Value is incredibly subjective, but it’s also one of the most vital aspects of understanding residents and keeping them a part of the community for years to come. As renters and onsite teams experience the challenges of 2020 and onward, understanding value is more important than ever in managing a strong community.
In the second Power Panels webinar, Lia brings guest panelists Belinda Hann, Annette Parker, and Traci Schneeman in for “The New Definition of Value.”
The second webinar in this series explores how renters perceive value and how management and onsite teams can work to improve the resident experience.
Cherish Your Community
Every community has different amenities and perks that define the resident experience. From responsive maintenance teams to community events, there’s no shortage of factors that can impact a community’s worth. With all these aspects of resident life and experience, how do you begin to determine what a community’s value is?
Since 2013, SatisFacts has tracked the Top 5 Drivers when it comes to the value of a community. Over time, many resident priorities have shifted, but there’s one clear trend that shows. Residents consistently expect more from their community, and the basics of community life can make or break a resident’s perception of value.
Each guest in this episode stressed the importance of being mindful of the resident experience and resident needs. Inviting food trucks, organizing online and remote events, and engaging on social media can foster a sense of community and belonging. Newsletters and regular check-ins can show residents that you’re thinking of them.
While the need to be socially distant persists, residents are more willing to give management a break for tasks that are harder to accomplish, like maintenance requests. But going out of your way to schedule maintenance when residents aren’t home or having them wait in another area of their residence while it takes place can prove you’re willing to go above and beyond.
Building a sense of community provides management with an opportunity to make the resident experience personal and positive. Residents will be more likely not only to continue living in the community, but to invite others as well. Establishing a strong basis for the basics can show that you understand what’s expected of management, and are willing to go the extra mile.
People Are Priceless
Value isn’t just tied to a dollar amount. Some of the most important factors in defining value for residents are the experiences they have within your community. Residents want to be part of a community that engages with them and goes above and beyond to make their stay pleasant.
Think about ways to personalize the resident experience. Make phone calls to new residents to invite them personally to events, and avoid being generic in your interactions. Support and share local businesses when you plan events, and residents will respect and trust you! Your community is unique, just like your residents, and showing them you understand that will prove how much you care about them.
A Rewarding Experience
Since 2013, there have been clear trends in the resident perception of value that prove a point across different communities in different parts of the country. Residents have expectations for the basics, and having basic amenities and services available impacts their perception of a community’s value. How management and onsite teams interact with residents is crucial. Even during the pandemic, you can ensure your community is a place where people want to live by doing everything you can to make the resident experience a good one.
Watch the Recording Now!
Want more info about this topic? Watch the webinar recording and learn even more about the top drivers for value and how to ensure your community stands out from the rest!
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