As owners and managers adapt to today’s circumstances, they seek to turn challenges into opportunities by focusing on resident renewal during this unprecedented demand for apartment living.
And a client’s journey to find their new apartment is important. Prospective tenants are looking for new ways to find their next home, enhanced by technology. Taking advantage of video tours, for example, allows rental teams to sell their apartments in non-traditional ways.
IDM Companies is an established real estate developer and manager with 27 communities in Arizona, Oregon and Washington. Its current partners help improve the resident experience by staying engaged in day-to-day operational philosophies that have led to great success.
Technology brings it all together
Partner and COO Jason Larson spoke about the company’s formula for success, which has been in operation for three decades and includes personal responsibility, entrepreneurship and janitorial services.
“I see us as a forward-thinking technology company,” says Larson. “We have been using technological tools since even before the pandemic. We have learned a lot along the way and have been able to strengthen our operations and the customer experience in several ways.
For example, Larson staff have used iPads and iPhones to help residents visit FaceTime or as they wish to take virtual tours. For current residents, he took advantage of video conferencing channels to host social events such as painting parties – something that continues today.
“We delivered everything our residents needed to have fun to their doors,” he says. Instead of sticking to their traditional indoor events for Taco Tuesday residents, its communities hosted individual pizza nights, buying hundreds of pies at local restaurants and delivering them to their residents’ doors. They also scheduled outdoor and social distance meetings for residents and their pets.
Renewal rates ahead of the market
Larson said its renewal rates were higher than the market in part because today’s growing contingent of work-from-home workers find internet connectivity essential and their communities provide it.
Its management team also responds to the individual needs of each community. “Our entrepreneurial spirit means that we are not a one-size-fits-all company,” he says. “We reinforce feedback from our on-site staff and personalize solutions. This attitude starts from the top. As a developer, our philosophy is to always manage ourselves [and not having a quick resell of the property driving operational decisions]. “
And it pays off. IDM received two awards this year from the 29th annual Arizona Multihousing Association Tribute Awards, of which Cox Communities is the main sponsor and co-organizer. IDM won the Developers Award for Best Community Design Garden Style for its Acero Cooley station. Additionally, one of their Community Managers, Troy Row (NALP), won the Rental Consultant of the Year award.
Find out how Cox Communities can help improve the work and play experience for your residents.