MHN Executive Council: What Resident Data Should You Collect? (And Why?)
You can learn a lot from your renters!
You can get a lot of information from your residents. But are you currently gathering the most helpful data? The MHN Executive Council shares what they learn from their renters and how it helps them develop their strategies going forward.
Target Demographic
Collecting the right data is crucial to understanding and reaching your target audience effectively from a marketing standpoint. It is important to gather data on where new residents moved from, as understanding the geographic origins of your new residents helps in tailoring your marketing strategies to similar locations. Additionally, knowing how new residents discovered us, whether through social media, online ads or referrals, allows us to optimize our marketing efforts across the most effective platforms.
Ensuring that our ad targeting aligns with the demographics and preferences of incoming residents is vital for maximizing the efficiency and effectiveness of our ad spend. Collecting information on resident demographics, such as age, income level and lifestyle preferences, helps in crafting more personalized and appealing marketing campaigns. Furthermore, gathering feedback from current residents about their experience and satisfaction levels provides insights into areas for improvement and highlights what aspects of our service are most valued.
Finally, monitoring engagement metrics, such as click-through rates, conversion rates and time spent on our website or social media pages helps in assessing the performance of our marketing initiatives. By focusing on these data points, we can ensure our marketing strategies are data-driven, targeted and effective, ultimately leading to better engagement and higher levels of resident satisfaction. —Jim Love, Vice President of Marketing & Brand, Draper and Kramer
Awesome Amenities
Great interior design helps people live and feel better so it’s important to track indicators of whether or not they do. Collecting information on how residents use common spaces and amenities—who, what, when and how often—provides valuable insights. Which amenities draw the most demand and at what time of day? Are lounges, beverage bars and remote workspaces utilized to their fullest? Are they used individually or by small groups?
Similar questions about the use of outdoor recreational areas and fitness centers help inform event planning for optimal timing and attendance. Drilling down into not only which events residents attend, but whether or not they bring friends or family members sheds light on which events best meet residents’ needs.
Measuring the number of referrals, lease renewals, frequency and type of requests, complaints and compliments also provide useful data. Finally, noticing whether or not residents are good neighbors who positively engage with each other and contribute to the overall sense of community signals how well they’re living and experiencing a sense of home. —Mary Cook, President, Mary Cook Associates
Survey Says…
Resident data is not only necessary, but purposeful. Outside of collecting standard resident data including demographics and contact information, it is important to collect resident feedback through standard surveys. This data is crucial when making decisions surrounding operating policies, market initiatives and future developments. Without this data, operators are merely working off of assumptions and previous knowledge. —Stephanie Anderson, Senior Director, Grace Hill
Curated Services
In my experience, updating resident demographic data is very helpful. We periodically send out questionnaires that ask for household income, family size, age, employers, etc. (Be reminded not to ask for much of this information before they become residents, as you run the risk of Fair Housing infractions.) Gathering this data will help define your market and advertising initiatives and curate resident services. —K David Meit, Principal, Oculus Realty
Cost Reduction
From a marketing perspective you can fine tune your advertising plan and reduce your cost per lease by collecting and reviewing resident data. When residents first move in it is beneficial to collect accurately where they relocated from, city and community. This information will assist you in identifying potential geo-target markets for social media and advertising. Additionally, the company and location of employment, which needs annual updating, is great for creating your list for marketing outreach. —Maria Pietroforte, President, Maria Pietroforte Consulting
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
