Getting a prospective resident to sign a lease is a great accomplishment. Unfortunately, it is too often shortsightedly seen as the end goal when it could instead mark the beginning of a long and prosperous relationship for both parties.
Our CARES Program data has shown us for years that a resident's renewal trajectory begins at move in. According to Kate Good, speaker and developer at Hunington Residential Inc. based in Houston, Texas, the issue is a sustainable resident profile. "It's a concept based on a goodwill relationship from their first day of move-in, and then steeped in personalized, professional on-site experiences."
This strategy must be customized based on the property and demographic, but the end goal remains the same; engage residents meaningfully in the community. Good calls it "indoctrinating." And while it may sound like more work, industry analysts are noticing that focusing on the life cycle of a resident instead of just the events of lease and renewal is proving more sustainable and profitable over time.
We love meeting new residents at move in and engaging them in organic, personalized ways in the life of the community. This isn't just a strategy for us, its a way of life. We'd love to hear about your community and see how we could work together for a vibrant resident life cycle.