Unlocking Hidden Revenue Streams Across the Resident Journey

When we think about primary community revenue streams, monthly rent payments often come to mind. But in multifamily, there’s more to the story. Every interaction, service and touchpoint is an opportunity —not just to impress residents but to uncover new revenue streams for your property. By delivering a seamless, tech-savvy resident experience, you’re unlocking what we call “retention value” - the measurable return on exceptional service.

Retention value represents the financial and operational gains acquired from a top-tier resident experience. This includes increased revenue, stronger loyalty and better property reputation management.

The resident journey can be divided into four distinct phases: Leasing, Moving, Living and Renewals. Each phase provides unique opportunities to balance human interaction and technology, creating an ecosystem that not only meets but exceeds resident expectations. By focusing on this balance, properties can unlock untapped potential while ensuring a positive and rewarding experience for their residents.

Let’s explore each phase and uncover the strategies for maximizing retention value:

Phase 1: Leasing

The leasing process is where first impressions are made and the foundation of trust and engagement is established. A personalized and technology-enhanced leasing experience can set the tone for the entire resident journey, making it easier for prospective residents to choose your property.

• Human Interaction: Personalized tours by leasing agents establish trust and showcase your property’sunique features, helping prospects feel confident in choosing your community.

• Technology: Self-service tools such as virtual tours, online applications and AI-driven chatbots provide convenience and accessibility. They make it easy for prospects to explore your property, ask questions and apply without leaving the comfort of their couch.

Unlocking Revenue: Offer premium virtual leasing packages with exclusive property previews or concierge-style services to convert leads into signed leases faster. 

Phase 2: Moving

Moving can be stressful—so why not make it a breeze for your residents? A smooth move-in process sets the stage for a positive relationship.

• Human Interaction: A personal welcome sets the tone for a positive resident experience and can go a long way in making new residents feel at home. For example, staff members might offer a quick tour of nearby amenities like gyms, grocery stores or local restaurants, making new residents feel connected to the community from the start.

• Technology: Automated move-in checklists, utility setup portals and app-based reminders take the hassle out of moving. Residents can easily complete essential tasks like setting up utilities, connecting to the internet and accessing move-in offers with minimal hassle. 

Unlocking Revenue: Partner with local businesses to provide move-in offers, such as discounts on moving or cleaning services or a premium utility setup service. Create a win-win that benefits your property and local businesses while adding value and convenience for your residents. If you get this process right, just watch as those 5-star reviews come pouring in! 

Phase 3: Living

The living phase is where the day-to-day resident experience unfolds. This is the longest phase of the resident journey, providing onsite teams with the most significant opportunity to create meaningful connections, enhance resident satisfaction and drive loyalty. By focusing on everyday satisfaction, onsite teams can foster a sense of community and turn residents into loyal fans.

• Human Interaction: Quickly responding maintenance teams, approachable staff and engaging community events all contribute to a sense of belonging. These moments build relationships that go beyond the physical space.

• Technology: Advanced digital tools, like streamlined payment systems, robust rewards programs and app-based maintenance requests, simplify day-to-day living for residents to manage their needs— and make your operations more efficient.

Unlocking Revenue: Loyalty programs tied to resident engagement can boost property income while increasing retention. For example, residents can earn points for participating in events or referring friends - redeemable for rewards such as discounted rent, exclusive amenities or premium services. These incentives keep residents engaged while generating incremental revenue. 

Phase 4: Renewals

Renewals are your golden opportunity to keep residents around and reduce turnover costs.  A proactive approach can save properties substantial time and resources while maintaining consistent occupancy levels.

• Human Interaction: Scheduled check-ins, thoughtful renewal discussions and tailored incentives show residents that you care. For example, a leasing agent might reach out to discuss renewal options, highlight any new property upgrades or offer incentives for early renewals. This personal touch can make residents feel appreciated and more likely to stay.

• Technology: Automated renewal reminders, digital lease renewal and transfer assistance tools streamline the renewal process for residents and staff. Additionally, leveraging data analytics can help identify at-risk residents early, allowing properties to address concerns before it’s too late.

Unlocking Revenue: Offer points as a digital renewal incentive to increase the odds of renewal and lock it in as early as possible. Retaining loyal residents reduces costly turnover and creates predictable cash flow.

Unlocking Resident Value Across the Resident Journey

At the end of the day, it’s all about finding that balance. Human interaction builds trust and connection, while technology delivers convenience and efficiency. Together, they create a resident journey that maximizes resident value without sacrificing experience.   

By creating a well-balanced ecosystem, properties can:

• Improve reputation management: Satisfied residents are more likely to leave positive reviews and refer friends, enhancing the property’s reputation.
• Increase rent collection rates: Streamlined payment options reduce friction and ensure consistent cash flow.
• Diversify revenue streams: Loyalty programs, partnerships and ancillary services provide new opportunities for incremental revenue.

When you focus on delivering value at every stage of the resident journey, you’re not just creating happy residents but building a thriving, profitable community.

Learn how RealPage’s LOFT can help you unlock hidden revenue streams and deliver value across the resident journey.