By Travis Knipe, CEO, StarRez
In our locked-down world over the past 18 months, the essential nature of communication has come to the fore. We have discovered new ways to connect and share our experiences, while business leaders have found communicating with transparency and empathy has never been more critical. We have seen how ineffective communication has eroded trust, while clear and informative plans have engendered hope and positivity for the future.
We can draw learnings from this. In the Build to Rent space improving communication with tenants has many benefits. In fact, an often-referenced study by Watson Wyatt found companies that communicate effectively have a 47% higher return over five years.
Let’s look at four key benefits of using smart software tools that can make communication easier and more efficient in Build to Rent environments.
1. Happier residents and happier staff
Unhappy residents can consume a lot of time for property managers. In turn, unhappy residents can drive down job satisfaction in Build to Rent teams, creating turnover issues. According to one 2017 study, high turnover can cost an organisation about 33% of its employee’s compensation package.
Community tools that enable residents to quickly record problems allow teams to move quickly and efficiently to solve issues before tenants get frustrated and teams get overwhelmed. Providing a clear portal for people to go to can hugely increase resident satisfaction – provided the team on the back end respond!
2. Engaged communities that drive referral
Automated communications make community engagement and planning events incredibly simple. After all, one of the many benefits of living in a Build to Rent community is the resident experience.
We know that simple communications that can be deployed easily and efficiently via a core portal to all residents saves teams time. Importantly, the right software ensures residents know what is happening quickly – critical in these pandemic times. StarRez can push out real time communications, meaning no lag time in communicating important information quickly.
Communities that are engaged are generally happier, driving word of mouth through their networks that can increase referrals for operators.
3. Stickier residents that stay for longer
Communication portals aren’t just for two-way information exchanges. The best portals do so much more. New technology in Build to Rent allows residents to pay their rent, renew their lease, book communal spaces and record defects among other things.
Providing residents with the ability to do everything at the touch of a button can enhance retention. Consumer research shows that 80% of customers say that speed, convenience, help, and friendly service are the most important elements of positive customer service. Make it simple, quick, easy and friendly and you’ll boost your retention.
4. More efficient and streamlined teams
A singular and easy to navigate two-way communication portal offers a range of efficiencies in building and property management that can reduce your head count. You can also utilise the smart data and insights provided to ensure your staffing is in the right place.
For example, data can illustrate the times of the year, month, and even day when new people are moving in and out of the building. This can help businesses make decisions to bring on additional casual workers to assist at busy times, or even provide a business case for additional resources.
Smart data and easy-to-understand dashboards empower Build to Rent teams with the tools to make the right decisions and manage the building more efficiently.
Psychologist Rollo May famously said: “Communication leads to community, that is, to understanding, intimacy and mutual valuing.” We believe communication sits at the heart of great Build to Rent businesses. It can be easy to get wrong, but when you’re using software that makes it simple, getting it right can change the game.
