The volatility of the housing market along with the rise of Gen Z have brought the need for alternatives to home ownership, particularly affordable apartments and single family rentals (and to some extent, #vanlife). This trend is driven by various factors, such as rising home prices, high mortgage rates, and the desire for more flexibility and mobility. Residential real estate managers need a competitive advantage to attract the most reliable tenants with long term potential.
Short and long-term efforts to increase resident satisfaction will naturally lead to more renewals, better reviews, and a thriving community. One way to do this is by offering perks that are curated for your residents. Move-in bundles, ongoing savings and seasonal deals help residents save money on things they buy every day.
The influence of resident satisfaction is significant. Satisfied residents are more likely to renew their leases or justify condo fees, as well as recommend the property to others, and leave positive reviews. In contrast, dissatisfied residents are more likely to leave negative reviews, move out, sell due to high condo fees, and discourage others from living at the property. Therefore, it is crucial for companies to prioritize resident satisfaction by offering perks that meet their needs and preferences.
Many real estate companies companies that offer perks to include offers for: fitness classes, pet-friendly amenities, and community events, concierge services, bike storage, game rooms, and building lounges to name a few. These perks not only improve resident satisfaction but also increase the perceived value of the property while also attracting new residents.
Offering perks is quickly going from 'nice to have' to the norm, meaning companies that aren't doing this will be much farther behind the pack during important market changes (like the one we're in now).
For example, high-rise living is back in. By offering perks that meet the needs and preferences of the residents of these buildings, like storage unit discounts, companies can increase their competitive advantage and improve resident satisfaction and retention.
With the Paylode platform, you can roll out perks based on various stages and experiences. For example, you may want to offer a resident a welcome package perk when they move in, and another perk based on when they renew their lease, or even a specific perks package for pet owners. With Local Perks, you can tailor hyper local restaurant deals and entertainment to each community.
Personalization is the table stakes this year. Request a free demo today.