Introduction to Autonomous Lifecycle Marketing for Multifamily Residents
Multifamily currently has a 53% resident retention rate. When you consider the costs associated with having a vacant unit, finding a new renter, and the maintenance required to clean and paint the unit for a new tenant, those 47% of non-renewers get pretty expensive… $2,811 per resident expensive to be exact.
Plus, that number doesn’t include the effect turnover can have on your brand’s reputation. Think about when you are looking for a new job, you don’t really want to work for a company that has a high employee turnover. High turnover is a pretty good indicator that most of their employees are not happy working there.
That same idea applies to your property. Renters are going to be drawn to properties with lower turnover rates because it indicates most of the residents in the community are happy living there.
Not to mention, happier residents are more likely to refer a friend to the community. This can be a huge asset to your company due to the rise of influencer marketing. (Just think about how this marketing style has taken over the beauty industry.)
The Resident Zone
That’s why we have dedicated an entire Autonomous Lifecycle Marketing Zone to residents. Using the plays in the Resident Zone you can increase resident retention, which in turn, reduces costs and makes your property more appealing to prospects.
The Resident Zone focuses on communicating consistently with your current residents. This zone consists of three plays:
These plays engage residents throughout the resident lifecycle.
Each play is a collection of emails designed to work together to transition a customer from one stage to the next.
We have made a cheat sheet that covers the main benefits for each play. Take a look!
Now that you get the gist, let’s learn a little more about each play.