Updater

By Emily Hassett

Published Oct 25, 2023

Updated Jan 6, 2024

We fundamentally believe that moving should be smooth and seamless for all parties involved. In the multifamily industry specifically, where moves take place every day, moving has the potential to transform your business in multiple ways: by surprising and delighting residents from the get-go, by improving staff inefficiencies, and by driving ancillary revenue.

In our very first multifamily report, The Move-In Effect, we highlight proven strategies, hidden costs, and missed opportunities to make move-ins a net positive for your company. We release our own research and include previously-released research from across the industry.

The highlight? 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. Move-ins matter. But, move-ins matter to your business in more areas than the semi-obvious resident retention.

The move-in process: A closer look

Here’s the scoop: 61% of on-site teams spend more than four hours each week handling move-ins, and 30% are putting in six hours or more. It’s clear that move-ins are taking up a lot of their time, leaving less room for other important tasks. And as they say, time is money.

In addition, residents often spend weeks coordinating their moves and communicating critical information with the leasing team to ensure a smooth move-in day. Moving ranks as the third most stressful life event, trailing behind only death and divorce.

The move-in effect on resident retention

Our report highlights the challenge of residents not being fully prepared for move-in, often overlooking crucial tasks like securing renters insurance and showing up on move-in day unprepared.

Our report dives deeper into brand new data from Kingsley, highlighting that 79% of residents satisfied at move-in remain satisfied at renewal and what percent of those satisfied residents renew their lease. You’ll also find practical tips to make sure your residents fall into this satisfied group.

The move-in effect on site team satisfaction and turnover

The turnover rate for leasing teams is at an all time high at 52%. Given the monotony of move-in tasks, it’s no surprise that many leasing agents find their roles less than ideal for the long term. As Jen Piccotti, President of Swift Bunny advises, it’s crucial to provide leasing teams with “a sense of purpose and accomplishment.”

Our report explores how time-consuming tasks affect the efficiency and happiness of onsite teams and equips you with strategies to enhance the overall employee experience.

The move-in effect on ancillary revenue

Here’s a golden nugget from our report: the potential for ancillary revenue. By focusing on promoting preferred provider partnerships during move-ins, property managers can tap into residents’ hyperspend mode. The possibilities are immense, and not just limited to TV services. Think about other partnerships that could enhance your residents’ experiences, such as insurance and home cleaning.
A sneak peek at our findings:

• People in the process of moving are 4x more likely to explore new providers, products, and services.
• A recent study we conducted with Bozzuto showed that 98% of residents who sought to set up TV or internet opted for their community’s recommended provider (when there was a recommended provider offered).

The move-out effect

Last but not least, a bonus area of our report emphasizes the importance of leaving a good impression when residents move out. By assisting with their move or providing resources for community contributions, like donating extra food to groups like Move For Hunger, you can leave a lasting positive impression on your brand. By doing so, you can increase the chances of them coming back as residents, either in your current community or somewhere else in your portfolio.

These insights are just a glimpse of what you’ll find inside The move-in effect report. To level up your business and master move-ins, download the full report now.

Emily Hassett

Emily is a Senior Marketing Manager at Updater leading all real estate marketing initiatives. Outside of work, you can find Emily traveling, trying new coffee shops and restaurants, or petting every dog she walks by.