It’s been a great time to be in multifamily and student housing these last two years. With some of the best rent increases in the market these last few years, we know you’ve enjoyed some increased revenues!
Fast forward to the present and things are a little different. The market isn’t as rosy. Rent is plateauing, or even lowering in some markets. We’re seeing more and more concessions offered to new renters, lowering the effective rent for new leases.
Some markets are even seeing fewer people lease. More residents choose to move in with each other or their parents rather than live alone. 3 and 4-bedroom apartments in some markets are the hottest items!
In the previous environment, you almost wanted your current residents to leave so you could capture the higher market rent…but not anymore. If your rents are lowering or if concessions are being made, the value of current residents you have has increased dramatically. You want to keep the residents who are paying the previous market’s rent.
So here’s a question: why would a resident stay with you if the rent is higher than the current market? Because they trust you.
If residents trust you they are willing to stay. One of the most foolproof ways to build trust is to focus on the customer service you provide. We see it in the data. Think about customer service as the “hidden amenity”. Sure, updated appliances will probably fetch higher rents, but good customer service is what builds trust with residents once they’ve already leased.
For example, fast communication on issues as they come up helps build trust between you and the resident. Cementing the relationship through customer service helps ensure they’re more likely to stay.
We often can’t deliver customer service because our site teams are stretched too thin. They have to wear a lot of hats and are often too busy putting out the fires in their communities to focus on customer service.
Enter ResiDesk. ResiDesk can help you improve the customer service experience on-site.
We can take on the front-line customer service deluge that’s drowning your team through our SMS technology. We improve the service resident’ experience by pairing them up with real customer service agents over text to check in with them during the most important moments of their resident lifecycle, like after move-in, after work orders, 120 days out from lease expirations, etc. Because we have the best customer service team in the industry, your residents will feel heard, valued, and are more likely to build trust with you.
We take huge amounts of work off the site team’s plate by taking on this front-line customer service work. Imagine hiring 3 times as many site staff just to check with residents - That’s what it’s like having ResiDesk.
ResiDesk often sees resident satisfaction jump by up to 5-10% in just a four-week free trial. Our impact is felt instantly and only gets better as time goes on and as ResiDesk gets to know your community and residents. Ready to try it for yourself? Get in touch to book a demo!