Building Reputation Currency for Better Resident Retention: A Deep Dive with Priyanka Agarwal
Barbara Savona chats with Priyanka Agarwal, who, yes we might have blindly DM’d after seeing her speak at the Social Media Summit. She was so amazing we couldn’t help ourselves! Priyanka, Director of Public Relations at J Turner Research, brings her expertise on multifamily marketing and property management strategies aimed at boosting resident retention. She talks on the importance of resident reviews, reputation currency, and fostering positive resident experiences. You’ll get practical tips for positively influencing reviews, handling negative feedback, and maintaining a safe, supportive environment for residents. With emphasis on how compassion, proactive engagement, and safety perceptions are crucial elements in building a strong community reputation and ensuring long-term resident loyalty, you’ll leave uplifted and encouraged! Let’s dig in!
UNDERSTANDING REPUTATION CURRENCY
In the world of multifamily marketing and resident retention, reputation currency is a crucial concept. It encompasses the trust and goodwill earned from residents through consistent efforts to ensure their safety, support, and enjoyment within the community. (<< Write those three things down, it’s the core reasons residents choose where to live!) To leverage reputation currency effectively, property managers should prioritize regular engagement with residents, address their concerns promptly, and foster a culture of proactive problem-solving.
>> Your Actionable Takeaways:
Conduct regular resident surveys to gauge satisfaction levels and identify areas for improvement in safety, support, and enjoyment.
Implement training programs for staff members to enhance their communication skills and empathy towards residents.
Establish protocols for responding to resident inquiries and maintenance requests in a timely and efficient manner to demonstrate commitment to their well-being.
IMPACT OF RESIDENT REVIEWS
If content is king, then resident reviews are… SUPER KING. Resident reviews serve as a window into the resident experience, offering valuable insights into operational strengths and weaknesses. When you analyze reviews, you can gain a deeper understanding of residents' perspectives and pinpoint areas for operational improvement. Proactive engagement with reviews, whether positive or negative, enables property managers to address concerns, mitigate issues, and ultimately enhance resident satisfaction.
>> Your Actionable Takeaways:
Make it a daily habit to engage with residents’ reviews. To stay informed, set up alerts across platforms so you are notified when there is a new review.
Create a system for tracking trends and theme in resident reviews to identify the operational areas that need improvement and inform strategic allocation of resources.
Create a system for tracking trends and themes in resident reviews to inform strategic decision-making and prioritize areas for improvement.
TIMING AND LEASE RENEWAL:
The timing of resident interactions and engagement significantly influences lease renewal decisions. Early intervention and continuous engagement throughout a resident's lease term are essential for maintaining satisfaction and fostering loyalty. Property managers should proactively address resident concerns, prioritize open communication, and demonstrate a commitment to resolving issues promptly to improve lease renewal rates.
>> Your Actionable Takeaways:
Implement a proactive outreach strategy to engage with residents at key milestones throughout their lease term, such as move-in, mid-lease, and lease renewal.
Offer incentives or perks for residents who choose to renew their lease, such as discounted rent or upgraded amenities.
Create a feedback loop with residents to solicit input on their leasing experience and identify opportunities for enhancing satisfaction and retention.
EPISODE AT A GLANCE:
00:00 Intro & Welcome
00:39 Visit Sprout at the National Apartment Association Expo -See you at booth #1065!
01:40 The Importance of Resident Retention
02:31 Introducing Priyanka Agarwal
04:55 Understanding Reputation Currency
06:40 Building Resident Trust and Goodwill
12:43 Impact of Resident Reviews
16:35 Practical Tips for Generating Positive Reviews
37:56 Handling Negative Reviews
47:08 Final Thoughts and Takeaways
LEVERAGING POSITIVE REVIEWS
Positive resident reviews aren’t just a giant (and well-deserved) ego boost for the on-site team, they’re valuable assets for multifamily marketing and branding efforts. By leveraging authentic testimonials from satisfied residents, property managers can showcase the unique benefits and experiences offered by their communities. Incorporating residents' own language and experiences in marketing materials adds credibility and resonates with prospective renters, ultimately driving leasing success.
>> Your Actionable Takeaways:
Curate a selection of positive reviews to feature on the community website and social media channels as testimonials.
Encourage satisfied residents to share their experiences on review platforms and provide feedback that highlights the community's strengths.
Incorporate quotes or excerpts from positive reviews in marketing collateral, such as brochures, flyers, and digital advertisements, to reinforce messaging and attract prospective renters.
OPERATIONAL IMPROVEMENTS THROUGH REVIEWS
Property managers can leverage resident reviews to drive operational improvements and enhance resident satisfaction. By analyzing common themes and feedback trends, property managers can identify areas for impovement, such as staff training or policy adjustments. Implementing targeted initiatives based on resident feedback demonstrates a commitment to continuous improvement and fosters a positive resident experience. Not to mention, your residents will feel heard, seen, and valued. What was that? A huge deposit of reputation currency? Cha-ching!
>> Your Actionable Takeaways:
Conduct a comprehensive review of resident feedback and identify recurring issues or concerns that warrant attention.
Develop action plans to address identified areas for improvement, such as staff training programs or policy revisions.
Monitor the effectiveness of implemented initiatives through ongoing review analysis and resident feedback to measure progress and adjust strategies as needed.
FREE GUIDE: 25 RESIDENT EVENTS TO BOOST RETENTION
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THE POWER OF POSITIVE EXPERIENCES
Priyanka emphasizes the importance of curating positive resident experiences that drive them to share their stories online. These experiences, rooted in compassion, empathy, and basic customer service principles, hold the key to garnering five-star reviews.
>> Your Actionable Takeaways:
Prioritize compassion, empathy, and effective communication in resident interactions.
Identify and celebrate instances of exemplary resident service within the community.
Implement cost-effective gestures such as handwritten notes or thoughtful gestures to enhance resident experiences.
BUILDING REPUTATION CURRENCY
Few things in life pay off like consistency will. Keeping consistent efforts in maintaining a positive reputation within the community will give you a huge return in your reputation currency. You earn your residents’ trust through continuous acts of kindness and support towards them and their lives. This currency serves as a buffer during occasional mishaps (because we all know those happen), reducing the likelihood of negative reviews.
>> Your Actionable Takeaways:
Cultivate a culture of proactive support and kindness among property teams.
Prioritize resident safety and well-being by visibly elevating your upkeep, cleanliness, and maintenance of outdoor spaces.
Stay tuned to societal rhetoric and local and national chatter to address evolving resident sentiments and concerns effectively.
NAVIGATING NEGATIVE REVIEWS
We all hate ‘em. We all get ‘em. Negative reviews, while frustrating, always need to be handled with tact and diplomacy. Use proactive techniques by directly engaging with residents to address their concerns and offer resolutions even before you jump to respond to a review online. In case of vindictive reviews, tactful and publicly appropriate responses and flagging on specific review platforms may be necessary to maintain reputation integrity.
>> Your Actionable Takeaways:
Promptly reach out to residents to address and resolve their concerns before engaging in online responses.
Craft professional and empathetic responses to negative reviews, focusing on factual accuracy and resolution.
Employ strategies to flag and report vindictive reviews while upholding transparency and professionalism.
ENHANCING PERCEPTIONS OF SAFETY
Honestly, you can’t guarantee safety to your residents. So how do you show safety without saying safety? Priyanka talks about studies that showed residents’ perceptions of safety within multifamily communities go beyond just crime prevention. Things like having well-maintained environments, keeping hallways and other areas bright and well-lit, and responsive management practices all have a hand in shaping residents' sense of security.
>> Your Actionable Takeaways:
Maintain well-lit common areas and promptly address maintenance issues to create a visually safe environment.
Demonstrate proactive measures during natural disasters or community challenges to reassure residents of their safety.
Utilize social media platforms to showcase community maintenance efforts and promote transparency.
CONNECT WITH PRIYANKA AGARWAL
Priyanka Agarwal is a nationally recognized expert in reputation and strategic communication with over 25 years of experience. She serves as the Director of Public Relations and Head of the White Glove Response Service at J Turner Research. Together with her team, she has crafted responses to a million+ online reviews by residents and employees. Priyanka has guided multifamily clients through a variety of online reputation crises and is skilled at analyzing “resident stories” aka reviews. She is also the founder of Brainjog Communications, a reputation management company.
Previously, Priyanka has consulted Microsoft and Hewlett-Packard and served as the director of communications and alumni relations at a preeminent private school in Houston. She is a prolific public speaker, blogger, podcaster, and contributing writer for the National Apartment Association’s Units Magazine, Multifamily Executive, and Multifamily Insiders. Priyanka writes The Extra Mile column on LinkedIn where she shares customer experience stories both from inside and outside the multifamily industry.
Priyanka has spoken at the Multifamily Social Media Summit, NMHC Optech the Student Housing Business Conference, various leadership conferences, and events hosted by Public Relations Society of America, and International Association of Business Communicators. She also has provided her perspective to students at Houston’s Rice University and the University of Houston. She received her master’s in public relations from the University of Houston. A self-described “walkaholic,” Priyanka is addicted to walking, loves to soak up mother nature, and travel with her son and husband. In her limited spare time, Priyanka enjoys musicals and reading thrillers.
Connect with Priyanka on LinkedIn here.
>> WILD TUNES - A LABOR OF LOVE
Priyanka and her family are also passionate about animals, and Priyanka serves as director of Wild Tunes, a volunteer-based music enrichment program for animals started by her 11-year-old son, Yuvaanh. The program has received extensive news coverage, including ABC’s Good Morning America, USA Today, and Southern Living, and others. In their first fundraiser, Wild Tunes raised $8,500 to benefit a local shelter in Houston. To learn more about how you can volunteer, visit www.wildtunes.org.
