One of the major discussions among property management companies today is how to foster a sense of community and encourage resident engagement within multi-residential buildings.
The big question commercial real estate landlords must ask themselves when planning for the future is, “Are your residents satisfied?”
A helpful way to encourage stronger bonds among residents is by hosting exclusive resident events. Community-driven activities allow property managers to make their residents a priority, which has proven to improve occupancy goals and keep rental turnover low.
Event activities can range from enjoyable team building projects to wine tastings and outdoor barbecues.
Even if your property group only has a small budget for dedicated activities, there are still cost-effective or even free ways to get involved. Micah Larmie, SVP of Asset Services at Transwestern, for example, has partnered with local animal shelters to host puppy visits in the lobbies of her buildings. It’s completely free and the residents love the puppies. The event is also a way for the property team to collect donations for the shelter. Larmie also recommends pairing the event with wine, which opens up an opportunity for some great event names, such as “Puppies and Pinot” or “Wine and Wags”.
Continuing with the “wine” theme, Cathy Kuebler, VP of Property Management at Billingsley, shares that in the spring her properties have “Wine Down Wednesdays”, where they serve wine to residents in the courtyard from 5:00 to 6:00 pm. Kuebler says this serves as a casual way to foster community among residents.
Not only do resident-organized events bring people living in the same building together, they also attract the Millennial or Gen-Y population, who make up one of the largest pool of renters. This generation values community, thrives on green-living and incorporates technology as a pillar of their daily lives. To attract a Gen-Y or Millennial, property managers need to focus on all of these areas to set their rentals apart from other listings on the market.
With a wealth of property management experience, Dave Nevins of InterRent REIT adds that building events can also help create a relaxed environment for residents and management teams to meet.
“Organized activities are a way to remind residents that we care about their experience,” Dave Nevins says.
CLV Group and InterRent REIT participate in a Tenant-Landlord Spring Hope Food Drive each April where employees come together and canvass door-to-door to collect non-perishable food items to donate to the Ottawa Food Bank.
“These kind of events that benefit communities provides two benefits – one, you’re building stronger ties between residents. Second, you’re helping to improve the community in the process,” Nevins says.
Remember, developing stronger ties among residents in multi-residential properties benefits your residents – it can also make buildings more favorable among prospective residents, which is a win-win for everyone.
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