Entrata recently hosted a panel of Apartment All Stars, Lisa Trosein, President of Apartment Expert, and Kate Good, Senior Vice President at Hunington Residential, joined Entrata’s own Virginia Love as part of our Resident Experts series. The discussion explores the evolving landscape of resident expectations and the strategies for success in today's market. With over 30 years of experience each,the panelists offered a wealth of knowledge and practical advice for navigating the challenges and opportunities in the industry.

The Changing Resident

The All Stars emphasized a significant shift in resident expectations and behavior that has taken place in recent years. Residents are becoming increasingly demanding, with a heightened sense of entitlement and a willingness to go to great lengths to secure concessions from properties. This necessitates a change in approach for property managers, requiring a balance of exceptional customer service with sound business decisions.

Technology's Impact

Technology is playing an increasingly important role in multifamily operations, but it's crucial to ensure that technology enhances, rather than hinders, the resident experience. Lisa Trosein highlighted the need for proper training and support for on-site teams to effectively utilize new technologies and educate residents on their use. While Kate Good pointed out the challenges associated with smart home technology and the burden it can place on on-site teams to troubleshoot issues and provide technical support.

The Power of Community

Building a strong sense of community among residents and on-site teams is more important than ever. Kate emphasized the importance of creating a positive and supportive work environment, fostering teamwork, and providing opportunities for social interaction and fun. This can help to improve morale, reduce turnover, and enhance the overall resident and employee experience.

Key Strategies for Success:

Each speaker was asked to share some of the bright ideas that have caught their attention in the industry recently. Their ideas run the gamut from Tik-Tok to Lego, and are a great starting space for anyone looking to be inspired.

• Embrace Long-Term Leads: Don't dismiss prospects looking to lease 6-12 months in advance. Nurture these leads and build excitement for your property to secure future leases.
• Follow Consumer Trends: Stay abreast of current trends and incorporate them into your marketing and resident engagement strategies. For example, Lisa suggests incorporating toys and playful elements into your model apartments to appeal to the growing trend of adults seeking fun and nostalgia.
• Utilize Tonality: Use vocal inflection and tone of voice to create a sense of urgency and excitement when presenting available units to prospective residents.
• Leverage AI: Explore emerging AI technologies, such as AI room planners, to enhance the resident experience and provide personalized solutions.
• Create a Video Library: Develop a library of instructional videos to help residents troubleshoot common issues with technology and appliances, reducing the burden on on-site teams.
• Embrace TikTok Trends: Engage residents with fun and interactive events that incorporate popular TikTok trends.
• Offer Move-In Refreshment Stations: Provide refreshments and snacks for movers to enhance the move-in experience and create a positive first impression.
• Use Unique Photography: Avoid generic stock photos and showcase your property's unique personality and lifestyle through creative and engaging photography.
• Update Shared Spaces: Build value by making the clubhouse a functional “3rd space” for residents and remind residents of the resources offered to them.
• Get Creative with Curb Appeal: Landscaping can be expensive, look at alternatives like faux flowers to keep your property looking fresh.

By implementing these strategies and adapting to the changing needs of residents, property managers can elevate the resident experience, improve retention, and drive success in today's competitive multifamily market. To watch Virginia, Lisa, and Kate’s entire conversation, you can check out the recording here.