, friendly manner. wave when they see you at the pool. call you by name when they greet you. pay their rent on time or call you personally to let you know why it will be late. take their garbage all the way to the dumpster. refer others like themselves to your community. Once we established the on-going benefits of having satisfied residents, we considered the attitudes and programs that go into building such a community. I recall one manager who took resident retention on as her personal mission. She remarked: "I say hello to every prospect I've rented an apartment to, every day I live here. I want to make sure that living here is the pleasant experience I represented when I leased them the apartment!" It was obvious that she was looking for opportunities to CREATE RESIDENT RETENTION. Her attitude was the most important factor. She enjoyed her responsibility as community manager. She took her job seriously and responded with solution-oriented feedback when her residents presented her with problems. She also sought out areas where challenges might occur and modified these conditions before they became problems. She met with residents on a regular basis, alone and in small groups, to create solutions. She took this a step further. By distributing resident surveys, she was able to receive specific feedback on potential areas of improvement and desired upgrades. She then worked with the owners to implement those improvements that were economically feasible. When confronted with an angry resident she tried to remain calm, professional and most importantly, realistic about a solution. She attributed her success in working with angry residents to consistency, and fair treatment to everyone. Does your rate of turnover effect your ability to create resident retention? Does the size of your community matter? Does your location effect the ability to build resident retention? Universally, I've been told NO! There are techniques that CREATE RESIDENT RETENTION that are unaffected by turnover rate, property size and location. It is critical, however, to recognize the attributes of resident retention, and to set goals and institute programs that meet those goals. During this workshop, we isolated four specific stages where individuals are making a decision on whether or not to remain or become a resident: PROSPECTIVE RESIDENT NEW RESIDENT RESIDENT INTENT TO VACATE PROSPECTIVE RESIDENT Do you paint a realistic picture for prospects when they are renting an apartment? We found that in some situations "sad-isfied" residents were created by leasing associates over-selling the community; i.e. promising features and programs that were not truly available in order to simply rent one more apartment. NEW RESIDENT The greatest impact you have on resident retention occurs when the prospect becomes a resident. His/her "first impression" of living in your community occurs then. What programs do you have in place to cement that relationship? Here are a few possible approaches to this goal: New Resident Profile Create a profile on each new resident at the time of move-in. Use this information to help plan the types of programs and services offered to your residents. Move-in Package Develop a special move-in package you will give each new resident. Market-ready Apartment Checklist Create a checklist to ensure every apartment is 100% ready when the new resident moves in. Area Service Guide Create a list of all the services available in your area, such as churches, schools, and recreation. RESIDENT It is at this time that a resident is most often forgotten. They were. given special treatment when they rented from the leasing staff. During the move-in and community acclimation process they received a great deal of attention from management staff to ensure they were settled into their new apartment home. What specific programs do you have in effect to create resident retention during this time? Here are a few of the many ideas developed. Calendar of Events Keep residents informed of community events. Check with the local Chamber of Commerce to enhance your list, and incorporate any additional area happenings each month. Resident Parties Create theme parties (Halloween, Christmas, Friday, Thanksgiving) to encourage residents to enjoy community facilities. Patio Contests Especially popular in senior communities, this event is also a great way to make sure the community's appearance remains top notch. Resident Newsletter This device should be used to keep residents informed of events, policies, and major changes happening in your community. Be sure to keep the newsletter upbeat and exciting. Referral Program If a referral program is legally permitted in your area, it is a tremendous way to thank residents for referring new residents to your community and fill unwanted vacancies. INTENT TO VACATE Management should concentrate even more energy on creating positive word-of-mouth advertising at the time a resident decides to move out. Once a resident does leave, they are certain to talk about your community for a period of time. What will they say: What a great place, sorry I had to go or... was I glad to get out of there! It's up to you! Here are a few ideas that ensure every move-out promotes the community after they leave. Intent to Vacate Program Determine the real reason a resident is leaving. If they have a job transfer or are buying a home, it is difficult to save that intent. However, if a resident loses a roommate or runs into a temporary financial crisis, there may be a way to work it out. Every canceled intent to vacate is like two rentals. Are you interviewing every resident giving their intent to vacate? Are you willing to paint, shampoo or even re-carpet an apartment to save a resident? Cost of Moving Develop a simple flyer that shows residents the real cost of a move. New deposits, new phone, address changes, renting a van or moving company add up to significant dollars! People don't rent an apartment, they lease a lifestyle. If, as a professional, you make your community live up to the reputation you've established, resident retention will come easily. Resident retention is not a destination, but a journey. It is your personal statement, "This is my work product. I've put a measure of my time and life into creating a great community of which I can be proud. It's a welcoming and comfortable atmosphere residents can enjoy calling home."   Russ Sandlin is the president of The Russ Sandlin Group, a nationally-recognized organization specializing in income-focused training and marketing for residential and commercial property. For more information on Resident Retention or other programs, call 800-535-8858. For additional information about the Russ Sandlin Group, visit us on the web: www.russsandlin.com or e-mail: theboss@russsandlin.com