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