Nido, Europe’s leading PBSA operator, has partnered with leading resident engagement and building management software provider Spike Global to launch a new smart app for residents across its portfolio. Launched at the beginning of the academic year, Nido has become one of the first student accommodation operators to provide its residents with an intuitive mobile app to manage their daily needs.
Following research and feedback from residents, it was imperative that utilising technology would enhance their experience and ensure the seamless operations and management of a PBSA building.
Acting as a ‘one stop shop’, the app provides a multitude of features including direct online communications with the residence team, viewing upcoming events, reservation of amenity spaces, management of deliveries and maintenance requests as well as viewing brand partners, local guides, and associated exclusive Nido promotions.
With online security posing one of the largest risks to students, the app has been designed to keep users safe and secure. In the event of a security breach or lost phone, the onsite management teams at each of the Nido properties have the ability to ‘pause’ residents’ accounts, until the issues have been resolved and cleared.
Following a year of uncertainty, the app provides a safe online space for residents to communicate with each other and become familiar with their new neighbours, through forums and real-time chat rooms. This is in addition to the in-person interaction Nido facilitates. Students can choose to attend events physically, online as well as communicate with the management team at the reception desk by direct messaging on the app, all channels of communication are available to be used at the discretion of each student’s needs.
Nido prides itself on putting resident mental and physical health as a key priority and the facilitation of communication – online or in-person, has been instrumental in the company’s operational success.
During the first two weeks of being live, the app has already been downloaded by more than 70 per cent of Nido’s residents. Once downloaded, residents can easily join groups and forums to meet each other and start building their community.
Darren Gardner, COO of Nido, commented, “As one of the first PBSA operators to introduce this type of platform, we are pleased to offer this high-end product to our valued residents. The wellbeing of both residents and our onsite teams is our top priority and allowing a safe method of communication whilst encouraging interaction, is a great milestone for the company.”
Jeremy Heath-Smith, CEO of Spike Global, commented, “We are delighted to be working with Nido and believe the app will help students find their feet – enabling them to meet other students in the building, as well as helping them to cope with all the practical aspects of moving away from home for the very first time. The app has been designed to be straightforward to use, so whatever worries they might have about the new term, managing their student accommodation won’t be one of them.”
Welcome to our Day in the Life feature, where each month we sit down with one of our clients and highlight the amazing work they are doing within the property sector. This month we’re delighted to have sat down with BHB America, who provide private office services for the residents of luxury buildings across London, New York and Miami.
What’s your name and role?
Francesca Thornton, Director USA, BHB America
Describe a typical day for you?
We spend our days fulfilling requests for the incredible residents of the buildings we look after across the world. Whether it’s travel, private yachts, artwork sourcing, party planning, restaurant reservations, or anything else, we’re always working hard to go above and beyond and make the residents’ lives that little bit easier.
What is your favourite part of the job?
My favourite part of the job is definitely when we get a seemingly impossible request from a client, but we manage to deliver on it for them.
What are your top places to visit locally?
My favourite spots in Manhattan are definitely brunch at Sadelle, Central Park for a walk, Black Fox for a coffee, Van Leeuwen for ice cream.
How does Spike make your day-to-day life easier?
Using Spike Living means that we can speak directly with residents and have all their requests in one place, which makes looking back at historic requests and tracking request fulfilment super easy. We also find the back end of the software seriously easy to use when we’re uploading new content. Being able to preview how it will look before publishing it is useful too.
Spike Living connects more than 200,00 residents with their local communities. Download the Spike Living brochure below to learn how our software can support you in your day-to-day life.
When new build-to-rent brand The James opens its doors in Liverpool this week, 100 fully-furnished apartments will be filling up with new tenants, all looking to settle in and feel at home – a process that will be much easier thanks to its partnership with Spike Global.
The innovative resident engagement and building management software provider has worked with The James to create a white-labelled version of its revolutionary end-to-end tenancy management software solution Spike Lettings and resident engagement app Spike Living that have been tailored perfectly to the needs of residents at the luxury hotel-style residence in James Street.
Spike Lettings allows prospective tenants to easily browse and find available apartments online, make an initial enquiry, and progress through the reservation stage, all the way through to moving in. Once in, Spike Living provides new tenants with one simple, intuitive app, allowing them to communicate with the management and with each other – making life easier in a multitude of ways. From booking laundry services, reporting a maintenance issue or checking if the concierge has received a parcel, the app makes routine communication quick and easy. Not that it’s just for the practical things in life – The James’ residents’ app also has the potential to help tenants make friends, find activities and get to know their neighbours, whether that’s in the virtual world or the real one.
At The James, apartments will be let for periods of just a few days or weeks, or for the long term, which means that there will be all kinds of residents moving in and out, looking to hit the ground running in terms of their social life. With a set-up that is designed so that tenants can live, work and socialise on site, having a truly localised way of meeting like-minded people will be more important than ever – and Spike Global’s app, Spike Living, is streets ahead of social media options such as Facebook and Nextdoor, which find it hard to keep out spammers and strangers. As The James’ residents’ app will be downloadable solely by residents at The James, it builds a genuinely safe and local community at the same time providing practical help such as being able to easily view tenancy agreements or check when rent payments are due.
We spoke with one of the Founders who explained why they have chosen Spike Global to provide the app for the new venture: “Our brand is very much rooted in stress-free, self-contained luxury living – when people move in with us they have everything they need, right down to crockery and cutlery – so we needed software that would provide a similarly high-quality and comprehensive service.”
“We use the Spike Lettings software to help get our tenants on board, and are confident that the Spike Living app will support them as they settle in. In many ways, renting with us is like living in a five star hotel, with all the amenities available at the touch of a button. We developed The James, which will also be launching in Manchester and Sheffield in the near future, because we wanted to bridge the gap between the tenant and the landlord – a relationship that is often broken and lacking in trust in the traditional rental market. At our properties, The James brand is the landlord – one that is always available and ready to take action thanks to Spike Living.”
Jeremy Heath-Smith, CEO of Spike Global, comments: “The strength of Spike Lettings and Spike Living is the extent to which they can be personalised for every client, providing a building and community-specific experience, tailored exactly to the facilities and options that are available. We not only create a unique platform for our clients, but we also provide dedicated back-up and support every step of the way. We are delighted to be working with The James, and we know it will help tenants there to settle in, liaise with their landlord and find their place in the community with ease.”
The use of environmental, social and governance (ESG) reporting is increasing. Achieving a point where a development has a positive ESG impact should be the goal of all investors and developers.
Tenants are increasingly basing their rental and purchasing decisions on the potential environmental and social impact of their homes. It is therefore in the best interests of investors and developers to create schemes that meet these needs.
The World Bank makes the case that ‘Green’ buildings can:
Yield up to 23% higher occupancy rates
Provide 8% higher rental income
Create 31% higher sale premiums than traditional buildings
Other industries such as fashion, entertainment, technology, and leisure have demonstrated a clear connection between ESG and enhanced returns. Consumers, including shareholders, are demanding integrity – and changing their spending choices to get it. The property industry has the opportunity to do the same, embracing robust, genuine ESG investments.
Where to start?
People should be at the centre of everything you do, with the goal of providing great homes, creating healthier places to live, and boosting the social and economic worth of the surrounding neighbourhoods.
Spike Global provides software solutions that connect property managers with residents, as well as creating a closer link to the wider local community. Here are some of the ways our clients are benefiting.
Our resident portal, Spike Living, allows developers to promote best practices and provide key building information such as where to find the nearest recycling point, fire safety policies and procedures, as well as ways in which residents can reduce their own impact on the environment.
Operators can also easily and quickly share ideas with residents and gather useful feedback on proposed building initiatives and schemes, as well as enabling the proactive reporting of building and maintenance issues, ensuring problems get rectified sooner, whilst at the same time providing a full digital paper trail.
Spike Living facilities the use of communal areas by allowing residents to book out a room or reserve a slot at a gym class, all via their phone, turning what typically is an archaic process into a seamless and easy task. This encourages residents to spend more time enjoying their buildings, and not having to worry about the stress of gaining access.
Supporting the local community
Our clients use Spike Living to bring the local community to their residents by utilising the ‘around me’ feature to provide much-needed visibility to smaller businesses and encouraging their residents to explore what’s on their doorsteps. Building operators can also partner with local shops and restaurants to offer residents exclusive discounts and incentives, all via their residents’ app.
Residents’ apps like Spike Living provide building owners and operators the opportunity to truly understand what their residents are interested in, from amenities and services usage, to monitoring resident satisfaction. You can also analyse the performance of each building and identify areas to maximise operational and cost efficiencies, such as response time to support enquiries, number of maintenance defects reported, and other complaints filed.
ESG may sound like a daunting and complex subject, but it can be achieved through consistent actions, communication, and a drive to make a difference from everyone involved in a development, from investors, operators, residents to contractors. It’s important to see ESG as a journey, and not just a destination.
Get in touch to learn how we’re supporting leading developers and operators with their ESG initiatives.
Partnering with innovative resident engagement and building management software provider Spike Global, The Crown Estate has implemented an end-to-end residential portal at its latest development Morley House on Regent Street in London’s West End. The new software provides a complete property communication and management solution for residents at the 44-apartment residence.
Spike Global has worked closely with Morley House to create a bespoke version of its resident engagement app Spike Living, specifically tailored to the needs of residents. Opening up communication lines between the resident and management, the app further enhances the lifestyle available at the development, whilst serving as a convenient central place for resident’s everyday needs.
Morley House offers apartments to rent with hotel-style amenities, accessible via the new residents’ portal. The app is designed to create a sense of community, with residents able to book services including the residents’ lounge and screening room, access a 24-hour concierge/security at the touch of a button, handle maintenance issues, view information updates and notifications, such as fire safety procedures and residents’ manuals, as well manage their car club membership.
The app also enables residents to access partner promotions, while an integrated partnership with PingLocker allows them to book apartment cleaning services and beauty treatments in the local area.
Charlotte Moss, Asset Manager at The Crown Estate, comments: “The Morley House residents’ app has been well received, not only by the residents, who have the convenience of accessing a wide range of services from their mobile device, but also by the concierge and management team.”
Jeremy Heath-Smith, CEO of Spike Global, comments: “In working with the team at The Crown Estate, our focus has been on implementing a platform that truly puts luxury lifestyle at the heart of the residence’s operations. With such a wide range of amenities and services available to residents it was important for us to implement a seamless communication tool while enhancing the high-end user experience. We are delighted to be working with Morley House and we hope residents will feel connected, cared for and valued in their homes.”
Guest Blog: James Dilgul, Head of Marketing at Fixflo, the UK’s leading maintenance software provider.
With residents spending more time in their properties in the past year than ever before, residents have had the opportunity to really assess the conditions they’re living in, and nice-to-haves like fast internet speed and room for a home office have unsurprisingly become need-to-haves. And when it comes to problems around the property, residents want them fixed – and fast. Nowhere has this focus on good service been more pronounced than in the Build to Rent (BTR) sector. With most of BTR’s communal amenities being closed due to the pandemic, repairs and maintenance have taken centre stage – repairs and maintenance were referenced in almost 1 of every 5 reviews according to Homeviews’ 2021 Build to Rent report. We look at how the way you handle repairs and maintenance impacts resident satisfaction and how to get it right.
Keep it simple – a vast majority of the reviews focused on the need for clear, simple ways to report issues and stay informed as to what was going on in their block. Resident apps like Spike Living and specialist repairs software such as Fixflo were popular – HomeViews’ survey found that BTR operators using Fixflo were rated higher than those who weren’t (4.5/5 to 4.2/5), with those questioned rating the ability to access and report their issue on a portal 24/7 as a key part of their resident satisfaction.
Speed is of the essence – unsurprisingly quick response times came up in a significant number of reviews. With more residents being at home last year, the need to respond to repairs and maintenance issues in a swift, timely manner has taken on new importance as residents spent most of their time at home; pending maintenance issues could be affecting them more than usual.
Satisfactory solutions – another key finding of the report was the necessity of achieving satisfactory solutions to the issues at hand. Being able to log your problem and be guaranteed a fast response falls short if the end solution is not satisfactory – residents expect effective contractors to be engaged quickly and efficiently. Again, BTR operators who used Fixflo scored well in this regard, as the software allows contractor qualifications to be verified and their services engaged automatically, while also providing basic maintenance assistance for those solutions that may not require a professional.
While all the report’s findings seem to point firmly at the need to invest in resident and maintenance software to boost resident satisfaction, Fixflo’s managing director Rajeev Nayyar recommends taking an ‘omnichannel approach’ to repairs communication as the best way forward. “The best operators are adopting an omnichannel approach to resident communications, giving them the options to communicate by online or in-person where they have on-site staff. From a resident’s perspective, ease of communication and access to relevant updates are critical, as is getting repairs resolved easily, quickly, and effectively.”
Learn how Spike Global and Fixflo have partnered to create a complete BTR resident communication solution here.
Promising an enhanced resident experience and a smarter, more efficient building operation, the new partnership between Spike Global andFixflo will deliver a seamless property communication and maintenance management solution for BTR residents and property managers alike.
Industry-leading resident engagement and building management software provider Spike Global and specialist repairs and maintenance management software provider, Fixflo have announced an integration partnership designed to provide a complete property communication and maintenance management solution for BTR operators and property managers.
The new partnership enables residents to manage everything within the Spike Living portal, from communicating with other residents to reporting a repair, getting notified about upcoming maintenance events, and managing deliveries and visitors. Empowered by Fixflo’s innovative and multilingual repair reporting system, residents will be prompted to give all necessary details about the maintenance issue from the first instance, enabling property managers to diagnose issues accurately without the need for back-and-forth communication with residents.
Simon Bushell, Director at Fixflo, underlined the significance of delighting residents at the right moments in their customer journey and how this motivated the partnership, “While repairs are rarely welcomed by residents, they are great opportunities for building operators to impress residents with a prompt, intuitive and transparent experience. With Fixflo, residents can report a repair through their Spike Living portal anytime, anywhere, using 40+ languages. They can also be kept in the loop of how the issue progresses through their property manager’s schedule. Here at Fixflo, we are excited about this new partnership and helping building operators and property managers manage their portfolio more efficiently while enhancing the resident experience.”
Jeremy Heath-Smith, CEO at Spike Global, highlighted the expected operational gains for building operators, another key driver behind the integration plan, “We are excited to be partnering with Fixflo, bringing together Spike’s leading resident engagement and building management software with Fixflo’s award-winning maintenance management solution. This will enable property managers to plan, schedule and carry out a repair much faster, whilst ensuring residents are kept up-to-date and informed at all times.”
The property sector has traditionally been slow to adopt technology, however, the pace of innovation has increased dramatically over the past year, largely driven by the challenges brought about by the pandemic. There will be more change in the next decade than there has been in the last 50 years, and as we enter a new era, property managers will feel the impact the most.
Working as the lynchpin between the property owner and the tenants, property managers handle all tenant-related issues, acting on behalf of the landlord, carrying out key tasks such as:
Communicating with tenants and owners
Maintenance and repairs
Keeping to budget
Below are a few areas we believe technology will have the most impact on property managers now and in the future.
Real-time access to information
As with the way of the world, we’ve come to expect immediate gratification. We want answers to questions instantly, without having to wait for a response. Residents are no different. Gone are the days when they are prepared to walk downstairs to reception or pick up the phone. Mobile resident portals like Spike Living gives property managers an opportunity to promote a whole host of content that may have previously been provided on request. From frequently asked questions, appliance guides, to fire safety procedures, as well as the latest news from the wider community, having all this information readily available means that more often or not, tenants can find the information they need themselves, whenever they need it. This reduces the workload on property managers and saves them from repeatedly responding to the same questions.
Furthermore, important documents like signed contracts and policies and procedures can also be stored centrally and securely ensuring that paper-based copies do not get lost. This makes contracts and vital information easily accessible, and notifications can be sent to residents whenever there are newer versions needing to be reviewed and signed, allowing for full traceability.
Property management is a people business, with property managers simultaneously having to keep tenants, owners, and contractors happy. Given that research by NMHC and Kingsley revealed that 92% of residents prefer digital communications, offering a way to connect digitally to property managers is a must. Previously, disparate communication between these different groups meant property managers would spend half their time on the phone, typing with one hand and writing an address with another. Using resident apps like Spike Living, property managers can now easily and quickly communicate directly with all parties, allowing messages to be sent instantly and recorded centrally.
Reduced administration work
The Samanage State of Workplace Survey found that workers spend an average of 520 hours a year on repetitive services and tasks that could be easily automated. Reminding residents when their rent is due, when deliveries are ready to be collected from reception or providing building updates are just some of the tasks that solutions like Spike Lettings and Spike Living can take care of.
Then there are the communal areas to think about. Most modern apartments have amenities that can be enjoyed by its residents. Onsite gyms, games rooms, and meeting rooms have become the norm. Being able to open an app and book a room turns what could be an archaic process into a seamless and easy task, encouraging residents to spend more time enjoying their buildings, and not having to worry about the stress of gaining access.
One of the most time-consuming parts of a property manager’s job is the handling of maintenance issues, with minor tasks easily turning into major ones if they aren’t dealt with quickly and efficiently. Without an easy and simple way for residents to report maintenance issues, they can often go unreported. For instance, a leaking pipe that drips once per second can add up to over 13,600 litres of water a year if left unfixed, not only costing money but also potentially causing considerable damage.
Mobile apps speed up the communication in these instances and allow residents to quickly provide your maintenance staff with better details about the task ahead. By using Spike Living, all enquiries and defect tickets can be logged centrally, as well as being tracked and shared between teams, keeping the resident informed at all times.
The same can apply when wanting to communicate directly with residents. Mobile apps enable the in-house team to be proactive and provide real-time alerts, notifying residents when a lift is out-of-service, allowing them to plan around it.
Better Resident insights
Do you know what your residents really want from their buildings? What do they care about? What amenities are being used the most?
With resident apps, you can understand and gain insight into these types of questions. You can learn what amenities and services residents are interacting with, what queries are being asked, and what content they are most interested in. This enables property managers to provide residents with what they truly want, taking the guesswork out of managing properties.
Technology is giving property managers the opportunity to work more efficiently, and with the use of resident apps streamlining manual processes, this allows property managers to focus on the most important part of the business: their residents.
Learn how Spike is working with a growing number of customers to drive resident engagement and satisfaction by downloading our brochure below.
Professional services company Portico has seen a significant increase in employee satisfaction and engagement in the past eight months since implementing award-winning software to support remote and furloughed staff. With plans still on hold for a mass return to the workplace for many companies, technology is bringing employees together, keeping them connected and allowing a more flexible working landscape.
Aimed at the business, residential and property sectors, Portico manages, mobilises and enhances guest services across the UK & Ireland. Partnering with Spike Global, Portico has created Heartbeat, an employee engagement app, which recently won a 2021 Employee Experience Award, celebrating the organisations, people, and initiatives that serve to improve the working environment. The app was commended for its positive impact on staff wellbeing and culture.
Spike Workplace was the software chosen to create Heartbeat, a staff portal tailored to Portico’s specific needs and objectives, and designed to connect its employees located throughout the UK and Ireland. The app not only streamlines working practices, but also promotes a connected staff culture, particularly during the pandemic while 70 per cent of its 800 employees were on furlough.
Prior to the pandemic, Portico would regularly engage and connect with staff at social events, during company forums, via team meetings and team talks, and using email to share information, updates and news. Within days of the lockdown many had no way to connect with their colleagues without access to their work platforms.
As the lockdowns continued, temporary measures were implemented to drive engagement, however the company believed a longer-term solution was needed to build on the new remote community culture whilst also delivering additional value to staff and the business. Portico’s strategic aim was to enhance its community ethos with the ability for people to talk to one another and form meaningful connections despite many being unable to access their regular email platform.
Portico worked closely with Spike’s dedicated team to create a white-labelled application, which offers an array of functions such as promoting social groups and company forums, sharing information about company events, and providing key announcements and news.
Since implementing the app, 75 per cent of staff are now using the platform, with 50 per cent connecting at least once a day. Portico’s recent Pandemic survey showed that 98 per cent of staff said Portico employed effective communications systems for keeping staff connected and informed, while 95 per cent said that Portico’s communication channels and tools are engaging.
Amanda Kay, Director, Business Development at Portico, said: “We take a people-first approach to business, and engagement in our brand and our values are fundamental to our success. In our experience, having an engaged workforce positively impacts teamwork, pride and personal ownership. We worked with Spike Global to ensure our teams felt connected to Portico on a personal level, to create meaningful relationships with their colleagues and to live our values every day. Since the launch we have had excellent feedback from our staff members and real engagement in the forums and social groups, which we have created on the platform.”
Jeremy Heath-Smith, CEO at Spike Global, said: “Meaningful technology that keeps people connected has come into its own during the pandemic. With many employees working remotely or furloughed, we work with companies to ensure they are at the forefront of communications with their staff and that employee wellbeing is prioritised. We are immensely proud of the app we have delivered with Portico, and its success at the recent Employee Engagement Awards is testament to this.”
Ask any landlord or property owner what the most stressful part of their rental business is, and their likely response will be tenant turnover. Ensuring resident satisfaction can seem like a daunting task, but with digital technologies such as resident portals and mobile apps, they can have a positive impact on your bottom line.
Here are 5 ways in which resident portals can lead to an increase in tenant retention.
Why is tenant retention important?
Low retention is a problem because gaining new tenants is not a cheap process, and any month without rent is not just a loss of income but a potential expense. Tenant quality also plays an important factor, as poor-quality tenants often result in costs not recoverable from the security deposit alone. When acquiring new tenants, there are a whole host of factors that quickly increases the costs:
Advertising – Listing and promoting your property online using sites like Zoopla or Rightmove requires you to pay a fee, and the more properties you have to list, the more that fee will be.
Letting agent fees – If you employ a lettings agent, the letting fee can range from several hundred pounds to the first month’s rent.
Vacancy time – In reality, you are unlikely to find a tenant that is move-in ready, so on average a property could be vacant for around 22 to 33 days, or even longer. That means one to several months of no rent coming in.
Turnover costs – Average turnover costs within the industry come in around £1,200. However, depending on a wide variety of factors specific to the property, this number could be significantly higher.
According to NMHC and Kinglsey’s 2020 Apartment Resident Preferences Report, 31% of residents who do not choose to renew their lease are seeking better apartment management. By prioritising communication, you are showing your tenants that their comfort and their issues are important to you. If tenants are always having to chase you down to get an answer to their question or a solution to their problem, the likelihood of them staying around for very long is reduced.
By offering residents a mobile portal, you are providing them with a central place to communicate with you. Rather than being constantly bombarded with phone calls or emails, day and night, you can simply review and respond to all queries that have come through via the portal.
Furthermore, with resident portals like Spike Living, you can also promote a whole host of content, from frequently asked questions, appliance guides, to fire safety procedures, as well as the latest news from the wider community. Having this information online means that more often or not, tenants can find the information they need themselves, without having to disturb you.
Finally, small personal touches go a long way in showing your tenants you value them. For example, by capturing their date of birth, or original move-in date, you can then provide personalised acknowledgments of things like birthdays and moving-in anniversaries, which is an easy way to help your tenants feel cared for.
Efficient maintenance and repairs
Maintenance, repair, and appliance replacement costs are among the main concerns when it comes to increasing margins. Repair costs during a bad month can easily outweigh profits. Having quality tenants who take pride in their space will certainly help keep maintenance and repair costs low, but they can be even lower.
One of the advantages of solutions like Spike Living is that it allows tenants to report issues when they arise and ensures you can respond in a timely manner before they potentially escalate to a much bigger problem. Without an easy way to get in touch, your tenants may leave an issue unreported. For instance, a rattling boiler left unchecked could ultimately mean being replaced much earlier than needed. Mobile apps speed up the communication in these instances and provide your maintenance staff with more information about the task ahead. Spike Living captures all enquiries and defect tickets centrally, so they can be tracked and shared between teams, keeping the resident informed at all times.
Using a centralised communication tool, you can also be proactive when it comes to informing residents about issues within the building. For instance, if you know that the lift is going to be serviced at a particular time, you can let the tenants know in advance, so they won’t be surprised when they see the lift is out of action.
Pre-qualify and screen all tenants
If landlords do not start with a qualified and quality tenant, retention rates will be the least of their worries. Tenant screening is the most important part of the rental process and has a measurable impact on the potential turnover rate. Early detection of tenants who could cause damage to the property, break their lease, or pay rent late will help property owners and landlords to begin the lease with the best possible option.
Spike Lettings provides complete end-to-end tenant management, starting from initial enquiry, through the reservation stage, all the way to moving in. Tenants can view the progression of their tenancy, communicate with your team, sign contacts, and even make payments, all within Spike. We recently partnered with Flatfair to make the tenant onboarding process much slicker, meaning upfront deposits are no longer needed. Tenants can simply pay a one-off membership fee equal to one week’s rent (+VAT) at the start of their tenancy, authorise their debit card and settle bills at the end – similar to hotel’s check-in and out.
Offer online services
Another way to avoid unexpected vacancies is to have a modern approach to tenants accessing the services they want. According to research by NMHC and Kingsley, 58% of renters would rather pay rent using a resident portal mobile app than a property website via laptop/desktop.
When rent is easy to pay, tenants are more likely to pay it. If they have to jump through hoops to pay their rent, the chances of it being late increases. With solutions like Spike Lettings, you can also send out reminders to tenants a day or two before their rent is due and can even automate confirmations to let them know that their rent has been paid. This will also make your life easier, especially if you manage multiple properties. Instead of waiting around for payments to come in or having to chase down tenants across multiple properties, you can easily view the status of each property, what rent has been paid, and what has yet to come in, all via a single dashboard.
If you have onsite facilities like a communal gym or meeting rooms, resident portals can provide tenants with the ability to book themselves. This encourages them to enjoy the facilities, without needing to phone or email anyone every time they want to gain access. Staff can also set limits on the number of people who can use a facility at any given time, ensuring amenities are COVID-secure, and users are adhering to social distancing guidelines.
Research by Apartment Life found that the more friends a resident has within their building, the more likely they are to renew their lease. For instance, if they have 1-3 friends, then there is a 38% they’re renew, and if they have 7 or more friends, the chances jump to 47%. With features like clubs and forums, Spike Living allows an easy way for tenants to find others in their building who share similar interests, such as a book or wine clubs, as well as enabling residents to organise their own events to get to know each other.
Thinking about the even bigger picture, you can also connect residents with local shops and services, bringing convenience to their lives. Many of Spike’s customers team up with local businesses to offer special discounts to their residents on anything from cleaning services, dog walkers, to local restaurants.
It’s also proven that residents who are engaged with their local community are often happier than those who are not, and tend to post positive reviews about where they live on websites like HomeViews. These reviews can help attract new prospects and keep occupancy rates high and having residents as champions is an effective tactic if you want to increase interest in your property, whilst reducing your marketing spend.
To boost tenant retention landlords must be proactive. This means not waiting until a tenant is unhappy or threatening to leave before taking care of their issues. It also means being accessible, consistent, and flexible. With technology solutions like Spike Living and Spike Lettings, landlords and property owners can ensure tenants remain informed and engaged at all times, and ultimately a happy tenant is much likely to remain a long-term tenant, making it better for your bottom line.
Learn how Spike is working with a growing number of customers to drive resident engagement and satisfaction by downloading our brochure below.