Why Resident Experience is Important for Rent Maximization
For many landlords, resident experience is often just an afterthought, something that is pushed to the bottom of the priorities list as long as rents are paid on time and tenants cause no problems. However, for the most successful landlords, resident experience is a crucial tool to maximize rental income, ensure that the best tenants stay on, and develop greater peace of mind for everyone involved.
But how does the tenant experience work? And how can it be improved so you can optimize your rental income while ensuring that your best tenants stay for the long-term? Here, we take a look at what makes a great resident experience and why you should be looking at ways to optimize tenant onboarding, building and amenities management, and last but not least, a sense of real community.
What Makes a Great Resident Experience?
Resident experience can be loosely summed up as how tenants interact with landlords, the building, with services such as maintenance and utilities, and to a certain extent, with each other. In the past, landlords might have simply sent a “welcome” letter or email and left the tenant to fend for themselves when it comes to setting up utilities, dealing with building problems, and generally interacting the community at large.
However, when the landlord takes a more proactive role, resident experience becomes an effective tool for both parties. For example, creating a viable feedback loop between tenant and landlord to get new residents up and running can be a real USP when it comes to securing the best rents.
If you can offer seamless onboarding for a tenant in a new building then this service can be monetized, effectively allowing you to charge higher rents. Today, with in increasing number of people simply too busy to manage the many challenges of setting up in a new space, this type of service is increasingly in demand.
The same is true for the duration of the rental contract, and residents are much more likely to renew a lease if they have enjoyed a positive resident experience. Here, ensuring easy access to a variety of services such as responsive maintenance teams; easy account management; integrated package delivery and other concierge services; and even setting up or encouraging residents to interact with others in the building through community-based programs are all important.
Unified Digital Experiences
If all of this sounds like more hassle than it is worth, then think again. The difference between a good apartment and a great apartment for residents is undoubtedly the quality of service that complements the building, its location, and any available amenities.
However, managing all of this through email or phone can very quickly become untenable for landlords, and trying to juggle an ever-growing list of resident demands can leave everyone feeling exhausted. Luckily for you, the right kind of technology is now here to help.
Unified digital experiences for residents and landlords essentially aim to provide everything you need from a central hub. You can ditch the outdated welcome letter and simply invite your new residents to download an app for their smartphone and enjoy a true feedback loop for the entirety of the lease. Cost-effective and providing unbeatable experiential value, resident experience apps are the ideal solution for both tenant and landlord.
In essence, a unified digital experience for your building can take in an almost limitless number of services. You can provide easy account management and payment options, access to maintenance services either within the building or by connecting third-party providers, and you can even provide added-value service connections such as house cleaning, furniture assembly, and even dog walking.
In today’s service-oriented world, it seems that one of the last bastions of poor service often lies at the intersection of the tenant/landlord relationship. However, this is set to change very quickly over the next decade. Resident experience will become increasingly important for all landlords and, in order to ensure your rent and tenant retention continue to increase, it’s vital that this often-overlooked aspect of real estate is embraced by all parties involved.