Consumer — 21 June 2013

restaurant young peopleSpecial to American News Report

When is the last time a bank held a pool party for its mortgage holders just to say, “Thanks for doing business with us”?  Try never.

But, in the competitive apartment marketplace, things are heating up and the parties are in full swing.

Take Andover Property Management Group as an example.  Their Lakewood Luxury Apartments property in Lexington, KY, recently hosted a resident appreciation event at a popular restaurant and covered all costs for food, drinks and entertainment.  In the recent past, they have also held pool parties, community cookouts and even taco nights at their property.

Sounds like an expensive way to say “thanks”.  But, it’s not just about saying thanks: It’s about smart marketing and good business practices.

“These events are entirely about keeping residents happy, getting to know them and make them feel at home, and getting them to bring their friends who might be in need of an apartment,” said property manager, Brad Rose.

After experiencing significant increases in demand for apartments in 2011, the Lexington apartment market has dropped significantly.  According to MPF Research, Lexington recorded a net move-out of 697 units and an occupancy drop of 2.6 points in the last six months.  That translates into increased competition for residents, and more creative marketing campaigns like free social events.

“There is a lot of competition for apartments in Lexington,” said Townes Rawls, owner of Lexington Apartment Guide.  “These personal touches are a great way for owners to build relationships with residents, which in turn retains residents and attracts new ones,” he continued.

While amenities like high-speed internet, fitness centers, clubhouses and swimming pools influence renters’ decisions to continue to lease at a particular property, the personal touch of holding parties and events seems to make a difference too.  As the Andover Management Group website states, “It takes more than buildings and people to make a community.”

Given that the largest check a person writes each month is typically for rent or mortgage, it’s good to see apartment complexes saying “Thanks” while they nurture resident retention and enhance their communities.

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Special to American News Report

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