Move-in day has proven to be the day when the sales and leasing processes wrap up and the resident retention efforts begin. Yes, retention efforts begin that soon.
Everyone knows that happy residents are more likely to renew, but at what point does a resident go from happy to then unhappy?
It can start as early as the day they move in!
Kingsley Associates published a case study that details exactly how resident move-in experiences impact renewal rates. In the study, a Kingsley Associates client surveyed residents from multiple communities at three different points in their lease:
- Surveyed at move-in
- Surveyed at the midpoint of the lease
- Surveyed just prior to the lease expiration
The outcome was that residents who were satisfied at move-in remained satisfied through renewal. However, residents who were not happy the day of move-in were not likely to become happy before it was their renewal time.
- Only 19% of residents who were dissatisfied at move-in became satisfied by their renewal.
- The renewal rate for residents who were satisfied at move-in was 59% higher than the renewal rate for residents who were dissatisfied at move-in.
- There’s always hope to save a resident who had a bad move-in experience.
- The move-in experience matters — put yourself in the position to always start a relationship off on the right foot.
- A positive move-in directly impacts your bottom line.