Any intro business class will tell you that the most direct way to increase profits is to increase revenue. When you take in more money, you take home more profit— simple as that.
So how do you go about increasing revenue as a developer, realtor, or property manager? It’s actually rather simple as well: sell more product. And it’s much easier to sell product when your residents are happy with the product they’re getting.
Satisfied residents are more likely to invite guests, tell people about their experience, and take pride in their homes, all of which means more potential customers learning about your product.
So how do you go about increasing resident happiness? Here are 5 easy ways:
#1: Solve maintenance problems before they start
If your residents never notice things like leaky pipes, excessive humidity, and water damage, then they’ll have nothing to complain about. Everyone has had those aggravating experiences with maintenance staff: you notice a problem, leave a message, and then you have to deal with the problem yourself for a week before anyone does anything about it.
Catching these problems before the symptoms start to show is the best way to maintain resident happiness. With automatic water valve controllers, for example, you can shut off the water in your building as soon as a leak appears, meaning you won’t be wasting water by running a burst pipe. Better yet, you can stop water from escaping into the walls and carpet, keeping your building clean and your residents happy.
#2: Make communicating with building staff effortless
Sometimes, a problem will slip through the cracks, and a resident will notice. That’s okay. It happens, and everyone knows that. What will truly stand out to your residents is if you can respond to their needs quickly and effectively.
Allowing residents to text, email, call, or use an app to communicate with staff shrinks the time needed to solve problems, and it means issues can be addressed even when residents and staff can’t meet face-to-face.
Your residents will love living in your building if they know that you won’t ignore them. By streamlining communication between your residents and your building staff, you can make sure your residents feel comfortable and safe in their homes.
#3: Make it easy for residents to use building amenities
If your building had a pool, you’d make sure to keep it clean and test the water periodically for dirt, germs, and other pollutants. Residents like having clean, accessible amenities because it improves the quality of life in the building.
By the same logic, you should ensure that all building amenities receive the attention they deserve. Gyms and fitness centers need to be monitored for wear and tear, bacterial growth, humidity damage, and temperature in order to be safe and pleasant for residents. Event and conference rooms should be clean, and it should be easy for residents to reserve one for personal use. Laundry machines should be in top shape to avoid damaging the clothes residents put in them. Whatever your building’s amenities are, make sure you have a system in place to keep them up-to-date, safe, and enjoyable for your residents.
#4: Give your residents high-quality parking
This might not apply to all buildings, but maintaining a high-quality parking facility for your residents is key to boosting total satisfaction. Residents don’t want to stay inside all day, so reducing the hassle of coming and going goes a long way to improving resident satisfaction.
This might mean investing in private parking, but it could also mean forging a relationship with a nearby parking facility that will allow you to reserve space for your residents. If you already have parking for your residents, consider investing in a system that enables residents to know where a free spot is.
Such a system is also useful for you, because it frees your staff to do the work that's most important to you and your building. On top of that, an effective parking solution helps you collect data to improve your parking facilities. If you know which parking spots are most popular and which are least used, it can vastly improve the rate at which you make decisions for your facility. Ever thought about installing an electric vehicle charging station?
#5: Embrace technology
Not only does technology make life in an apartment more exciting for residents, it greatly increases staff productivity. Smart home and smart apartment technology solutions provide your residents with unbeatable convenience in their own homes. You can give residents easy control of the thermostat or lights with a touch of a phone— your residents will love coming home to the perfect temperature, without wasting energy by leaving the air conditioner on all day.
Embracing the Internet of Things has even more promise: imagine a system where residents can reserve fitness equipment from their laptop, find an open parking spot on their phone, and use an Amazon Alexa to request a maintenance fix.
Let Us Help You Achieve Your Management Goals
By taking advantage of the internet and technology, you can lower building costs, improve staff productivity, and increase resident satisfaction. Aware has developed a system to unlock your building data and transform the way you lead your building.
With Aware's solutions in leak detection, parking sensors, elevator monitoring, fitness center management, and humidity control, you can track your building systems in real-time and solve problems proactively.
Email us today to learn more about how Aware can help you transform you building's day-to-day experience, improve resident happiness, increase efficiency, and maximize profit.