In recent years, attention has been moving toward alternatives to home ownership, particularly apartments. This trend is driven by various factors, such as rising home prices, high mortgage rates, and the desire for more flexibility and mobility. As a result, Residential Real Estate (Apartments and Condos) is growing, and companies that offer these properties are looking for ways to increase their competitive advantage.
Short and long-term efforts to increase competitive advantage make sense for companies in Residential Real Estate. One way to do this is by offering perks that cater to your residents. By offering perks, companies can differentiate themselves from competitors, increase resident satisfaction and retention, and ultimately increase profitability.
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 increase resident satisfaction 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 such as the one we are currently in. It is important for companies to reconsider these and other methods to stay ahead of the competition and capitalize on opportunities like the current rise of high rise living. By offering perks that meet the needs and preferences of the residents of these buildings, companies can increase their competitive advantage, improve resident satisfaction and retention, and ultimately increase profitability.
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.
Paylode also recently launched Local Perks (184,000 to choose from), which is highly advantageous for Real Estate companies to have the power to provide residents with access to deals for things that are close to where they live. Compared to other perks platform providers, Paylode also offers you the ability to customize which perks you provide to your residents, rather than bundle them together without the ability to remove certain ones. Click Here to Request a Free Demo to see the power of Paylode in action for Real Estate!