We all know that when it comes to our jobs, company culture is important. Successful organizations have learned how their culture can increase employee morale, improve employee retention, boost profits, and drive better business performance, leading them to embrace the importance of culture in the workplace. Well, just as a business’s company culture can influence its success, so can your building’s resident culture.
As a property manager, the success of your community can be significantly impacted and even driven by your residents. Although resident culture hasn’t yet received the level of recognition as company culture, the importance of building culture as a property manager parallels that of building company culture as a CEO.
In this blog, we share exactly what you need to know about the main benefits of building a positive resident culture.
Resident Culture 101
Resident culture includes how residents interact with each other, with the onsite property management team, and within the property itself. Much like a positive company culture, a positive resident culture often includes engaged participation in communal activities, open and respectful communication, as well as adherence to shared community guidelines.
The Four Benefits
More and more property managers are recognizing the importance of building a strong resident culture. This may be impacted by the growing mainstream acceptance that company culture is crucial and those with strong ones are associated with increased productivity, well-being, engagement, collaboration, and support.
The bottom line is that how you build your resident culture is entirely up to you. Keep in mind that this can significantly improve your resident retention rates, the appeal of your property to potential residents, as well as your overall resident satisfaction:
- Retaining Residents: A positive resident culture fosters a sense of community among residents. When people feel connected and engaged with their neighbors and surroundings, they’re less likely to move, helping you reduce turnover costs.
- Attracting Residents: A strong resident culture helps you win more residents by turning current ones into brand ambassadors. When you have a desirable culture, residents can speak genuinely and convincingly about why your community is a great place to live, and that naturally attracts people who are seeking exceptional resident experiences.
- Creating a Positive Environment: Just as a positive company culture contributes to a healthy and productive work environment, a strong resident culture creates an enjoyable living environment. This can lead to happier residents who are more likely to comply with community guidelines and treat the property management team with kindness and respect.
- Improving Resident Satisfaction: There are numerous ways that positive resident culture can drive increased satisfaction. Fostering connections between neighbors increases a sense of belonging while open and respectful communication makes residents feel heard and appreciated. Ultimately, creating a pleasant living environment with shared principles can significantly impact the satisfaction levels of residents.
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When you’re ready to run your building better, smarter, and faster, book your BuildingLink demo today.