The Power of the 3 C's: Communication builds Connection and Community!

The Three C's are the fundamental pillars which are intertwined and crucial for building strong networks. According to Lia Nicole Smith of Satisfacts Research, the 2023 Biennial Online Renters Study showcased effective communication and inclusivity matters in creating a sense of community. She shares, “If Renters feel that information is not transparent or inclusive, or they perceptive a lack of effort to involve residents, it can negatively impact their sense of community. ”

Despite having a variety of technological options available for communication with residents, it seems that technology alone is not sufficient. While software that enables staff to email and text, and AI that can assist in communication content, nothing can replace human to human communication. Only onsite team members possess the necessary knowledge about what is happening on the property. Therefore, as an industry, we must focus not only on how and what we are communicating, but also why we are saying it. It's important for everyone to understand the reasoning behind the message when speaking with residents, prospects, and colleagues. Understanding the "why" in communication is crucial for providing context, inspiring action, building comprehension, and cultivating positive relationships. It contributes to effective and meaningful communication.

• Communication: Is the foundation

• It involves sharing information, thoughts, ideas, and feelings clearly and openly. Good communication skills help in conveying messages accurately, avoiding misunderstandings, and promoting understanding between individuals or groups. Effective communication isn't merely about transmitting words; it's about ensuring that the intended message is understood. Whether verbal or non-verbal, clear communication is essential for building trust, resolving conflicts, and fostering healthy relationships.

• When it comes to Onsite team members and residents, open and honest communication forms the basis of trust. Statistics from 2023 Satisfacts Biennial Online Renter Study shows 71.1% of residents prefer text message, 72% overall prefer Email, and 60.8% prefer a phone call. Truly there is not a reason you can be over communicating with residents. We should be focused on sharing more than “rent is due” to our residents. Other opportunities to build communication updates and progress on capital ex projects, monthly aspects which Maintenance is focused on, landscaping maintenance & improvements, amenity updates. Look for the projects or investments being made around the community in which are not usually communicated.

• Connection: The Thread That Unites

• Communication lays the groundwork, but connection is the emotional bond that emerges from it. Communication leads to connection. It's the bridge that links individuals. A genuine connection transcends mere acquaintance; it's about truly engaging with others, listening attentively, and empathizing with their experiences. It cultivates a sense of belonging and support, enriching our lives with companionship, emotional sustenance, and shared experiences.

• What does connection look like for a community? Onsite team members should be focused on creating experiences, not events.,“WOW” moments even on a one to one bases not just for the entire community at once. This can be accomplished by getting to know each resident and celebrating the moments. Things like: et’s birthday, residents birthday, celebrating a monumental moment for a resident, or even doing something unexpected.

• Community: The Tapestry of Togetherness

• As connections solidify, residents form the intricate threads of a community. A community is a group of people who share common goals, interests, or values. Effective communication and strong connections among its members are vital for the community to thrive. A healthy community provides support, collaboration, and a sense of belonging for its residents.

• Do your residents feel their home is a community? The data speaks loudly. From SatisFacts & ApartmentRatings most recent Biennial Online Renter Study shows residents expectations are not being met. Sense of community remains the #1 driver for perception of value in our latest. The gap between expectation (3.93) and reality (3.34) highlights an area for improvement within the multifamily industry. We must go beyond what "we" feel creates a sense of community, and look to what the residents want and need. We are in the business of hospitality and we must focus on serving the resident.

The interplay between these three elements forms the backbone of society. A breakdown in communication disrupts connection; severed connections weaken communities. Conversely, strengthening communication fosters deeper connections, which in turn fortify communities. In our pursuit of a harmonious and thriving community, recognizing the importance of the 3 C's is paramount. So let's embrace the power of Communication, foster meaningful Connections, and contribute positively to our Communities, weaving a vibrant tapestry of understanding, support, and togetherness.

Customer-Centric Strategies: The Path to CX Glory

In 2024, CX in multifamily real estate will be shaped by a mix of technological innovations and a focus on personalization and community building. Currently. “57% of landlords are placing the management of resident relationships above all else when it comes to investment dollars.”1. Resident expectations have changed and as we serve our residents we need to shift our approach. It is not just okay to do the minimum and expect the resident to be satisfied, as an industry we must focus on the experience in order for residents to truly enjoy living in the community which leads to renewing their lease. Residents in apartments have increasingly high expectations for their customer experience (CX), driven by evolving technology, changing lifestyle preferences, and a desire for convenience and quality of life.

It is not satisfactory to just assume what residents want, but to use the data and surveys to accurately understand what is most important to residents. According to data, 24% of multifamily operators do not have formal retention goals within the company. This is a mistake, metrics and KPIs need to be measured and reported just like you would with rent and expenses. 

The top 5 areas we should focus on through streamlining operations with the appropriate tech stack should be: 

1. Personalization:

   Use data and technology to remember prospect and resident preferences and offer personalized recommendations.

2. Empathy and prospect/resident centric approach:

   Train staff to be empathetic and attentive to guests' needs and concerns.

   Make guests feel valued and appreciated by going the extra mile to meet their expectations.

3. Cleanliness and Maintenance:

   Maintain high standards of cleanliness and maintenance to create a comfortable and safe environment. 

   Maintenance is the number 2 reason as to why a resident renews. No one wants to live in a home where things are broken and not able to be used. 

4. Communication/Community Engagement 

   Keep prospects and residents informed through multiple channels, such as email, mobile apps, and in-person communication.

   Focus on building a sense of community among residents through events, social platforms, and shared amenities.

5. Technology Integration:

   Implement technology solutions that drive a frictionless experience, whether that be an app, smart technology in an apartment or through self applications. 

In summary, PropTech plays a vital role in creating more comfortable, safe, and convenient living environments for residents while enhancing the efficiency and profitability of property management. As technology continues to advance, we can expect even more innovations in this space, further benefiting both residents and property managers.

Source 1 Resident Retention for MF Owners and Investors 2023 Update