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"If just one resident renews a lease, you don't have to turn the apartment... So just one tenant… renewing their lease can pay for your Jumbotron, right?"
Is the multifamily industry losing its personal touch? In this episode of The Multifamily Review, Bendix Anderson, a veteran journalist covering the multifamily sector, joins Marcus Armstrong to discuss the importance of human connection in a world increasingly dominated by technology.
While technology and automation have revolutionized how property managers operate, Bendix argues that we can't afford to forget the human element in resident retention. He emphasizes that "from the point of view of the tenants... this gets to the core of what everybody told me," highlighting the need for genuine, personalized interactions with residents.
Drawing from his recent article "Connection: The Bridge to Retention" in Units Magazine, Bendix shares insightful findings from his conversations with industry experts. He cites Brennon Degner, CEO of DB Capital, who underscores the critical importance of the "honeymoon phase" – those initial weeks when a new resident moves in. Making a good impression during this crucial period, by ensuring a smooth move-in experience and addressing maintenance requests promptly, can significantly impact long-term resident satisfaction.
Bendix also reveals a sobering reality: "If you have a 200-unit building and you do events all year and only two people renew their leases, that's still a big difference." This underscores the need for property managers to reimagine their strategies and find ways to connect with residents beyond superficial events.
He argues that small, personal gestures, like offering a floor plan change or addressing noise complaints in a timely and empathetic manner, can make a huge impact on resident retention. These acts of genuine concern build trust and demonstrate a commitment to resident well-being, contributing to a positive sense of community.
This episode of The Multifamily Review serves as a crucial reminder that building strong relationships with residents is still the cornerstone of successful resident retention, even in a tech-driven industry. Listen to the full episode to gain a deeper understanding of how to create a community that fosters genuine connection and a sense of belonging for your residents.