Regardless of whether residents are living in a Class A or Class C community, their expectations around property amenities and service offerings are high . . . and demand for amenities is ever-increasing. To keep up with demand and to keep occupancy rates high, property managers must play a little one-upmanship against the competition, yet keep an eye on their bottom line.
How can organizations build up amenities that simplify residents’ lives while maintaining a solid ROI for their companies? Here are few examples of what residents want and property managers are instituting:
- Round-the-clock access to the office locker: From food to package delivery, residents want to get what they want, when they want it. To answer the call, property managers are giving them 24/7 access to the property management office locker to pick up their delivery packages before or after work hours when the office is not formally open for business.
- Front door trash pickup: Yes, it seems that the garbage room down the hall (or the outdoor receptacle nearby) is now off limits and too far to dispose of trash. Today’s residents want their trash picked up at their front door.
- Pet services: Onsite groomers and on-premise dog parks within their apartment communities are the new must-haves that property managers are seeking.
- Arranging resident socials: In order to foster some resident togetherness, property managers are arranging mixers where residents can interact with each other. Making these events more attractive is incorporating a charitable component (clothing drive, food drive, donations for local needy families). The newly social neighbors can enjoy a glass of wine and do something good for their community at the same time.
Property managers need to make their lives easier as well. The best way to do this—especially as more resident amenities enter your balance sheets is to streamline and institutionalize your processes.
- Property management software enables organizations to centrally manage their operations, from leasing to online rental payments to generating and dispatching maintenance work orders. The tools that enable managers to make these processes (and their operations) more efficient also make them more secure.
- Taking your operations online allows potential and current residents to access your community information on their mobile devices and with utmost convenience. Today’s residents expect to be able to look for a new apartment, pay their rent and submit a work order to the maintenance office from their smartphones or tablets just as they shop, make reservations or search for just about anything. Providing residents with online access and capabilities is another way to offer an amenity that simplifies their lives—and allows you to compete effectively among other properties, shows your brand is up to date on technology and helps maintain your occupancy rates.
It’s all part of staying a step ahead of the competition in many ways, whether meeting residents’ expectations or needs or making your operations more efficient (with improved ROI). What types of amenities are you offering that’s attracting or retaining residents? Let us know.
Bill Nye is senior vice president of marketing at Renters Legal Liability LLC, the sole provider of Renters Legal Liability® Property Damage Loss Waiver®. For more information visit www.rllinsure.com or contact Nye directly at [email protected] or at 800/ 770-9660. Renters Legal Liability® is a registered mark of Renters Legal Liability LLC.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.