Resident Engagement: The New Currency of Multifamily
In the past, the nature of “resident engagement” has seldom meant happiness for property owners. So why has it become a desirable buzzword in Multifamily over the past several years? Because learning how to build and establish authentic connections with your residents is not only necessary for your peace of mind, it also helps your bottom line. A sponsored presentation by Modern Message at the 14th Annual Apartment Innovation and Marketing Conference (AIM 2019), which took place at the Hyatt Regency Huntington Beach on May 5-8, provided tips for maximizing the value of resident engagement. Moderated by John Hinckley, Cofounder & CEO, Modern Message, a panel of experts, featuring
- Clay Hicks, President, The Dinerstein Companies
- Mike Ivey, Cofounder & COO, Modern Message
- Chris Rodriguez, Vice President IT & Operations, Passco Companies
- Susan Goff, Director of Brand Management, Highmark Residential
Offered insights through case studies and examples about how technology can help capitalize on the new world of resident engagement.
Opening with references to TV’s Bachelor, Hinckley observed that “the contestants who were most able to impress upon the Bachelor were the most positive memorable ones, and were the most likely to win. They’re the ones who engage him.” Applying this observation to the renter-property owner, he defined resident engagement as creating connections that, in turn, create “defining moments within the resident life-cycle.” But how, he asked, can our resident engagement strategies create these memorable moments?
“Everybody’s going to be different,” observed Ivey. “But by engaging residents consistently, you’re creating opportunities to understand what is unique about each property.” Which allows owners to deliver the right service for each in a micro-targeted way. Ivey concluded that the four principles of a resident engagement strategy are “Listen, predict, personalize and perform.”
“Engagement,” noted Goff, “is an experience you’re providing.” For Highmark Residential, which has recently rebranded from Milestone, it’s particularly important to connect with residents at this time. Because residents, said Goff, “can think of it as an unstable thing.” To avoid this problem, Highmark sought to more fully with their residence, using Modern Message to launch contests and other experiences that define community. The owner experienced higher participation stabilized assets through social media, which resulted in unprecedented numbers of organic reviews.
One of The Dinerstein Properties, Sterling 920 Terrace, is considered the best Off-Campus Student Housing Community at the campus. “A lot of people think of resident engagement as giving pool parties,” said Hicks, “but that’s so generic.” For real engagement, he suggests the owners meet residents where they are. In the case of Dinerstein’s student housing, that place is social media. So at a student housing property where there are students working part-time, “We have them go live online for a chat that tells students what’s going on at the property and allows them to ask questions.”
At Passco Companies, where seven property management companies oversee 56 properties in 18 states, several strategies may be running simultaneously. However it’s done, “reputation score is the biggest driver, said Rodriguez, adding, “It’s something that has to be baked in to how you run the asset.”