As any multi-unit property manager or owner will inform you, maintaining a better-than-average tenant retention rate is the “Holy Grail” of multi-unit operation. Not only does it reduce your marketing costs in the long run but also helps to build the community at your facility and elevate the user experience – a not insignificant accomplishment. With that last thought in mind, here are a few other thoughts on how to make your tenants feel more comfortable in your complex:
- Plan for the future – Rome was not built in a day or so the saying goes. Still, this idea has true relevance for the multi-unit operator. By identifying projects that can be implemented in the short term and at an affordable cost, you can then leverage these improvements with judicious improvements in the long term. For example, adding a small park space for immediate tenant enjoyment can later be enclosed by a fence and then converted to a dog park when more funds become available.
- Make convenience the key – From daily front-door trash service through a well-maintained and furnished pool area to a properly outfitted health and fitness facilities to front-door trash service, it is important to meet the needs of your tenants. Obviously, there are cost considerations in meeting these needs but being able to offer an “a la carte” menu of these services will help you elevate the service of your facility to an unrivaled position.
- Consider your specific demographic – It should be no secret to you as a multi-unit facility operator that people’s tastes change as they age. It is a fairly simple task to identify the demographic that is currently inhabiting each of your facilities. They chose you for a reason. Once identified, you should then market to that demographic and offer amenities and services that specifically cater to their desires. As an added benefit, this process is a self-reinforcing cycle that will yield increasing benefits over the course of time.
- Embrace safety and security – To paraphrase the great American Vice President, Hubert H. Humphrey, any society should be judged on how it treats the weakest in their midst – the young, the old and the infirm. TA brilliant observation and one that rings true for private enterprises as much as it does for governments. Keep a good eye on maintaining the safety of your residents from internal dangers (safety) as well as securing their persons from those arriving from the outside (security).
- Utilize the latest technology – Initially, it may seem an unnecessary expense – especially to smaller multi-unit owners and operators – but the latest software and online technologies available offer a range of options that not only benefit the tenants but also the staff of your facility as well. For example, by providing online bill pay for such things as rent, renters insurance and utilities, a multi-unit operator will provide a significant convenience to their tenants as well as lower their own staffing costs.
Elevating the member experience at your multi-unit complex is an iterative process. That is, you can start with small steps and then expand your efforts with further ones as you become more comfortable with the process. For more information on how we can help you to elevate the customer experience at all of your multi-unit properties, please contact us at Fit Supply. We can be found online at fitsupply.com or reached directly at 877-344-3368.