Calendar icon July 18, 2023

9 Ways to Improve Your Resident Experience

Resident experience is the sum total of interactions and experiences a resident has with their property manager and the rental property itself – from the initial lease signing to the eventual move-out and all the day-to-day living moments in between. 

It encompasses everything from the quality of services provided, like timely maintenance and communication, to the overall livability and enjoyment of the property. In essence, it's how a resident perceives their rental journey in its entirety.

Excellent resident experience management is the mark of a top-tier property management company. It boosts resident retention, satisfaction, and outcomes.

In this article, we delve into nine actionable ways to enhance the resident experience in your single-family rental properties, fostering stronger relationships and, ultimately, achieving greater success in property management.

Read the full report! If you haven’t already heard, we recently published our first-ever State of Resident Experience Report, which explores resident experience management: the pivotal touchpoints between a resident and a property manager. The report draws fresh insights from the SFR property management industry and explores the three top factors impacting resident experience right now.

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1. A Seamless Move-In Experience 

Ah, the move-in process – the start of a beautiful friendship between the resident and the property manager. It's a bit like a first date – you're setting impressions that could make or break the relationship. 

A seamless move-in experience is your chance to roll out the red carpet for your new residents, showing them they've made the right choice (and have definitely swiped right on the best property around). 

And guess what? A resident who's had a great move-in experience is a happier one. Happier residents stay longer, pay on time, take care of the property, and make positive recommendations.

Resident experience examples: How to build a perfect resident move-in experience

Here's how to ensure your move-in experience hits all the right notes.

  • Clear Communication: Provide detailed information about the new home and move-in process, including key collection, utility setup, and property rules. Who's handling utilities? Where's the best pizza joint nearby? Share all the important details.
  • Welcome Packet: Roll out the resident red carpet with a welcome packet. Not only does it have all the must-know info, but it also says, "Hey, we're glad you're here." Include essential information such as garbage collection days, rules, important contact numbers, and a neighborhood guide.
  • Property Readiness: Nothing dampens spirits like a flickering light on the first day. Ensure the property is thoroughly cleaned, all appliances are working, and any previous damages are repaired before the move-in date.
  • Efficient Paperwork: Let's face it, nobody loves paperwork. Make it painless with easy online forms and digital sign-offs.  
  • Personal Touch: A little welcome gift can go a long way. It's like saying, "Welcome home, neighbor. We're going to rock this thing." Second Nature’s Resident Benefits Package includes a Move-in Concierge to ensure the process is seamless and personal.

2. Responsive Communication  

In the symphony of successful property management, responsive communication is your melody. It's the backbone of a harmonious resident experience, and when done right, it can elevate your property management status from “forgettable” to “virtuoso.” The sooner you respond to your resident’s queries or concerns, the more they'll feel valued. And a valued resident is a happier resident.

Remember, good communication isn’t just about speed—it’s about clarity too. It's like being a great tour guide in the bustling city of property management—clear, informative, and always ready to help.

Ways to improve communication with your residents

Let's explore some best practices:

  • Multiple Channels: Embrace the digital age! Offer various communication channels like emails, text messages, phone calls, and even a resident portal. Variety is the spice of life, right?
  • Be Proactive: Don’t wait for your residents to reach out with issues. Regularly check in and ask if they need anything. 
  • Set Expectations: Be clear about your communication protocols. Let your residents know when and how they can reach you and when they can expect a response. No one likes to be left on read!
  • Listen Actively: When your residents speak, lend them your ears! Show understanding and work collaboratively towards solutions. It's a two-way street, after all.
  • Be Respectful: Always communicate with respect and professionalism. Treat your residents the way you’d want to be treated – it’s the golden rule, even in property management!

3. Better Maintenance Services with Quick Response Times  

Think of maintenance services as the superheroes of the property management world. When done right, they swoop in to save the day, ensuring minor issues don't escalate into supervillain-sized problems. 

Quick response times? That's your superhero's super speed. The quicker the response, the happier your resident, and the safer the day. 

How to improve maintenance services and response times

Here's how to get your property management cape (sorry) flapping in the wind:

  • 24/7 Maintenance Line: Offer a dedicated line for maintenance requests. To belabor our superhero analogy, it’s like having a bat signal for your tenants – they know help is just a call away.
  • Online Reporting: Make it easy for tenants to report issues. An online system can keep things organized and ensures no request gets lost in the shuffle.
  • Prompt Follow-up: Act swiftly on maintenance requests. Even if you can't fix the issue immediately, acknowledging the request and providing a timeline can ease the resident's mind.
  • Regular Inspections: Regular property inspections can help you catch potential issues before they become major headaches. It's all about that ounce of prevention!
  • Trusted Vendors: Work with reliable and professional vendors who provide quality work in a timely manner. They're your sidekicks in maintaining property harmony.

4. Resident Surveys and Active Feedback Gathering   

Resident surveys and feedback gathering are your property's annual check-up, a key health indicator for your relationship with residents. 

These invaluable tools allow you to take the pulse of resident satisfaction, uncover hidden issues, and celebrate what's working well. When residents see their feedback being valued and acted upon, it creates a sense of involvement and community, enhancing their overall living experience and driving resident retention

Importantly, active feedback gathering shows your residents that their voices matter. It instills a sense of ownership and care that can often lead to better property care and longer tenancies.

How to turn resident feedback into a better resident experience

Here are some ways to champion feedback in your property management:

  • Regular Surveys: Don't just wait for the annual survey. Keep the feedback coming in regularly, like a monthly check-in or a quick poll after a service call. It's like catching up over a virtual cup of coffee – relaxed and informative.
  • Feedback Boxes: Consider setting up a digital feedback box where residents can drop their thoughts, ideas, or concerns anonymously. Think of it as your modern suggestion box.
  • Act on Feedback: Here's the real deal – taking action. Show your residents that their feedback isn't just being heard, it's being actioned. 

 

download rental inspection checklist template

 

5. Resident Rewards 

Resident Rewards are a huge factor in resident retention and satisfaction. Rewards make residents feel appreciated and have proven to incentivize habits like on-time payments and better care for the property. Perks like this can significantly boost resident satisfaction, increase lease renewals, and even stimulate referrals. It's a win-win all around!

For multifamily and apartment community managers, that might look like community-focused programs. For single-family property managers, we’ve got some other tips. 

Second Nature’s Resident Benefits Package includes a robust resident rewards program.

How to improve the resident experience with resident rewards

Here's how you can sprinkle some rewarding magic into your resident experience:

  • On-Time Rent Rewards: Create a system that rewards residents for consistently paying their rent on time. It could be a small discount or a gift card to a local coffee shop.
  • Longevity Rewards: Celebrate lease renewals or long-term residents. A gift, a discount, or even a personalized note can make your residents feel valued for their loyalty.
  • Referral Rewards: Turn your residents into ambassadors! Offer a discount or a bonus for any referral they make that signs a lease.
  • Surprise Rewards: Keep the excitement alive with occasional surprise rewards. It could be as simple as a movie ticket or a voucher for a free car wash.

6. Incentive Programs

Incentive programs are the next level of resident engagement that professional PMs offer. They can positively influence resident behavior, promote a sense of belonging, and even enhance your property's appeal to prospective residents.

When residents feel that their good habits (like timely rent payments) are being recognized or they're being offered valuable services (like credit reporting or identity protection), it builds loyalty and satisfaction. It's like saying, "We're in this together, and we've got your back!"

How incentive programs can boost the resident experience

Here's how to serve up a great menu of incentives for your residents:

  • Credit Reporting: Offer a program that reports timely rent payments to credit bureaus. It's a win-win: they pay their rent on time, and they build their credit!
  • Identity Protection: In a world where digital safety is paramount, offering identity protection services can be a powerful incentive. It's like providing an invisible, protective bubble around your residents.
  • Rent Discount for Referrals: Encourage residents to become your ambassadors. Offer a rent discount or a gift for successful referrals. It's like having your very own fan club.
  • Early Payment Incentives: Reward residents who pay their rent well before the due date. It could be a small discount or a token gift, but it makes them feel appreciated.
  • Rewards for Green Habits: Encourage residents to adopt environmentally friendly habits, like recycling or energy conservation, and offer incentives for their green efforts. This can really help in SFR when you don’t have the same level of control as PMs managing an apartment building.

7. Support Tools 

Support services work behind the scenes, often unnoticed, but they play a crucial role in streamlining the resident experience. From filter delivery subscriptions to online payments, these services add a layer of convenience and assurance for your residents. 

Integrating support services into your property management strategy can not only elevate resident satisfaction but also reduce your workload. It's like having a friendly assistant who's always ready to lend a hand, both to you and your residents.

How to create support services that add convenience to your resident experience

Here are a few ways you can amplify your resident experience through support services:

  • Filter Delivery Subscription: Offering a filter delivery service for your residents ensures their HVAC system is always protected. It reduces your maintenance issues and costs and ensures they have a safe living environment. Second Nature’s filter delivery reduces resident and PM costs by hundreds of dollars a year.
  • Online Rent Payment: Providing an easy-to-use online portal to process and automate rent payments and lease renewals adds a layer of convenience for you and your residents.
  • Maintenance Request Portal: An online system for maintenance requests helps keep track of issues and ensures timely response. It's like having a 24/7 maintenance desk at their fingertips.
  • Digital Notifications: Use email or SMS notifications to keep residents updated about important things like maintenance schedules, community events, or changes in property rules. Proptech solutions can help with digital support.
  • Resident Portal: A comprehensive resident portal where tenants can access services, find information, and connect with management can significantly enhance the overall resident experience.

8. Concierge Services

Concierge services are the above-and-beyond offerings that can truly set your property apart from the rest. This personalized attention can transform the often stressful processes into a smooth and enjoyable experience.

How concierge services help with resident experience

Here are some other examples of concierge services:

  • Move-in Concierge: Who doesn’t want a personal assistant during the often chaotic time of moving? A move-in concierge helps with utility setup and pricing comparisons and provides local area information. Learn more about Second Nature’s Move-in Concierge in our Resident Benefits Package.
  • Cleaning Services: Offering access to trusted cleaning services, whether for regular use or during the move-out process, can be a huge convenience.
  • Maintenance Scheduling: A service to help residents schedule routine maintenance can keep their homes running smoothly without them having to worry about coordination.

9. Insurance

While, as a property manager, you carry insurance for the physical property, it's equally important for your residents to have renter's insurance. Your coverage protects your owners' real estate investment. Renter’s insurance protects residents’ personal belongings and covers them for liability, and it's a small investment for significant protection. Plus, in case of a mishap, it can help the recovery process go much more smoothly.

Resident experience examples: How to leverage a renter’s insurance program

Here's how you can integrate insurance into your resident experience:

  • Educate Residents: Make sure your residents understand the importance of renter's insurance, what it covers, and what it doesn't. This is critical information that every renter should know.
  • Insurance Requirements in Lease: Include a clause about renter's insurance in your lease agreement. This helps to set the expectation right from the start.
  • Annual Reminders: Send out annual reminders for policy renewals. It's a small step, but it ensures continuous protection for your residents.
  • Renter’s Insurance Program: While most property managers require insurance, less than half of renters maintain coverage. Second Nature has developed a renter’s insurance program that has 100% compliance and leaves residents – and you – with the coverage they need.

How SecondNature Improves Resident Experience

Resident experience – those pivotal touchpoints between a resident and a property manager – can significantly shape the success of a single-family rental home. 

At Second Nature, we’ve built our entire company on the idea that resident experience can change the game in property management. Our Resident Benefits Package wraps up each of these strategies into an all-in-one resource for property management companies. It saves money for you and your residents and delivers the best in convenience and resident experience. 

Learn more about the Resident Benefits Package or read our State of Resident Experience Report.

Keep learning

PMC Spotlight: Chambers Theory

Chambers Theory is a world-renowned property management team with clients in more than 30 countries worldwide. They specialize in serving the U.S. military, State Department, and Foreign Services families. Their motto “Real Estate With Intelligence” is more than just a saying. It’s on full display through the introductory videos for landlords and residents on their website in seven languages (Spanish, Portuguese, Italian, Vietnamese, French, Croatian, and English) - all spoken fluently by their own property management (PM) team. Since its founding in 2018, Chambers Theory has been achieving extraordinary performance benchmarks. They’ve led the marketplace in delivering the “Golden Triangle of Success” to their clients, which means the lowest vacancy, the highest average rents, and the highest quality of tenants of any property management firm in its same service area. They’ve also donated over $100,000 to local charities and community organizations, while also leading the way in promoting sustainability practices in real estate and property management services. Their outstanding team attributes their success to their ability to develop and utilize their emotional intelligence skills to capacity to care with all their interactions with both landlords and residents. That’s why they fully endorse the Resident Benefits Package at Second Nature! Find out more about what a Resident Benefits Package is, its benefits, and how it can help create a Triple Win for you, as well as your residents and investors. Related: The State of Resident Experience Report

Calendar icon July 18, 2024

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Investor Experience Platform™️ IXP™️

An Investor Experience Platform™️ (IXP) in property management is a suite of products, services, and benefits offered by property management companies to property investors. Just like a resident benefits package is a way to drive value for residents, investors, and property managers, the IBP™️ is an innovative approach to property management that focuses on driving value for an investor's assets and turning that value into profit for the property management company. In this article, we’ll dig into the different features that an Investor Experience Platform™️ can include, and how those benefit not just investors, but property managers and residents, too. What Is an Investor Experience Platform™️ (IXP)? As stated above, an Investor Experience Platform™️ (IXP™️) is a comprehensive suite of services that offer property investors higher quality property management, stability, and profit. An IBP™️ typically includes concierge-level services beyond basic property management – such as property insurance policies, eviction guarantees, rent guarantees, maintenance plans, asset performance reports, etc. These services are aimed at maximizing the investor’s assets, stability and convenience, profitability, and peace of mind in managing their properties. They're commonly managed through an investor experience platform to securely manage and monitor the performance of these assets online, which we'll discuss later. The first step to outlining an IBP™️ is to define what your basic management fee means and covers. If the answer is, it’s collecting rent, handling maintenance, and general communication – does that include maintenance coordination or is that a separate fee? Does it include asset reporting or is that an additional service? In your management agreement, define what the management fee is, what it covers, and how much it is. An IBP™️ can be an effective tool for articulating the new and differentiated things that an investor wouldn’t be able to do on their own and that you are offering beyond basic property management. Articulate your unique and differentiated services (IBP™️) and use that as a tool for positioning and charging for what it’s worth. What’s Included in An Investor Experience Platform™️? An Investor Experience Platform™️ should include a range of solutions to help deliver consistency, insight, and asset protection to a property owner’s portfolio. After all, professional property managers don’t have to be functional managers of a home – they can be strategic partners in the management of financial assets. You might hear services similar to the IBP™️ called an “owner benefit package,” but at Second Nature, we believe that the “investor” term is useful in encouraging a longer-term mindset, and emphasizes the economic value professional property management can bring. According to Eric Wetherington, VP of Strategic Initiatives at PURE Property Management: “As property managers, we need to think more like asset managers. This client made an investment, and we should be guiding that client through managing that investment, not just collecting rent.” To build and manage a winning IBP™️, property managers need an Investor Experience Platform that unlocks scalable product and service customization, digitized onboarding, accounting policy automation, and more. In addition, Investor Experience Platforms provide transparency and convenience for your investors. Here are some of the most valuable services that property managers can offer through an innovative Investor Experience Platform™️. Property insurance program Similar to offering a renters insurance program through an RBP in the lease agreement, property management companies can offer an insurance plan to investors to cut costs and ensure the safety of their assets. Most management agreements will include the requirement that the investor carries insurance on the property and that the property manager is additionally insured. But what if you as the property manager could help manage that for the investor – at scale? Property Insurance for investors should have dynamic pricing based on individual investors’s property portfolio and needs. The benefit beyond flexibility is the savings they’ll see on their premiums while also getting insurance that’s tailored to the needs of their specific property class. At Second Nature, we work primarily with single-family rental properties and small multi-family residences. Property Insurance Programs can bring scale that will drive economic value for the investor over what they could get retail on their own. They’d still have the option to go get their own insurance that meets requirements, but they can pay you a small fee to manage it for them. Rent guarantee An IBP™️ can include a number of financial guarantees to protect property investors and drive ancillary revenue for PMCs. A rent guarantee, or rent protection, ensures a consistent rental income to investors by protecting them against resident defaults or non-payment of rent. If a resident fails to pay rent, the property management company covers the unpaid amount and takes necessary steps for eviction or collection, providing financial security and minimizing the risk for property owners. Rent guarantees work for professional property management companies that have enough properties to balance the loss of rent if a resident doesn’t pay. The risk is low and the additional profit from fees for this guarantee can have a very high ROI, while driving satisfaction and stability for the investor. Plus, if you’re using services in an RBP to help incentivize on-time rent payments, you’ll rarely find yourself out in the cold. Eviction protection guarantee An eviction protection guarantee also goes beyond the normal scope of property management services and can be used as a secondary source of revenue. Eviction Protection is a service provided by property management companies to property investors that offers additional security and financial protection in the event of an eviction. Under this guarantee, the property management company assumes the costs associated with the eviction process, including legal fees and court expenses. It helps alleviate the financial burden on property investors and provides peace of mind by ensuring that they are safeguarded against potential losses resulting from resident evictions. The eviction guarantee helps protect property owners from the complexities and potential costs associated with evictions, ensuring a smooth and efficient resolution to tenant-related issues. Pet guarantees & other guarantees A pet guarantee is a service offered by property management companies to property investors that aims to address any potential issues related to allowing pets in rental properties. It typically involves implementing policies and procedures to ensure responsible pet ownership, such as thorough pet screening, pet agreements, and collecting additional pet deposits or fees. The pet guarantee may also include services like pet damage insurance or assistance with pet-related issues during the lease term. It provides property investors with a framework to accommodate residents with pets while minimizing risks and maintaining the condition of the property. For many residents, finding a pet-friendly apartment increases retention and profitability. They’re willing to stay longer and pay more for a pet-friendly place. And–get this–pet damage is less likely to happen than damage from kids! It’s not a huge risk to the asset, but can provide a big benefit in terms of satisfied, longer-term residents. Maintenance plan Home warranties are a four-letter word for property managers. They’re a massive headache to deal with, and yet there’s high demand for them among property investors. Because of that, most property managers charge a fee for home warranties, for each they have to file. Imagine if there was a world where home warranties weren’t needed. Here’s the thing: Professional property managers already have the vendor network and the know-how to coordinate maintenance jobs. What they don’t usually have is a product that’s priced to give the investor the experience they want. Let’s say right now an investor is paying $50 a month for a cheap home warranty. The warranty only covers 40% of issues and it creates all these extra people and friction in the middle. For anything moderately significant that goes wrong with a property, PMCs generally must contact the investor for permission to get work done. It’s all a massive hassle and loses time in maintenance requests that leave residents frustrated. What if there was a product that costs, say, $150 to $200 a month but it actually covered everything? Instead of having sudden expenses and emergencies, this maintenance plan smooths out the experience and makes it more predictable for the investor. For PMs, it means taking the initiative on fixes without waiting for approval. Imagine a world where you didn’t have to get owner approvals for 95% of maintenance issues – because they’re already budgeted for and already paid for. For residents, it means better maintenance, and faster. Another Triple Win! Asset performance reports Another piece focuses on property managers as asset managers. Think about any investment app, like Robinhood, Acorns, etc. You can log in to these apps any time, 24/7, and see how your stock and investments are performing. In most investment classes, you can see in real time how your assets are performing. Why shouldn’t property investors have that as well? An IBP™️ can include exactly that: a dashboard or online portal that shows investors regular reports on how their property is doing. They could get updates on the value of their home over time, the home price appreciation, rent price over time, and project rent growth, typically maintenance costs and how they’re doing against that, and more. Resident Benefits Package Another piece to include in your IBP™️ is to highlight the benefits of your resident benefits package to your investors. Explain how features like a filter delivery program protect their assets and reduce HVAC repair costs. Show how a renters insurance program can ensure coverage and protection. Give numbers on how credit reporting incentivizes on-time rental payments and helps ensure financially stable renters. Explain how a movie-in concierge saves both time, headache, and money. Each of the pillars of an RBP is critical to encouraging better resident behavior, increasing renter retention and lease renewal rates, reducing vacancies, and more – all primary goals for a property investor. A note about Rent Advance Programs There’s been due buzz about “Rent Advance” offerings, though many advise caution when approaching this financial product. It works in some ways like cash advance programs, which can satisfy urgent needs, but not be more valuable for anyone long term. The way it works is PMs offer to send a year of rent upfront to the investor in a big chunk, and collect monthly from the resident. The investor typically pays a 5-10% premium on the advance, which can be their entire expected return. So the question becomes, where do they put that cash to get a better return instead? Another thing to think about is who would actually use this product. Investors who don’t have enough cash on hand? How does that benefit anyone in the long run? What happens when there’s a big maintenance bill later? Does this encourage better decisions and practices by the investor? To date, there’s been pretty low adoption of this program, which is another sign it may not be hugely beneficial to everyone involved. But plenty of innovations start that way, evolve, and find traction. One case where it might be a value generator is if an investor is looking to take a cash advance and put it toward a down payment for another house. That would benefit the property manager as well, promising more business, and the PM could offer a lower rate for getting more properties to make the financing more attractive than hard money loans or other alternatives. The jury is still out here, it’s an interesting one to track. How Can Investors and Property Managers Benefit From an Investor Experience Platform™️? Investors and property managers can benefit from an Investor Experience Platform™️ in several ways. They’re also great for residents in the sense they build more stability and quality into the renting process. Here are just some of the benefits of an IBP™️. Enhanced investor attraction An Investor Experience Platform™️ provides incentives and advantages that can attract more investors. Financial guarantees and protections against the risks associated with evictions or late payments can increase stability, while services like a maintenance plan can ensure premium care of their property assets without increasing their workload. By offering attractive perks, property managers can differentiate their offerings and generate greater investor interest. Increased investor retention Both IBP™️s and RBPs help build loyalty with residents and investors. By fostering a strong relationship and demonstrating ongoing value, property managers can build trust and loyalty among investors, and retain them over the long term. IBP™️s help establish the stability, transparency, and asset growth for a real estate investment that an investor hopes to achieve. Improved property performance An Investor Experience Platform™️ can also contribute to improved property performance. For example, by offering discounted property management fees or access to professional services at reduced rates, property managers can help investors optimize their returns and reduce costs. Additionally, incentives such as rent guarantees or eviction protection can mitigate risk for investors and attract more capital to the property. Streamlined communication and transparency A well-designed Investor Experience Platform™️ facilitates effective communication and promotes transparency between property managers and investors. This can involve regular reporting on financial performance, property updates, and the sharing of relevant market insights. Transparent and consistent communication builds trust and confidence among investors, fostering a positive and long-lasting relationship. Competitive advantage A comprehensive Investor Experience Platform™️ can give property managers a competitive edge in the market. When investors have access to exclusive benefits and advantages, they are more likely to choose a property managed by a company that offers a compelling package – and to recommend it to others. Say hello to increased investment inflow and a stronger market position for your PMC. Should You Make an Investor Experience Platform™️ Mandatory? The first thing most property managers ask us when we’re talking about an RBP or an IBP™️ is: Should I make this mandatory for all investors or do I make it a flexible opt-in/opt-out program? Unlike RBPs, where best practices are more proven and established, different PMs are taking different approaches with their IBP™️s. Some have a mandatory level of service set at a flat price. Others may say they’re fine offering a base level of service without these differentiated products, giving investors the choice to simply pay a baseline management fee and opt out of the IBP™️ premium service. Some may offer a baseline to all investors and then give them the chance to opt in for premium IBP™️ services. There are a lot of ways to do it. With the RBP, we’ve found that making it mandatory does not generate nearly as much pushback as people expect – and can be a strong value add overall. Final Thoughts About an Investor Experience Platform™️ The Investor Experience Platform™️ is an innovative way to generate ancillary income and create more value for investors and residents. Similar to Second Nature’s premier Resident Benefits Package, the IBP™️ can deliver high-quality service for investor experience – and help create a triple win for investors, residents, and property management companies. The IBP™️ reinforces the value of a professional property management company for investors and helps differentiate you from the crowd. Stay tuned to learn more about the latest in the IBP™️ space, or learn more about how a resident benefits package can launch a whole new level of value for your PMC.

Calendar icon July 17, 2024

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