4 Things to Consider Adding to Your Budget For an Amazing Resident Experience by BuildingLink
If you’re like most multifamily communities, August marks the beginning of your budgeting season. To create an amazing resident culture, property managers need to get ready to sharpen their pencils. In today’s competitive environment, however, that means more than just nailing down your expense forecasting for the new year.
Residents these days expect more than ever from their community’s amenities and services, reflecting broader changes in their lifestyle and work habits. With the continued trend of working from home, many residents are now looking to their apartment amenities to serve as extended living and working spaces. This presents an exciting opportunity to create an outstanding culture and experience that drives them to renew their leases and recommend the property to others. In this post, we share four things that property managers should consider adding to their budgets this planning season.
1. Community Events
If you haven’t already considered hosting community events, now is the time. By hosting fun and exciting events for your residents, you’ll help them form connections with their neighbors and engage with the property. These connections can create a sense of belonging and mutual support, leading to a happier and more harmonious community. The increased engagement between residents can also foster a culture where residents take better care of shared spaces, since they have a stronger sense of pride and ownership within their surroundings.
The scale of your community events can range from more casual gatherings, such as coffee hours in the lobby, to more elaborate occasions, such as holiday parties or outdoor movie nights. Budgeting for these events may vary accordingly. A small-scale event can be executed with a minimal budget, while a larger-scale event may need a more significant budget allocation to factor in food, entertainment, and decorations.
For those wrapping up the end of summer with a resident event, our blog, “Six Resident Event Ideas: Summer Edition,”can provide some great inspiration.
2. Concierge Services
For many, concierge services are one of the first things that comes to mind when you think about high-rise lavish apartment home living. Providing services that make residents’ lives easier is a huge draw that can drive satisfaction up and enhance their quality of life.
Don’t worry if your property can’t afford a full-time concierge to work as a front desk associate. You can choose to provide select key services that can be managed within your budget. Package tracking is an excellent example, as it eliminates the stress of missing deliveries for residents. Similarly, a reliable key management system can provide residents with peace of mind regarding access for guests, cleaners, pet sitters, and more.
Pro Tip: To optimize your front office and concierge services, consider using a platform such as ConciergeLink. From enhanced incident report management to paperless shift logs and time tracking, you’ll know your property is always running smoothly.
3. Fitness & Wellness Amenities
In today’s health conscious society, providing fitness and wellness amenities within your property is an excellent way to improve the culture, allowing residents to stay active without needing to leave the property. Consider budgeting for updated exercise machines, spa facilities such as a sauna, or meditation areas to help residents unwind and relax. If your property is limited in physical space, consider establishing a partnership with a local wellness center or gym as an alternative solution. You may be able to offer residents discounted gym memberships or wellness services adding value to their residency.
Providing ways for residents to take care of their physical fitness does more than improve their individual quality of life. It also helps create a vibrant community culture that residents can enjoy and take pride in, positioning your property as one that truly cares for and invests in its residents.
4. A Branded Mobile App
Leveraging a branded mobile app is a powerful way for property managers to improve communication with residents and enhance their overall living experience. These branded apps can serve as a centralized platform for residents to access important information, receive communication, request service fixes, and more. With a mobile app that reflects your property’s branding, you can foster a stronger sense of belonging and familiarity among residents.
BuildingLink offers custom mobile apps for both iOS and Android platforms. You can customize the app to your property’s logo and colors, providing your residents with a seamless and professional look that aligns with your brand identity. Learn more about our custom mobile apps here.
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