Speakers
Janet Rosseth: Founder & CMO – Cadence Marketing Solutions Connects and Host of OPTIMIZED! A MARKETING PERFORMANCE PODCAST on the Multifamily Media Network
Reid Wicoff: Co-Founder & CEO – Digible and Co-Host of The Digible Dudes
David Staley: Co-Founder & President – Digible and Co-Host of The Digible Dudes
TL;DR Summary
In this insightful session, Janet Rosseth, David Staley, and Reid Wicoff discuss the importance of shifting from a transactional to an intentional approach in managing the resident journey in multifamily properties. They highlight leveraging technology, data, and curiosity to improve resident experiences and retention.
In a recent mini-summit session, industry leaders Janet Rosseth, David Staley, and Reid Wicoff delved into the evolving dynamics of the resident journey in multifamily housing. The discussion centered on moving from a transactional approach to a more intentional one, emphasizing the importance of understanding and enhancing the entire resident lifecycle.
Key Takeaways to Understanding the Resident Lifecycle
- Intentionality Over Transactional Interactions: The panelists stressed the need for property managers to focus on the entire resident journey rather than isolated transactions. This includes understanding residents’ needs from the moment they inquire about a property to when they consider renewing their lease.
- Leveraging Technology and Data: Innovations like Elise AI and Nurture Boss are paving the way for a more holistic approach to resident management from first inquiry as a prospect, through lease renewals and final move out. These technologies can help property managers stay connected with residents, offering personalized experiences based on data-driven insights.
- Drawing Inspiration from Other Industries: The hospitality industry, particularly high-end hotels, offers valuable lessons in building loyalty and enhancing customer experiences. Simple practices like personalized greetings and consistent follow-ups can significantly impact resident satisfaction and retention.
Actionable Ways to Improve Resident Retention
- Implement Resident-Centric Technologies: Explore and adopt technologies that enhance the resident experience throughout their entire lifecycle, not just during prospecting or move-in phases.
- Focus on Continuous Engagement: Regularly check in with residents to understand their evolving needs and preferences. Utilize data to predict and address potential issues before they escalate.
- Learn from Hospitality Best Practices: Integrate small but meaningful practices from the hospitality sector, such as personalized interactions and loyalty programs, to strengthen resident relationships and foster long-term retention.
By adopting these strategies, property managers can create a more engaged, satisfied, and loyal resident community, ultimately driving better retention rates and overall success in the multifamily industry.
