Resident Survey Strategies for Rental Success

1. CFAA Rental Housing Conference June 15-17, 2011 Knowing Your Residents and Competition Through Surveys

2. Types of Surveys • Prospect Surveys • Move-in Surveys • Exit Surveys • Market Surveys • Resident Satisfaction Surveys • Demographic Surveys

3. Survey Methodology • Verbal (Prospect surveys) • Telephone (Move-in & Exit surveys) • E-mail (Move-in, Exit surveys & Resident Satisfaction surveys) • Mail (Resident Satisfaction surveys)

4. Guest Registration Cards Guest Registration card is where it all begins. Card identifies: • Needs and preferences • Marital and family status • Current housing situation • Price point

5. Sample Guest Registration Card

6. Move-in Surveys • Must be done within 7 to 14 days following move-in • New residents move-in experience sets the tone for remainder of lease term • Positive experience can result in referrals • Negative experience without remedial action can potentially mean lost revenue, lost referrals and hours at the Tribunal

7. Move-in Survey Strategy • Can be completed with a simple call to the new resident – this method is more immediate and personal • Simple questionnaire can be e-mailed to new resident – affords a level of privacy and opportunity to be more open

8. Exit Surveys The Exit survey determines: • Why the resident is moving? • If the quality of the living experience was positive or negative? • If negative – what were the issues? • If positive – encourage a testimonial letter.

9. Identifies competitor: Market Surveys • Properties in immediate proximity to your building(s) • Rental and parking rates and any incentives being offered • Suite sizes and finishes • Appliance package • On-site amenities

10. Helps to determine: Purpose of Market Surveys • If you are missing revenue opportunities • How your suites and finishes compare to competition • If your pricing is under market given reasonable comparables • If you are able to outsell your competition given your suite features, building amenities and services

11. Resident Satisfaction Surveys • Resident retention is important • Landlords want to determine how residents feel about their building, apartment and amenities • How do residents feel about building staff and level of service provided? • What improvements are necessary to ensure resident retention and loyalty?

12. Resident Satisfaction Surveys Can identify: • Tenure of residents in building • Why residents continue to choose to live in the building • Demographics of the community • Proportion of residents planning to move

13. Resident Satisfaction Surveys Can identify (cont’d): • Any issues pertaining to the living experience • Can identify potential referral business and key residents • Level of satisfaction with services provided • Resident suggestions for improvements-enhancements to suite features, building amenities and services

14. Demographic Surveys • How do you know you’re getting the “best bang for your buck” with your advertising dollars? • Are you reaching your target market? • Do you know who lives in your building(s)?

15. Demographic Surveys Can identify: • Resident community in your buildings (i.e. single, families, seniors) • Resident ethnic origins and language preferences • Resident income levels and job categories • Resident interests and hobbies

16. Sample Demographic Survey

17. Demographic Surveys Ultimate aim is to help to: • Better direct your advertising dollars • Maximize building profitability • Reposition and/or revitalize high-rise communities

18. Presented by: Bonnie Hoy (416) 821-9425 bonnierents@hotmail.com