CREJ - Multifamily Properties Quarterly - November 2016
In today’s ultracompetitive apartment market, where increasing rental rates are causing consumers to expect – make that demand – the very best for what they pay in monthly rent, it’s imperative for property management firms to provide the highest level of service possible. To do so, professional property managers are borrowing a page from the hospitality industry and going the extra mile to make sure that their residents are being taken care of and are happy in the place they call “home.” By doing so, the team is showing residents that they care and creating a culture of longtime residents who will be more willing to renew their leases when their leases comes due. While amenities are obviously an important component of any successful apartment property, the staff is what sets the tone for an enjoyable living situation. I’ve included a list of some of the inherent ways a property management team can make an apartment community feel more like a high-end hotel. • Find the right people. When hiring a staff for an apartment community, it’s imperative to find the right kind of people: people who are willing to go the extra mile and don’t view their job simply as a 9-to-5 workday. These professionals are driven to succeed and are willing to grow with the company. They base their success on how happy their residents are and, in turn, how successful the property management company becomes. The right personality type can be taught the skills and nuances of becoming a valuable contributor to a property management team. • Training 101. Finding the right people is the first step toward managing an apartment community with the feel of a high-end hotel. The next step is making sure that the management staff is well trained and ready to provide the very best level of service to residents. This might involve a weeklong course (but, in reality, the training is ongoing), which includes case studies of the hospitality industry, interaction with residents, onsite introductions, review of expectations, outline goals and shadowing with existing staff. • Personable interaction. An apartment community’s staff should make it a priority to interact with residents. This means getting to know people’s names, learning what their hobbies and passions are, engaging them in conversation if they like to talk, or giving them their space and privacy if they are introverted. This personal interaction shows care and concern, and lets residents know that the staff is there for them on multiple levels. • Host events. One of the ways a property management firm can make an apartment community feel like a home is by hosting weekly events and making sure that the staff is actively involved. Events might include a Thursday night happy hour with beer and wine, a pumpkin carving contest, a potluck holiday dinner, live music poolside, a pool tournament, Broncos game parties or even hiring a video-game truck for residents with children. The list is endless. Again, a key component for a successful event is to make sure the staff attends and takes an active role in everyone’s fun and enjoyment. • Ensure a service-rich environment. Many apartment communities provide on-site services, but it’s up to a professional staff to make sure that the services provided run smoothly. For example, cleaning services, valet, dry cleaning, concierge, package delivery and more all can be implemented, but execution is key. The saying “actions speak louder than words” is ultimately true when it comes to an apartment community delivering on its promise to provide residents with a service-rich environment. If the staff falters, the provided services won’t matter to the residents and might even alienate them. • Survey residents. Don’t hesitate to gather your residents’ opinions and hear their ideas. Find out what they’d like to see in their community. For example, if a community is providing fitness classes, you can dig a little deeper and ask residents what kind of classes they want (i.e., yoga, Pilates, etc.) and what hours of the day are best. A property management team can come up with scores of ideas on their own, but by involving the residents, the list of great ideas will grow and the residents will feel good about being involved. Research what works. There are many ways a property management team can learn how to step up their hospitality, and one of the best ways is by learning from the best. In some instances, a property management firm might send employees to a great hotel to study the nuances of a hospitality staff. By doing this research, a property management team can take the experiences learned and implement them in their own apartment community. Successful property management firms are finding ways to up their game and make their apartment communities feel like a high-end resort. By doing so, their residents can find a place they love to call home, and the team will succeed as a whole.