Coop Member Retention

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How to attract and retain good members

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  • Kirkpatrick Management Company
  • This is where I talk about staff image, curb appeal, exterior & interior Kirkpatrick Management Company
  • Brief touch on curb appeal and giving the impression to your customers that you truly care about your Co-Op’s appearance. Kirkpatrick Management Company
  • Briefly touch on some points of the message your staff is sending in the way they dress, the way they talk to people over the phone, and body language. Kirkpatrick Management Company
  • Briefly touch on some points of the message your staff is sending in the way they dress, the way they talk to people over the phone, and body language. Kirkpatrick Management Company
  • Briefly touch on being conscious of your current screening procedures and see if it’s working or not. Be sure and update these plans at least every year, but every 6 months is ideal. Kirkpatrick Management Company
  • Kirkpatrick Management Company
  • Kirkpatrick Management Company
  • Kirkpatrick Management Company
  • Kirkpatrick Management Company
  • This is where I want a circle with arrows Kirkpatrick Management Company
  • Chart of why members left the community; what drove them to seek a better deal. Kirkpatrick Management Company
  • Impact of outstanding maintenance problems vs. overall satisfaction Kirkpatrick Management Company
  • Impact of overall satisfaction vs. how likely to renew (stay) Kirkpatrick Management Company
  • Impact of overall satisfaction vs. how likely to renew (stay) Kirkpatrick Management Company
  • Impact of overall satisfaction vs. how likely to renew (stay) Kirkpatrick Management Company
  • She’s going to feel underappreciated and as if her problem is not your priority. Kirkpatrick Management Company
  • Coop Member Retention

    1. 1. How to Attract & Retain Good Members By, Natalie Mabbitt, RCM & Julie Spear, COS
    2. 2. Attracting & Retaining Good Members <ul><li>Attracting “Good” Members </li></ul><ul><li>Curb Appeal </li></ul><ul><li>Staff Image </li></ul><ul><li>Security </li></ul><ul><li>Screening </li></ul><ul><li>Word of Mouth </li></ul><ul><li>Costs of turnover </li></ul><ul><li>Customer Satisfaction </li></ul><ul><li>Culture of Responsiveness </li></ul>
    3. 3. Moment of Truth <ul><li>“ Golden Opportunity” </li></ul><ul><li>Our job is to acquire and retain members reducing the overall cost to the Co-Op </li></ul>
    4. 4. First Impressions <ul><li>Are we sending the right message? </li></ul><ul><li>What is the 1 st thing people see when they arrive at your Co-Op? </li></ul><ul><li>30 seconds= First Impression </li></ul>
    5. 5. Curb Appeal <ul><li>Create a welcoming atmosphere </li></ul><ul><li>Keep office free of clutter </li></ul><ul><li>Make sure office/clubhouse smells inviting- Plug-ins </li></ul><ul><li>Grounds cleaned and manicured- dumpster areas- Scoop the Poop! </li></ul><ul><li>Entrances to community should shine- 1 st impressions! </li></ul><ul><li>Common areas should get special attention </li></ul><ul><li>Show unit route should be litter free </li></ul>
    6. 6. Curb Appeal <ul><li>Take a “fresh” view periodically of your surroundings. </li></ul><ul><li>Decorate your office for Special Occasions & Holidays. </li></ul><ul><li>Survey & Inspect property signage </li></ul><ul><li>Lighting- Is it adequate? Photocell timing. </li></ul>
    7. 7. Curb Appeal <ul><li>Landscaping </li></ul><ul><li>Signage </li></ul><ul><li>Office </li></ul><ul><li>Clubhouse </li></ul><ul><li>Model /Make Readies </li></ul><ul><li>Patios/Balconies </li></ul><ul><li>Window Coverings </li></ul><ul><li>Lighting </li></ul><ul><li>Mailboxes/addresses </li></ul>
    8. 8. Staff Image <ul><li>What kind of message is your staff sending? </li></ul>
    9. 9. Staff Image <ul><li>Dress Code-office & maintenance staff </li></ul><ul><li>Phone Etiquette </li></ul><ul><li>Body Language </li></ul><ul><li>Maintenance Staff </li></ul><ul><li>You never get a second chance </li></ul><ul><li>to make a first impression! </li></ul>
    10. 10. Security <ul><li>Does your Co-Op seem to be secure? </li></ul><ul><li>Door and window locks? Deadbolts? </li></ul><ul><li>Landscaping- Are bushes trimmed? Flowers? </li></ul><ul><li>Lighting- Is it adequate? </li></ul><ul><li>Exterior of buildings (power washing) </li></ul><ul><li>Stairwells/Common Halls </li></ul><ul><li>Courtesy Officer/Security Company </li></ul>
    11. 11. Screening <ul><li>Using Screening to Obtain Good Members: </li></ul><ul><li>You must have a policy outlining how you will screen for new Members. </li></ul><ul><li>This is crucial in order to obtain good Members and protect Members already living in your community. </li></ul>
    12. 12. Screening <ul><li>Credit </li></ul><ul><li>Criminal </li></ul><ul><li>Landlord Reference </li></ul><ul><li>Income Verification </li></ul><ul><li>Tenant Selection Plan/Criteria </li></ul>
    13. 13. Word Of Mouth <ul><li>96% of customers trust personal recommendations </li></ul><ul><li>14% of customers trust traditional advertising </li></ul><ul><li>What would your customers say about you? </li></ul><ul><li>http://youtube/OrmxQm1TqBg </li></ul>http://crestwood-living.com/sub/testimonials_v.htm
    14. 14. Word of Mouth <ul><li>Word of Mouth (Your Current Members!) </li></ul><ul><li>Your Members are your greatest asset! </li></ul><ul><li>Referral Rewards- Make it worth their while! </li></ul><ul><li>Offer at least a $200 referral reward for each successful referral. </li></ul><ul><li>Reward your Members and it’s less expensive than vacancy loss! It’s a Win Win Situation! </li></ul>
    15. 15. Advertising <ul><li>Effective and Inexpensive Ways </li></ul><ul><li>to Advertise Your Co-Op: </li></ul><ul><li>Word of mouth (current members, applicants, former members) </li></ul><ul><li>Internet (Property Website, Facebook, Twitter, Craigslist) </li></ul><ul><li>Small, Local Newspapers </li></ul><ul><li>Outreach Marketing </li></ul>
    16. 16. Costs of Turnover <ul><li>How much does each move-out impact your bottom line? </li></ul><ul><li>Vacancy Loss </li></ul><ul><li>Marketing </li></ul><ul><li>Rehab Costs </li></ul><ul><li>Staff time </li></ul>
    17. 17. The Real Cost of Turnover <ul><li>Bottom Line: </li></ul><ul><li>Totals Costs= $4,000 </li></ul><ul><li>Turnover Calculator: </li></ul><ul><li>http://www.multifamilyinsiders.com/home/ </li></ul><ul><li>apartments-turnover-cost-calculator </li></ul>
    18. 18. Customer Satisfaction <ul><li>Are your customers satisfied? </li></ul><ul><li>Reality : It takes 5-10 years to pay back money </li></ul><ul><li>lost for each move-out </li></ul><ul><li>Goal: Take care of current Members to improve </li></ul><ul><li>performance….everyone wins! </li></ul><ul><li>Strategy: Create an environment where the Member </li></ul><ul><li>feels like #1 </li></ul>
    19. 19. Customer Satisfaction <ul><li>“ The deepest principle in human nature is the craving to be appreciated.”- William James </li></ul><ul><li>How many failures comes from simply making the other person feel underappreciated? </li></ul>
    20. 20. Customer Satisfaction <ul><li>Under Promise and Over- Deliver! </li></ul><ul><li>Does anyone know what that means? </li></ul>
    21. 21. Resident Quote <ul><li>“ The staff has not been trained in customer service. Once you sign a lease they are unresponsive and indifferent to their customers.” </li></ul>
    22. 22. Show the love! <ul><li>You can’t only show the love on move-in day! </li></ul><ul><li>Resident Satisfaction is a crucial decision-making factor in longevity at a community </li></ul>
    23. 23. Retention Myth: Apartment Drives Renewal <ul><li>Myth: Residents care most about the appearance of their apartment when deciding to stay. </li></ul><ul><li> True or False? </li></ul><ul><li>Reality: Responsiveness and follow-up by the office staff has </li></ul><ul><li>the highest impact on whether or not your member will remain. </li></ul><ul><li>Strategy: Create a “ Culture of Responsiveness” </li></ul>
    24. 24. What Matters Most?
    25. 25. Retention Driven by Office Staff Performance <ul><li>Problem Areas with Greatest impact on Retention </li></ul><ul><li>Rank Satisfaction Topic: </li></ul><ul><ul><li>Office Staff: Promptness of response to calls and emails </li></ul></ul><ul><ul><li>Office Staff: Follow-up on completed service requests </li></ul></ul><ul><ul><li>Office Staff: Responsiveness and dependability </li></ul></ul><ul><ul><li>Office Staff: Courteous and professional </li></ul></ul><ul><ul><li>Apartment: Appearance and condition </li></ul></ul>
    26. 26. Most Turnover is Controllable <ul><li>60% of turnover is controllable </li></ul><ul><li>Enhance value of Co-Op </li></ul><ul><li>What drives Members to “find a better deal” or seek greater value? </li></ul><ul><li>Communication & Responsiveness! </li></ul>
    27. 27. Maintenance Issues <ul><li>Fewer Outstanding In-Unit Maintenance Problems on Overall Satisfaction </li></ul><ul><li>Members with outstanding maintenance issues are less likely to stay in your community long-term </li></ul>
    28. 28. Higher Satisfaction <ul><li>MORE LIKELY TO STAY! </li></ul>
    29. 29. Service Request Performance <ul><li>Drives Member Satisfaction! </li></ul><ul><li>Maintenance cleaned up when finished= 93% </li></ul><ul><li>Service request completed properly the 1 st time= 82% </li></ul><ul><li>Office follow-up up after request completed= 62% </li></ul><ul><li>Maintenance problems still exist= 23% </li></ul><ul><li>How likely are your Members to stay? </li></ul>
    30. 30. Communication with Members <ul><li>Can’t communicate if you don’t Communicate! </li></ul><ul><li>“ Is this still the best number to reach you?” </li></ul><ul><li>“ I don’t see that we have an email on file </li></ul><ul><li>for you. What is the best email to contact </li></ul><ul><li>you at home?” </li></ul>
    31. 31. Create a “Culture of Responsiveness” <ul><ul><li>Return all existing member calls and emails. </li></ul></ul><ul><ul><li>Follow-up on all completed service requests </li></ul></ul><ul><ul><li>Follow-up on potential member calls and emails </li></ul></ul><ul><ul><li>Residents first…..prospects second. </li></ul></ul>
    32. 32. Communication Response Time Policy <ul><li>Establish a standard response time. Develop policy? </li></ul><ul><li>Example: All calls and emails received by 3 pm will </li></ul><ul><li>receive a same day response. </li></ul>
    33. 33. Service Request Response Time Policy <ul><li>Establish a standard service request response time. </li></ul><ul><li>Develop policy? </li></ul><ul><li>The office staff plays a critical role in how quickly the </li></ul><ul><li>process proceeds </li></ul><ul><li>Responsiveness and speed are retention drivers. </li></ul>
    34. 34. How likely is this Member going to stay? <ul><li>A Member has been waiting for her toilet to be repaired for two days. She goes down to the leasing office to check on her work order and sees the maintenance staff re-arranging chairs for the office staff. </li></ul><ul><li>What’s wrong with this picture? </li></ul>
    35. 35. What Matters Least? <ul><li>The Cherry on Top! </li></ul><ul><li>Resident Events </li></ul><ul><li>Facebook </li></ul><ul><li>Twitter </li></ul><ul><li>Newsletters </li></ul><ul><li>Birthday Cards </li></ul><ul><li>Move-in Gifts </li></ul><ul><li>Etc. </li></ul><ul><li>You must 1 st deliver world class service on a daily </li></ul><ul><li>basis! These things can become distractions to what </li></ul><ul><li>matters most to Members! </li></ul>
    36. 36. Getting them to stay <ul><li>When does a Member decide whether or not they will stay? </li></ul><ul><li>AT MOVE-IN! </li></ul><ul><li>It begins with the move in process! </li></ul>
    37. 37. The Move-In Experience <ul><li>1.Do you have a walk through/approval process? </li></ul><ul><li>2. Who decides that a unit is rent ready? </li></ul><ul><li>REALITY: The move-in experience sets the stage for the entire residency. 1 out of every 5 move-ins the stage is not set! </li></ul><ul><li>STRATEGY: Improve the move-in inspection process! </li></ul>
    38. 38. Move-in Inspection <ul><li>The “Right” Way to inspect units: </li></ul><ul><li>“ Walk right”… the final rent ready inspection: </li></ul><ul><li>Enter the unit and follow the wall to the right </li></ul><ul><li>Check paint each fixture, outlet, switch, </li></ul><ul><li>appliance, etc. until ending up back at the </li></ul><ul><li>Front door. </li></ul>
    39. 39. Best Practices: Culture of Responsiveness <ul><li>Create a Culture of Responsiveness: </li></ul><ul><li>Resident contact info verified and placed into </li></ul><ul><li>PM software </li></ul><ul><li>Response Priorities: (Members) </li></ul><ul><li>Standard response time </li></ul><ul><li>Efficient, responsive work order process </li></ul><ul><li>Effective and timely communication </li></ul><ul><li>Member Updates </li></ul><ul><li>****Follow up, follow up, follow up!***** </li></ul>
    40. 40. Customer Service <ul><li>“ Experiences” make us happier </li></ul><ul><li>than possessions. </li></ul><ul><li>Service is defined by the customer: </li></ul><ul><li>Perception IS Reality! </li></ul>
    41. 41. Thank you for attending our class! Natalie Mabbitt, RCM & Julie Spear, COS

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