Building communities across your single-family home portfolios

The multi-family model: an inspirational framework?

Not exactly. The American multi-family model is seen as the benchmark for building community within residential assets. If we were to picture this benchmark, we’d immediately think of gyms, cinema rooms, and grand pool parties as the sun sets and shadows grow long. However, even with these luxuries, true community transcends traditional spaces and takes you into the real world.

For investors and property managers, adopting a community-focused perspective beyond the walls of your building is crucial for achieving:

• Additional revenue streams, new business opportunities, and support for local businesses.
• Genuine community connection through events, music, art, and different content, that quickly makes residents feel at home.
• Elevated brand presence.
• Increased renewal rate (happy residents stay longer)

When done right, your creative and community initiatives can translate into even higher returns, operating margins, and a better product and experience for your renters, serving all parties simultaneously.

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Residently's strategy: combining efficiency with community engagement

Building and influencing a community in single-family housing requires a different, software-led approach. Our clients creatively use Residently to build shared experiences and create a sense of belonging without the need for high-cost, fixed amenities:

• A modern experience to deliver the basics: Our platform simplifies each core interaction from lead through renewal, transforming complex, fragmented tasks into a smooth leasing and management experience that is table stakes for renters. No one will appreciate your amenities and perks if you make the core experience an ordeal!
• Community cards: We give our partners a canvas to provide “virtual amenities” that add value to the everyday experience of living in their community. Whether connecting them with local businesses or including fitness memberships as part of the offering, what is unique about single-family homes is that they tend to be “in the community” in a way that UK multi-family sites are often standalone. This increases both the responsibility and the opportunity to provide community connections with local businesses and curate those experiences for your residents.
• Community events: Running community events in single-family portfolios is also different to multi-family operations, given the lack of shared space. However, throughout the resident journey, we’ve enabled everything from farmers' markets to garden parties and even merchandised renter-led Facebook Groups. From observing success stories, the key insights for operators are to enhance natural, resident-led interactions and how they use the space.

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Harnessing data: personalised community engagement

In today's data-driven world, our unique advantage lies in our connected approach to leasing, enabling unparalleled insights into the performance of your efforts. This rich data allows for an in-depth understanding of the demographic makeup of renters, facilitating highly personalised offerings that resonate with your renters. Our approach is not just about collecting data; it's about leveraging it to enhance the living experience for residents in meaningful ways:

• Demographic insights: Access to detailed demographic data enables property managers to tailor community initiatives, amenities, and events to the preferences and lifestyles of their residents, ensuring higher participation and satisfaction rates.
• Usage and engagement statistics: By analysing how residents engage with various amenities and activities, we can identify trends, preferences, and areas for improvement, allowing for data-informed decisions that continually enhance the community experience.
• Real-time feedback: With in-built reviews, we capture immediate feedback from residents on their experiences. This direct line of communication fosters a sense of community and belonging and provides actionable insights for the ongoing refinement of services and amenities.

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Food for thought

To be clear, building a community won’t be easy. It’s more than simply cobbling together various offers and discounts. And if you don’t put the effort in, you’re unlikely to enjoy the fruits of your labour. However, if you’re willing to invest time and energy into your community, you’ll enjoy more than additional revenue streams, increased brand recognition, and higher renewal rates. You’ll be building connections between people. Friendships, shared skills, new opportunities. Things that can’t be measured, but be sure, are invaluable.

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