Resident Experience Management: How to Get Started

Today, the best property managers proactively create a living experience so seamless residents never want to leave. They work tirelessly to identify and meet residents’ needs, providing timely solutions and building a robust and loyal home or apartment community. 

To do this well, property managers need digital solutions that automate and streamline their processes and services. At Second Nature, we build tools, like our resident experience management portal, to help enterprising property managers create a frictionless home life for residents, whether living in single or multifamily properties. 

Let’s take a look at how resident relationship management will help you create the best resident experience possible and how you can get started streamlining your systems. For more details and insights from leading PMs, check out the 2023 State of Resident Experience Report.

What is Resident Experience Management?

Resident Experience Management refers to the practice of enhancing the overall experience and satisfaction of residents. The goal is for property managers to create personalized, frictionless touchpoints with residents from the moment they first discover your property to the day they move out. Resident Experience Management moves beyond providing tenants with a safe and clean home. It encompasses clear communication, digital solutions, timely maintenance, and even helps foster a strong community.

The heart of managing your resident experience is the belief that resident satisfaction and retention are the very core of a successful property management business. It’s about caring for your people first and helping your business succeed second.

That’s not to say focusing on resident experience management doesn’t help grow your business—it most certainly does. Caring for your residents’ well-being enables you to create an authentic and enjoyable living environment, leading to higher resident retention rates, positive reviews and referrals, and increased property value. Residents’ happiness truly is central to the success of your residential properties.

Why is Resident Experience Management Important Now?

We can all point to a myriad of ways tenant expectations have changed over the past few years. Let’s look at a few to see why effectively managing resident experience is more critical than ever.

Changing Tenant Expectations: 

The pandemic and the subsequent rise of remote work have caused people to spend significantly more time in their actual homes. This, in turn, means today’s residents have higher expectations and needs for the amenities and services their home provides. Even more, two-thirds of renters are now Millennials and GenZ, who value ease, convenience, and a sense of community when looking for a place to call home.

Technological Advancements: 

Advances in technology have made it easier for property management companies to enhance resident experiences through online portals, smart home features, and efficient communication systems. It’s never been easier for property managers to provide services 24/7 with a robust resident experience platform. 

Competitive Advantage in a Saturated Market: 

In the competitive real estate market, property owners and managers are recognizing the need to differentiate themselves. A positive resident experience can set a property apart, attracting new residents and retaining old ones, which is especially critical in urban areas like New York with numerous housing options.

Benefits of a Resident Experience Platform

The property management industry is perfectly poised to utilize resident experience platforms effectively. Residents prefer the wrap-around services it provides; the technology is there to support it; and the market is primed for property managers to set themselves apart from their competitors. But beyond the current landscape of the market, what are the actual benefits of using a resident experience platform?

Improved Resident Satisfaction and Retention: 

We can’t stress this enough: Happier residents equals happier property owners equals happier investors. It’s our triple-win obsession.

And not only is life just better when we’re all happier, but it actually makes a significant difference to your bottom line. Jen Picotti of Swift Bunny notes that tenant turnover costs $3,900 on average and that even if you re-rent the unit for $300 more each month, it will still take 13 months to recover the expense of a changeover. Loyal tenants make a big difference.

Streamlined Communication: 

As a single-family property manager, you have a number of residents in properties scattered across different neighborhoods. Trying to manage all their needs and locations without support will make you go crazy.

A resident experience management platform provides you with centralized communication tools, like messaging systems and announcement portals. This makes it easier for you to keep residents informed in real-time about important updates, community events, and maintenance schedules.

Efficient Operations: 

Similarly, a resident experience management platform can automate certain processes, such as rent collection, lease renewals, maintenance scheduling, and service requests. This takes many tedious tasks off your to-do list so that you can focus on providing personalized care where it matters most.

Maintenance and Service Tracking: 

By providing a digital option for submitting maintenance requests, residents can track progress and ensure the issue is adequately addressed. Property managers can also see which homes need what repairs to either manage the underlying issues or invest in more routine services to prevent future problems.

Enhanced Community Building: 

Residents today are looking for ways to connect with their neighbors. Many platforms include features that allow them to organize and promote events and activities, creating a strong sense of belonging in their homes and neighborhoods.

Overall Costs Savings: 

We’ve seen how significantly resident turnover affects your bottom line—and how a resident experience platform can directly address that. But it can save you even more overall.

A resident experience management platform will save money by automating tasks and reducing administrative overhead. It simplifies rent payments so that residents stay on top of them. And, by rolling the fee of the resident experience platform into their monthly rents, it even adds to your revenue stream. Residents receive significantly better service for a marginal rent increase.

Managing Resident Experience with Second Nature

At Second Nature, we believe in the power of property managers who prioritize resident experience and use an online platform to manage it properly. That’s why we’ve included a robust online portal in our resident benefits package (RBP).  

Not only do residents receive filter delivery service, $1 million in identity protection, move-in concierge (and a number of other services), but residents also have access to our easy-to-use online portal. This allows residents to access all of their documents, pay rent, schedule maintenance, and connect with their property managers through the ease and convenience of a digital app. Connect with Second Nature to see how our resident benefits package can transform your residents’ experiences today.