There are some really bright folks in our industry, and they combat all sorts of challenges each day. Some are great operators, some great marketers but it seems we ALL can improve Resident Retention. I have been reading Mindy Williams The Resident Retention Book and working on how we can transition and apply some proven techniques via a Social Media platform. But a staggering point here is this, according to Mindy’s book, coupled with some off line data from our great friend Lisa Trosien, nearly 65% of our residents move out each year. I know this has been talked about forever, but why aren’t the numbers changing and improving? The same old song over and over, at what point to we declare Groundhog Day is over, there must be a better way.
Apparently the problem is much more challenging, otherwise the smart minds in this business would have already figured this out. Resident Retention, or lack thereof has to be about the third highest cost we have on our Operating Statements, just behind property taxes and utilities. Yet, are we really even looking the expense right. As Operating Budget Season grinds to a close, what part or how much of your marketing budget is allocated to Resident Retention? Do you even have a line item for Resident Retention?
In these times of economic woe, Urbane Apartments are adding resources to our Social Media efforts, specifically targeted at Resident Retention as we see such a huge opportunity to Create Community, one resident at a time. If we are all fighting harder for new leases, isn’t it time to work harder on Resident Retention? What programs are working for you, we welcome your input and sharing of thoughts and ideas.
Eric Brown
Eric’s background is rooted in the rental and real estate industries. He founded metro Detroit’s Urbane Apartments in 2003, after serving as senior vice president for a major Midwest apartment developer. He established a proven track record of effectively repositioning existing rental properties in a way that added value for investors while enhancing the resident experience. He also established Urbane Media, a social media marketing and PR laboratory, where innovative marketing ideas are tested. Eric has been featured in Entrepreneur Magazine and Business Week Magazine. You can connect with Urbane_Media on Twitter. Eric also writes regular articles for the following publications; Multi Housing News Social Media Examiner Search Engine Guide
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