Introduction to Autonomous Lifecycle Marketing for Multifamily Residents

Multifamily currently has a 53% resident retention rate. When you consider the costs associated with having a vacant unit, finding a new renter, and the maintenance required to clean and paint the unit for a new tenant, those 47% of non-renewers get pretty expensive… $2,811 per resident expensive to be exact.

Plus, that number doesn’t include the effect turnover can have on your brand’s reputation. Think about when you are looking for a new job, you don’t really want to work for a company that has a high employee turnover. High turnover is a pretty good indicator that most of their employees are not happy working there.

That same idea applies to your property. Renters are going to be drawn to properties with lower turnover rates because it indicates most of the residents in the community are happy living there.

Not to mention, happier residents are more likely to refer a friend to the community. This can be a huge asset to your company due to the rise of influencer marketing. (Just think about how this marketing style has taken over the beauty industry.)

The Resident Zone

That’s why we have dedicated an entire Autonomous Lifecycle Marketing Zone to residents. Using the plays in the Resident Zone you can increase resident retention, which in turn, reduces costs and makes your property more appealing to prospects.

The Resident Zone focuses on communicating consistently with your current residents. This zone consists of three plays:

• Pre-Move Play

• Welcome Play

• Satisfaction Play

• Renewal Play

• Exit Play

These plays engage residents throughout the resident lifecycle.

Each play is a collection of emails designed to work together to transition a customer from one stage to the next.

We have made a cheat sheet that covers the main benefits for each play. Take a look!

Now that you get the gist, let’s learn a little more about each play.

Settling the Pre-Move Jitters

Before any big life changes, most people experience a frenzy of emotions. Over the course of one minute, a soon-to-be resident can go from ecstatic to stressed to sad. With all that going on, it’s hard to remember things like when to pick up their keys or how to reserve an elevator.

The last thing they want is to do is realize they needed a money order to pay the first month’s rent and all they have is a credit card. And to top it off, it is a Sunday so the bank is closed.

The worst part is that the leasing agent told them about the money order three weeks ago when the lease was signed. So, they only have themselves to blame. Let’s be real, nobody wants to blame themselves. So, they are going to blame you, the property management, instead.

This is not how you want to start off a relationship with your resident.

Andrew Grant said it best, “You never get a second chance to make a first impression.” So let’s make sure it’s a good one.

Luckily, we have a fast, effortless solution!

The Pre-Move Play

The Pre-Move Play is one of the most important plays in Autonomous Lifecycle Marketing. It’s the digital workforce’s way to make moving as easy as possible for your new residents. Plus, it shows them you are actively helping to make their lives easier. This helps move your residents through the customer lifecycle.

How Does it Work?

The Pre-Move Play sends future residents important information about moving policies and requirements. The great thing about this play is that once it is set up, it functions automatically. During the busy season it’s hard to keep up with all of the new leases. Often times, new residents fall through the cracks and don’t get all of the standard pre-move information.

The other alternative is that prospects receive the information too far in advance and lose the email in the inbox abyss.

With the Pre-Move Play, the digital workforce gets all the information to the intended audience at the perfect time to get them ready for their move.

Let’s see what this play looks like in action.

The Pre-Move Playlist

Day 1: Application Approved
Show residents that you are just as excited about their application being approved as they are by sending a ‘Congratulations’ email.

 
Move-in Date – 7 Days: Move-in Checklist
Make move-in day smoother by sending your residents a helpful, move-in checklist.

 
Move-in Date – 14 Days: Insurance and Utilities
Make the hassle of getting cable and other utilities set up easier by sending residents a reference list about the companies that your community works with.

Conclusion

The Pre-Move Play gives your soon-to-be residents peace of mind when they are preparing for their big move. This gives your new residents a positive outlook on their new home… and their new management company!

With your residents moved-in, it’s time to get them connected to the community with the Welcome Play!

Why is the Welcome Play Important?

Have you ever house sat for a friend? It can be like a little vacation living in someone else’s house for a few days. Unless, your friend forgot to tell you where anything is.

So you are stuck watching old DVDs because you can’t figure out the TV or the Wifi password. Or worse, they didn’t tell you the restaurant down the street regularly gives their customers food poisoning. Which is unfortunate since you don’t know where your friend keeps the extra toilet paper…

Moving to a new place can be kind of like that. We created the Welcome Play to help your new residents get settled into their new community.

The Welcome Play

The Welcome Play contains six emails. If you’ve been counting, that double any other Autonomous Lifecycle Marketing Play so far. We want to capitalize on this opportunity and save your residents from unnecessary stress!

Next, let’s see what these welcome emails are all about.

Your Welcome Emails

(Get it, these emails are so helpful, you are going to be telling residents, “You’re Welcome” more than Sadie Saxton.)

Day 1: Welcome
Make your residents feel at home in their new place by welcoming them to the property.

 
Day 3: Stay in Touch
Keep your residents up-to-date on what’s happening around the property asking them to follow your property on social media or subscribe to the newsletter.

 
Day 5: Fitness
Your new residents likely toured several properties before signing a lease with you. Give them a refresher on where the fitness center is and what features it has to offer.

 
Day 7: Dining
Tell your new residents where the best bars and restaurants are in town. This is a simple way to show your residents you care about them.

 
Day 9: Event Invite
Create a sense of community at your property by hosting a some events for your residents. The more friends your residents make at the property, the less likely they are to move.

 
Birthday eBlast
Show your residents you care by sending them an email on their birthday.

Conclusion

Welcoming your residents makes your property feel like home. Plus, it gets your residents connected and involved in your community!

So you have done a lot to make residents happy at your property, next we are discussing how the Satisfaction Play can keep residents happy.

Check-In Before Residents Check-Out

“I can’t get no satisfaction.” It’s cool when The Rolling Stones say it, but not so much when it comes from your residents. We want residents to feel like Pharrell Williams: Happy. To state the obvious, happy residents renew leases. So, we created a play to make sure your residents are satisfied for when renewal time comes around.

How Does it Keep Residents Satisfied?

The first step to solving any problem is admitting there is one. We created the Satisfaction Play to determine if your residents are satisfied. That way you can patch up any issues before renewal time.

Like any relationship, there are a few quick tricks to making sure your counterpart is happy.

1. The easiest way to know how someone is feeling is to ask them. Usually, they will be honest. Create a quick survey to check in with your residents.
2. Another easy way to gauge if someone is into you is if they introduce you to their friends. If they don’t want you to meet their friends, it’s probably a good sign that your relationship isn’t going to last. Property management companies can do this by asking your residents to refer a friend.
3. Even if you think your residents are pleased, it’s always good to play it safe. Send them an email to celebrate their five month anniversary at your property! It never hurts to tell someone you care.

Let’s see it in action.

The Satisfaction Schedule

The Satisfaction Play starts three months after a resident moves in. Then, it continues to send them a monthly email for the next two months. This gives you a way to check-in without seeming naggy.

 
Resident Survey Email
The resident survey gives you a quick way to check in with every resident.

 
Resident Referral Email
The resident referral email is an easy way to encourage residents to refer a friend to your property.

 
Anniversary Email
An anniversary email shows residents that you care and are excited they are part of your community.

Conclusion

The Satisfaction Play is a great way to assess your resident’s happiness. Plus, it gives you a way to fix any problems your residents may have before they make their renewal decisions. This play is a simple way you can increase resident retention!

Next, we are going to talk about how the Renewal Play can inspire more residents to renew their leases!

Reduce, Reuse & Renewal

The Renewal play allows you to reduce employee efforts, reuse lead lists and get more renewals!

Did you know, a PMC loses $2,811 for each resident who does not renew? Seems a little outrageous, but when you think about the time your property spends vacant, the cost of acquiring new leads and employee hours used to get leases signed, you can see how it adds up fast.

So, we created a play to encourage more residents to renew their leases and save you time and money!

How Does it Work?

The Renewal Play uses a series of emails designed to remind residents their lease is ending and inspire them to renew.

 
Soft Touch
Send them a nudge to stay. You can highlight the great things your property has to offer, have a heart-to-heart about how they will be missed or remind them how annoying moving is, because let’s be real. It’s the worst.

Special Offer
By giving residents a special offer like a free carpet cleaning (something you would do if they moved out anyway) you can give them another reason to stay.

Notice Reminder
If they still haven’t taken the bait, add a little pressure by sending them a notice reminder. Nothing gets people into action like a reality check.

Conclusion

Multifamily is quick to say things like ‘Never let a lead get away’ yet forget that they have a perfect pool of leads right under their noses. The Renewal Play makes it easy to send residents some TLC and to save PMC’s thousands in the long run!

However, there will always be some residents who chose not to renew. Up next, we are going to explore how the Exit Play can ease the move-out process and improve your brand’s reputation.

Exit with Care

Tom Stoppard once said, ‘Look on every exit as being an entrance somewhere else.’

That is the exact idea we had when creating the Exit Play. Yes, a resident is leaving and no longer is a paying customer, but that doesn’t mean they aren’t valuable. They have just moved from a customer to an ambassador for your property. Also, they can provide crucial insight into your resident turnover rate.

Unless you stink at property maintenance or resident care, chances are your residents are moving out for reasons beyond your control. They may need to relocate for work or maybe they are starting a family and need a bigger place. Most of these residents would be willing to recommend your property.

That’s why it is so important to make the move-out process easy. It is the last memory they will have and you want to make sure it is a good one.

How Do We Do It?

The Exit Play is made up of two simple emails. One is to make moving out easier and the second is to help increase resident retention.

 
Move-Out Checklist
The move-out checklist makes it easy to stay organized during the moving chaos.

Exit Survey
An exit survey is a key to unlocking higher resident retention. Instead of making assumptions about why your residents are leaving, why not learn the real reasons through a survey.

Conclusion

The Exit Play makes the most out of losing a resident. By maintaining a good reputation, you can increase the likelihood of a referral. Plus, your residents will be more inclined to fill out an exit survey, which can increase your resident retention in the future.

Summary

The five plays in the Resident Zone give property management companies the ability to communicate with residents consistently and meaningfully throughout their residency and even during their move-out process, all without needing an agent.

This not only increases resident retention, improves the property’s reputation, and boosts resident referrals, it also gives your agents the freedom to build more meaningful relationships with prospects and residents.

Autonomous Lifecycle Marketing not only allows work to be done in a consistent and efficient manner, it actually changes the workflow to give agents and marketers more independence to make your property special.