Category: Insight

Resident experience refers to a resident’s living experience in a building. It doesn’t solely rely on trendy amenities, great designs, or flashy decor. Instead, the resident experience encompasses a holistic approach to residents’ wellbeing and fosters a sense of community within their living space. Delivering a great resident experience is an integral component of any successful development.

Resident Experience Impacts Retention Rates

It’s far more cost-effective to retain happy residents. Average turnover costs for an apartment within the industry is around £1,200, however, this number can often be significantly higher, depending on a wide variety of factors specific to the property.

Although turnover to some degree is inevitable, in many instances, developments lose residents because the living experience falls short of their expectations.

The good news is that nearly 60% of all resident turnover is preventable, according to a report by Zillow Renters, with the most significant contributors being staff performance and dissatisfaction with the building. Whilst some turnover cannot be avoided, such as a resident needing to relocate for a new job, there are still many improvements you can make to keep residents staying year after year.

Here are six ways to improve the resident experience.

Enhance Communication and Responsiveness

Great communication between residents and property managers is important to making everyone feel welcome. Property managers need to be seen as being proactive and keeping residents informed about all the goings on in the development, from maintenance works, onsite events being held, and general resident feedback. No resident wants to get to the lift with an armful of shopping bags, only to discover it’s out of action.

Property managers should also consider the effectiveness of sending emails and physical flyers which can be easily ignored. Instead, having a resident portal that allows for push notifications to be sent directly to a resident’s mobile phone is likely to be a more effective way of keeping residents updated and engaged.

With 31% of residents choosing not to renew their tenancy due to seeking better apartment management according to research by NMHC and Kingsley, this seems the logical place to start.

Make Operations More Efficient

Feedback gained by HomeViews for their 2021 Build to Rent report found that residents that had previous experience using resident portals instantly recognised how useful they would be in their new buildings. Residents who did not have access to a portal also believed it would help issues be resolved quicker. Furthermore, there were also frustrations voiced about having to email reception to book onsite amenities, which makes accessing them a lot more laborious than it needs to be.

Residents want to do things when it suits them, without having to involve anyone else. A mobile portal enables residents to complete important life admin, like paying rent, booking the gym, or reading the latest fire safety policy – without having to rely on anyone else.

Although often overlooked, parcel rooms and delivery solutions also play an important role in the resident experience, with 13% of reviews specifically talking about how useful this was in the 2022 HomeViews Report.

Having an easy and efficient way to manage deliveries is becoming increasingly important as global online retail sales are expected to reach £515 trillion by 2023, with the increasing volume of packages now being delivered to homes.

One of Spike’s clients reduced parcel processing time by 75% when switching to Spike Living. Staff are able to scan packages as they arrive which then automatically sends a notification to the relevant resident informing them that a package is ready to be collected, saving staff from having to manually message them individually. This has led to a saving of more than 9 hours per week at each development, freeing up the on-site team to focus on other value-add activities. 

Streamline Maintenance Requests

Without an easy and simple way for residents to report issues, maintenance problems can often go unreported, with seemingly small problems at risk of turning into serious repairs.

Resident experience is greatly improved when residents can contact the management team quickly, while your team attends to maintenance requests in a timely manner.

Many residents reference resident apps and how useful they were for reporting issues and having them swiftly resolved in the 2022 HomeViews Report.

Having a residents’ app in place can speed up the reporting of issues, with residents able to quickly provide maintenance staff with better details about the task ahead. Enquiries and defect tickets can be logged centrally, as well as being tracked and shared between teams, keeping the resident informed at all times.

Connect Your Residents to the Surrounding Area

Residents aren’t just moving into your building — they’re also moving into the surrounding neighbourhood. Some residents might be moving across the country while others just across town. Therefore, many may not be familiar with the surrounding area. Connecting them with local shops and services, or details that can bring convenience to their lives is a great way of ensuring they feel engaged from the offset. Even if they are already familiar, receiving a special discount because they are a member of your community makes them feel special.

Many of Spike’s clients team up with local businesses to offer exclusive discounts to their residents on anything from cleaning services, and dog walkers, to local bars and restaurants. All of which can be promoted and driven through Spike Living.

Allow a building to Be Community-Led

Research by Apartment Life found that the more friends a resident have within their building, the more likely they are to renew their tenancy. Without any friends living in their community, residents only have a 29% chance of renewing. That number jumps to 38% if they have 1-3 friends, and if they have 7 or more friends, there’s a 47% likelihood that they’ll renew. Facilitating safe and easy communication among members of the community allows people to get to know each other more easily.

Spike Living allows residents to create their own clubs and forums, allowing residents to find like-minded people who share similar interests. We’ve seen residents start their own book clubs, and even arrange communal BBQs and beer tasting classes, to questions being asked on utilities and hairdresser recommendations to where to find the best pint.

Unlike social media, Spike Living can be building-specific, enabling residents to meet like-minded people in their building, without being at risk from scammers and strangers.

Have a Single Multi-Purpose Portal

To keep residents happy, one multi-purpose management app is a necessity. Besides being inefficient and time-consuming, single-purpose apps also have negative effects on residents’ phones. Devices with multiple apps lack performance and drain batteries faster. And who really wants to remember which app you clicked on to do one of ten different things?

Spike’s resident engagement portal, Spike Living, allows residents to virtually manage every aspect of their lives from a single app. From being notified when a package is ready to be collected from reception, reporting maintenance issues, unlocking their front door, booking a slot at the gym, hiring a private meeting room, interacting with other residents via forums and clubs, or learning about the local retailers in which they can support, Spike Living allows residents to build budding friendships with neighbours and get the most out of their buildings.

Summary

With so many different accommodation options now available, many operators and developers have looked to ‘outdo’ one another by providing buildings with increasingly luxurious amenities. Whilst those amenities will undoubtedly make residents sit up and take notice, they become somewhat meaningless if the resident experience isn’t up to scratch.

In such a crowded market, the only way to ensure you remain at the forefront is by providing residents with an easy way to access and enjoy what’s on offer within the development and the surrounding area, something that Spike Living is proven to do.

Helping students connect to their local community and engage with their surroundings should be a major focus for PBSA operators, as students increasingly want more than just a place to stay from their accommodation.

As part of ASK4’s recent research report, The Students of 2022, prospective students across Europe were surveyed about their attitudes towards various aspects of student living including independence, discovery, and immersion. What was clear from the research is that students overwhelmingly have a desire to explore their local environments and immerse themselves in their surroundings. For example, 95% of those surveyed said that they are excited to explore a new city when they move away to study and 92% said they are excited to go out to bars and social events. Students do not view these factors as simply added bonuses of studying at university either, as 75% said that exploring a new town and city is an important part of the university experience. For PBSA operators, this presents an excellent opportunity to cater for this key part of the university journey and facilitate the connections to the city or town their residents are living in.

ASK4 and Spike’s unique offering helps to meet many of the needs and expectations that students have around student living and socialising, streamlining the process for PBSA operators and providing useful data and analytics to improve the service to their residents.

When students first move into their new accommodation, it is likely that they will be unfamiliar with the surrounding area and may not have made friends or met many people. Through Spike Global’s resident engagement portal, Spike Living, residents are able to connect with each other instantly, and the ‘what’s around me’ feature can highlight local shops and services, as well as providing access to a whole host of other details to help reduce anxiety around moving to a new location on their own at what can be a very turbulent time in their lives. As the portal caters exclusively for building residents, it offers a safer alternative to groups on Facebook or other prominent social media, which are more easily infiltrated by spammers and strangers, helping students to make truly local new friends. Both ASK4 and Spike aim to help clients ensure their residents feel engaged from the offset and feel a real sense of community and belonging. 

Many accommodation providers who provide the Spike Living portal to their residents also team up with local businesses to offer special d/spike-studentiscounts to their residents on anything from hairdressers, and coffee shops, to local bars and restaurants, all of which can be promoted to residents and driven through the Spike Living smartphone app. According to the 2020 Knight Frank / UCAS Student Accommodation Survey, 29% of students said they would pay a rental premium for having access to discounts for shops/amenities in the local area, therefore providing additional value for residents.

This not only helps to introduce residents to their surroundings in a convenient way but also connects local businesses to the accommodation itself to further integrate the building as part of the community. 

Spike Living can also be used to link up with external partners to provide additional services, from bedding packs and weekly cleans to pizza delivery and beauty services, which could result in additional revenue streams in the form of commission. Providing an easy way for students to interact and helping them to engage with their surroundings is now a necessity. Almost half of the university student population (46%) admit to experiencing loneliness during their time at university, and the desire from the student cohort to make new friends and collaborate cannot be overlooked. With an average engagement rate of 87% across its portals, Spike Living is proven to help residents truly live their best student lives and take from the university experience everything they want to.

DO YOU REALLY NEED A RESIDENTS’ APP?

Watch our on-demand webinar with ASK4 to learn the ways in which residents’ apps can not only help foster communities in accommodation but also help PBSA owners and operators achieve all important ESG targets. 

The average person now has over 100 apps on their smartphone. It’s likely you already have an app to book your gym class, various apps to communicate with family and friends, along with a whole host of apps to report maintenance issues, access discount codes, and to keep up to date with the latest goings-on in the neighbourhood. By being exposed to so many different communication channels, are we at risk of feeling overwhelmed and ironically less connected as a result? This may certainly be the case when it comes to providing technology for residents.

We are all living increasingly busy lives and so are always looking to be smarter with our time. Consumers and residents are no different, we want to be in charge of our decisions and self-serve. Gone are the days when we want to be restricted to opening hours or being placed on hold waiting for someone to answer at the end of the phone.

Residents also value their time too much to live in properties that don’t cater to their needs. Properties lacking sophisticated amenities or requiring a multitude of apps and portals are turning residents off. Equally, if amenities aren’t easy to use, potential residents won’t want to pay a premium for apartments. If management does not nourish the feeling of exclusiveness by providing branded resident portals and apps, residents know they can get it in a different community.

Enhancing Resident Experience

Single-purpose apps are no longer the way forward. Vertically integrated software and the spaces they support must blend harmoniously. Interoperability is key when running a development, especially when residents now expect a seamless journey, starting from when they are searching and selecting an apartment online, reserving and completing all the necessary paperwork, to moving in and managing their daily lives. Imagine the hassle of residents having to go into multiple apps or places to manage amenity bookings, resident messaging, reporting maintenance issues, and managing delivery requests. Fractured interactions with multiple apps leave residents feeling detached from the unified brand a building may be trying to cultivate. And app fatigue is a real problem for active people. “If these applications are not all integrated into one platform, you are not providing technology as an amenity to your residents, you are providing a massive headache,” states IoTforAll.com’s James Calder. 

To keep residents happy, one multi-purpose management app is a necessity. “This one-stop-shop philosophy implies that customers would only need to install one app, sign up once, add their credentials a single time, and then enjoy multiple applications at their fingertips right away, all-in-one,” Dr. Fardad Zand claims on Entrepreneur.com. And once a building transfers to one multi-purpose app, residents find single purpose apps a nuisance. Besides being inefficient and time-consuming, single purpose apps also have negative effects on resident phones. Devices with multiple apps lack performance and drain batteries faster. And who really wants to remember which app you clicked on to do one of ten different things?

Spike’s resident engagement portal, Spike Living, allows residents to virtually manage every aspect of their lives from a single app. From being notified when a package is ready to be collected from reception, booking a slot at the gym, hiring a private meeting room, interacting with other residents via forums and clubs, or learning about the local retailers in which they can support, Spike Living allows residents to build budding friendships with neighbours and get the most out of their buildings.

Furthermore, by providing residents with easy access to frequently asked questions, appliance guides, and safety procedures, as well as the latest news from the wider community, having all this information readily accessible means that more often or not, residents 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.

What’s more, important documents like signed contracts 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.  

Digitalise Your Property Management

Property managers are also demanding a single place to manage a resident’s entire journey. Having a central place to store key information on each resident, such as notes and reminders on the little things that can really help set a development apart, like a resident’s birthday or moving in anniversary.

A centralised app also allows property managers to easily communicate with residents which enables them to be more proactive. From notifying residents when a lift is out-of-service, promoting onsite events, or more importantly, sending out an urgent push notification informing residents within minutes about an immediate danger, such as a fire in their block, so they can take the necessary action such as evacuating the building. 

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. 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.

Having a single resident app that can be perfectly tailored to the facilities and services they offer also makes sound business sense. Spike creates white-label versions of its Spike Living software, meaning that each portal is personalised for every client, so it is always tailored to the specific requirements of both the management and the building. As well as connecting residents with the amenities and services available onsite, it can also be linked up with external partners to provide additional services, from bedding packs and weekly cleans to pizza delivery and beauty services, which could provide an added source of income through commission if desired.

Summary

Given that 92% of residents prefer digital communications, offering a single place to connect digitally to property managers and their surroundings should no longer be seen as a luxury but a necessity. We are all living increasingly busy lives, and by providing a central place to manage all activities, whether that’s handling package deliveries, booking the onsite gym, or raising maintenance issues, having an easy way to enable these services is key. With an average engagement rate of 87% across its portals, Spike Living is proven to help residents truly live their best lives

Investment in the UK Build to Rent sector hit another record high in 2021, according to research by global property consultancy Knight Frank, taking the full-year total to £4.3bn. The UK’s Build to Rent stock now stands at around 60,000 completed homes – with a further 170,000 either under construction, with planning granted, or in pre-planning.

This brings the total pipeline to a possible 230,000 Build to Rent homes due to be delivered in the coming years, bringing more choice, and increasing competition. But how can operators ensure they are attracting and retaining tenants?

Connectivity as a Necessity

Given that 92% of tenants prefer digital communications, offering a single place to connect digitally to their building should no longer be seen as a luxury but a necessity. Tenants move into Build to Rent developments to have some of their life admin taken care of – whether that’s handling package deliveries, managing visitors, or maintenance issues, having an easy way to enable these services is key.

Tenants no longer have the time or patience to go into multiple apps or portals to manage their daily lives, therefore it’s vital that operators start to think about the overall tenant experience. For instance, Spike’s resident engagement portal, Spike Living, allows tenants to virtually manage every aspect of their lives from a single app.

Tenant Interaction and Community Engagement  

When a tenant moves into a building, they may be unfamiliar with the surrounding area. Connecting them with local shops and services, or details that can bring convenience to their lives is a great way of ensuring they feel engaged from the offset. Many of Spike’s clients team up with local businesses to offer special discounts to their tenants on anything from cleaning services, dog walkers, to local restaurants. All of which can be promoted and driven through Spike Living.

Holding regular social events is also crucial in allowing friendships between neighbours to blossom. Research by Apartment Life found that the more friends a tenant has within their building, the more likely they are to renew their lease. Without any friends living in their community, tenants only have a 29% chance of renewing. That number jumps to 38% if they have 1-3 friends, and if they have 7 or more friends, there’s a 47% likelihood that they’ll renew.

On-site staff is likely already running regular social events for its tenants. With Spike Living, community managers can communicate and promote the details of the event, and drive all bookings via the portal, providing an easy way to understand how many tenants to expect, or what events are getting the most engagement.

Resident portals also allow tenants to interact with each other outside of social events, thanks to features like online clubs and forums – we’ve seen tenants start their own book clubs, and even arrange communal BBQs and beer tasting classes.

Streamlining Property Management

Feedback gained by HomeViews for their 2021 Build to Rent report found that tenants that had previous experience using resident portals instantly recognised how useful they would be in their new buildings. Tenants who did not have access to a portal also believed it would help issues be resolved quicker. Furthermore, there were also frustrations voiced about having to email reception to book onsite amenities, which makes accessing them a lot more laborious than it needs to be. Tenants want to do things when it suits them, without having to involve anyone else. A mobile portal enables tenants to complete important life admin, like paying rent, reporting a maintenance issue, booking the gym, or reading the latest fire safety policy – without having to rely on anyone else.

The benefits aren’t just in allowing tenants to have instant access to property managers, resident portals also provide property managers with an opportunity to be proactive, such as notifying tenants when a lift is out-of-service, promoting onsite events, or more importantly, sending out an urgent push notification informing tenants within minutes about an immediate danger, such as a fire in their block, so they can take the necessary action such as evacuating the building. 

With 31% of tenants choosing not to renew their lease due to seeking better apartment management according to research by NMHC and Kingsley, this seems the logical place to start.

Summary

As competition in the BTR sector increases, technology will play an ever-important role. Developments that do not offer an easy way for tenants to manage their daily lives certainly run the risk of falling behind. Spike Living makes the operation and management of BTR properties easier and more efficient than ever, ultimately improving tenant satisfaction and reducing turnover.

Technology has transformed virtually every aspect of our lives, including how we approach the property market, with many tenants now favouring digital interaction. Research by Rentalraters.com found that one-in-seven tenants rent “without viewing”. This trend is set to continue, with online reservations and virtual viewings becoming the new normal during the last few years.

With 91% of all tenants likely to use a mobile device the next time they are looking for somewhere to live according to research by Revel, it’s imperative that landlords ensure prospective tenants can easily find and browse their property portfolio online. Although many landlords list their properties on third-party sites like Zoopla or Rightmove, having their own website that lists out their properties for rent can also be beneficial. This may seem counterintuitive at first, however this allows the landlord to take greater control of the content shown, as well as managing what next steps perspective tenants should take. For instance, by capturing their immediate interest and allowing the prospective tenant to go straight into the onboarding process, this limits the likelihood that they will continue to browse and search for alternative properties elsewhere.

What’s more, end-to-end tenancy management software solutions such as Spike Lettings, can be white-labelled and completely customised to tie into your existing marketing website, creating a seamless experience which can also help to build brand awareness. If they still want to advertise on third-party platforms, then they have the ability to manage, control and publish all listings from a central place.

Why Digitalise the Onboarding Process?

By digitalising the applicant journey, prospective tenants can view the progression of their tenancy in real-time, communicate with the lettings team, sign contracts, and even make payments, all online. Being able to see where they are in the process can also help to manage expectations of how far along the journey they are. With every tenant following the same automated onboarding process, end-to-end tenancy management software like Spike Lettings can also provide examples of accepted documentation and a clear indication of which documents still need to be produced by the applicant, saving hundreds of admin hours having to chase for the right documents and speeding up the onboarding process. As well as having the potential to handle all reservations inhouse rather than relying on outsourced lettings agents.

Tenancy management software can also make tenant screening, arguably the most important part of the rental process, easier. Early detection of tenants who could cause damage to the property, break their tenancy, or pay rent late will also help landlords begin the tenancy with the best possible option. As online applicants increase, it’s vital that landlords are equipped to prevent fraud. From identity theft to fake bank statements, an unprepared landlord runs the risk of accepting bad applicants, which may lead to issues down the road.

Companies like Flatfair play a role in making the tenant onboarding process much slicker by eliminating the need for upfront deposits. 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.

Managing Tenants Once They’ve Moved in

Once a tenant has moved in, resident portals can make the lives of landlords and tenants easier. According to research by NMHC and Kingsley, 58% of renters would rather pay rent using a resident portal rather 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 a complete end-to-end tenancy management solution like Spike Lettings, landlords 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. Instead of waiting around for payments to come in or having to chase down tenants across multiple properties, they 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.

Summary

The face-to-face business style of the property industry is changing forever, as online reservations become the new normal. Digital solutions such as Spike Lettings, can manage a tenant’s journey in its entirety, from initial enquiry, through the reservation stage, all the way to moving in, building a life there and connecting with the community.

Across our client base we saw an increase in residents joining ‘marketplace’ forums, set up to enable residents to easily sell and promote their items to their neighbours within their building. At the start of the year, and as lockdowns were slowly being lifted, we regularly saw games consoles, handmade jewellery, cooking equipment, chairs, sofas, and desks being listed. The marketplace is one of the most actively used forums across our client base, helping residents to find exactly what they need right on their doorstep.  

Some of our clients have also chosen to set up ‘I’m happy’ and ‘I’m not happy’ forums in their Spike Living portals. Residents can then post issues or praise accordingly. Although this might sound risky, it gives operators the right to reply to any complaints and keeps the problem contained. Moreover, it offers residents complete transparency which often translates into trust and loyalty. 

Greater Importance Placed on Health

2022 COMMUNITY ENGAGEMENT GUIDE

To help you hit the ground running in 2022 our Customer Success Team have put together a handy monthly guide which will hopefully provide you with some suggested content you could be sharing with your residents throughout the year.

When a new resident moves into a new building, they may be unfamiliar with the surrounding area. Connecting them with others in the building, local shops and services, or details that can bring convenience to their lives is a great way of ensuring residents feel engaged from the offset. Many of our clients team up with local businesses to offer exclusive discounts to their residents on anything from cleaning services, dog walkers, to local restaurants.

Holding regular social events is also an important way in allowing friendships between neighbours to blossom – whether that’s online or in-person. Research by Apartment Life found that the more friends a resident has within their building, the more likely they are to renew their lease. Without any friends living in their community, residents only have a 29% chance of renewing. That number jumps to 38% if they have 1-3 friends, and if they have 7 or more friends, there’s a 47% likelihood that they’ll renew.

Not Just a Fad

Download a copy of our 2022 Community Engagement Guide below.