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“You have to figure out ways to make sure the residents know who your staff are, because that’s going to be the direct correlation to building resident satisfaction.”
At the AIM Conference held last month, Joseph and Turner Batdorf wanted to bring value to the attendees listening to their presentation of the study “How to Ride the Wave.” The premise of the study centered on how to sustain the success we are experiencing in the current thriving market once conditions inevitably shift.
The most surprising thing to Turner that the study revealed is that residents are not anticipating the rental increases that are heading their way. As resident satisfaction has been on a downward trend since 2019, managers need to determine ways to build satisfaction and trust among residents in order to retain them through rising costs. This includes equipping onsite teams to have conversations with residents so that any rent increase will not come as such a shock.
A key takeaway that Turner says should be top priority for any management company is the importance of such communication. He notes the direct correlation between customer service/communication and resident satisfaction and emphasizes the need for residents to know who the staff are. Building such strong relationships through transparency and dependable service will give residents reasons to stay and will help companies to continue enjoying success through any storm that may come their way.
Download the AIM Report here: https://www.jturnerresearch.com/how-to-ride-the-wave