As the population ages, real estate investors must shift to catering to this new growing demographic because seniors have more options than ever for housing. Resident retention is critical to every community leader’s management strategy.
Some communities are choosing to bring in a resident retention specialist, but not every community has the room in their budget for staff dedicated solely to keeping their existing residents happy. However, your community doesn’t need to have a resident retention specialist onsite to take steps to entice your residents to age in place. Here are 3 of our favorite steps every community leader can take:
Encourage Wellness through Activities and Classes
Studies show that communities with fitness programs and wellness initiatives have higher rates of resident retention. Active seniors live longer than their peers by an average of 5 years. By offering activities such as walking competitions, hiking groups, and nutrition classes in your community; you’ll be helping your residents not just live but thrive.
Prioritize the Right Amenities
When surveyed, seniors in communal living environments ranked comfort and a sense of home as their most essential amenities. Your community’s state-of-the-art sound system and Olympic lap pool might look great when prospects tour, but is that what your residents will be afraid to leave? Note the features in your community that your residents use regularly and ensure they remain well-maintained.
Make Staff Lives Easier
One of the most overlooked aspects of resident retention is the role that staff plays in keeping residents happy and healthy. Your staff are part of your residents’ home lives and thus part of their community. Ensure that you set your staff up for success by working with partners that will manage their hardware, software, and leasing systems leaving staff with more time to help residents live their best lives.
The easiest way to implement these techniques and to keep your thumb on the pulse of resident satisfaction is with a custom community app. Give your residents wellness content, community calendars, live classes and games, chats, event planning, digital signage, and more. At the same time, you will have access to data to know what critical elements drive success in retaining your residents at a local and portfolio-wide level. Dual Path can provide you with a custom community app that provides these results, and more.
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