Executing resident events is the most common strategy that apartment communities use to build a sense of community.
WithMe’s “4 Ways to Plan Impactful Resident Events” webinar, co-hosted with Flamingo, brought together a group of the industry’s foremost event experts to delve into the art of creating impactful resident events.
Moderators Becky McLaughlin (vice president of marketing at WithMe) and Jude Chiy (founder of Flamingo), alongside powerhouse panelists Shellie Greer (director of Ovation lifestyle at Ovation Property Management) and Brooke Sandella (manager of national events and community engagement at Equity Residential), shared insightful perspective on the current state of resident events and offered compelling strategies for curating memorable and meaningful experiences.
Here are four key takeaways from the dynamic discussion that took place.
1. Think outside the box if you have a modest event budget.
Every year, Flamingo conducts exhaustive research for its State of Resident Events Report. This pioneering report sheds light on virtually every aspect of multifamily events, from the primary challenges property managers are facing to the types of events that are most popular. It also provides valuable benchmarks for the multifamily industry, drawing insights from hundreds of apartment communities across the United States.
According to Flamingo’s latest report, an overwhelming 35% of property managers cite budget constraints as the biggest obstacle to hosting events they believe would be valuable for their residents.
Working with a modest budget can be challenging, but there are numerous creative hacks that can be used to maximize and supplement event budgets:
- Cap attendance.
If you have a set budget for an event, calculate the maximum number of residents you can accommodate within that budget and cap attendance accordingly. To give all of your residents an equal opportunity to attend, employ a first-come, first-serve RSVP policy and set up a waitlist. That way, if someone decides to cancel, another resident can take their spot.
- Rethink the traditional resident event cadence.
If you have a limited event budget for the year, with only a few hundred dollars allocated per month, focus on quality over quantity. Instead of hosting a low-budget event each month, invest in one high-quality event each quarter. This approach will ultimately have a greater impact and provide more value to your residents.
- Introduce a fee-based lifestyle program.
Consider introducing a nominal lifestyle fee, which can supplement your budget and give you the opportunity to curate a wider range of events that target everybody’s interests and needs.
- Have residents meet you halfway.
If there’s an event you want to host that’s outside your budget, have your residents pay a discounted rate and underwrite the remaining cost.
This approach has the benefit of increasing attendance and engagement, because when residents are paying to attend an event, they are usually more likely to show up.
- Leverage existing amenities.
Amenities and amenity spaces can serve as the foundation for outstanding budget-friendly events. For instance, if you have a printer amenity, print out blank coloring pages and host a coloring party that’s fun for all ages. Leverage a coffee amenity by hosting a tasting event or happy hour.
As an added bonus, you’ll remind residents about the incredible amenities your community has to offer and help drive utilization.
2. Research proves that events increase positive online reviews and increase overall resident satisfaction.
The time and expense associated with resident events often deters property managers and property management companies from investing in them. Thanks to Flamingo’s research, there’s now data to prove that events increase the volume of online reviews and overall resident satisfaction - both essential to attracting new residents and retaining existing ones.
Approximately 55% of participating property managers reported that events lead to new online reviews for their properties within three days. Building on this self-reported data, Flamingo conducted an in-depth analysis of online review scores, revealing a direct correlation between event budgets and review scores. Properties with the top 10% highest review scores allocate, on average, $1,121 per month for events, while those with the lowest scores allocate only $693 per month.
A deeper analysis of resident satisfaction data uncovered a strong correlation between overall resident satisfaction and the number or quality of events. Researchers combed through internal resident reviews and surveys, discovering that when the presence of events was mentioned, 89% of the time it was in a positive review. Conversely, in 87% of cases where a resident mentioned the lack of events, that resident was either neutral, unhappy, or very unhappy.
Events also have a significant impact on intent to renew. In 82% of instances where a resident mentioned the presence of events, they reported their likelihood of renewing as “yes” or “probably.” Conversely, in an astounding 100% of the cases where a resident called out a lack of events, their reported likelihood of renewing was rated “no” or “probably not.”
These findings underscore the importance of investing in resident events. Not only do they boost online reviews and satisfaction, but they also significantly influence residents' decisions to renew their leases. By prioritizing events, property managers can create a vibrant community atmosphere that attracts new residents and retains current ones, ultimately driving long-term success.
3. Experiential events are trending.
Flamingo’s research reveals that happy hours, pool parties and outdoor movie nights are currently the most popular resident events. However, you heard it here first - the next big trend is experiential events. Property managers have noticed a significant rise in resident demand for creative workshops and classes. Examples include:
- Candle making
- Floral arranging
- Sun tea making
- Terrarium building
- Painting
These educational and creative events inherently bring together niche groups of people with similar interests, sparking genuine connection and friendship.
4. Let your unique resident community dictate your event mix.
Ultimately, regardless of your budget or current trends, the key to executing impactful resident events lies in understanding your residents and their unique interests.
Begin by analyzing basic demographics. Does your community include a large number of children and young families? Are your residents mainly young professionals? Take it a step further by engaging in conversations with your residents. Be intentional about discovering their likes, interests and preferences.
Once you've gotten to know your residents and their preferences, step outside your comfort zone and don't be afraid to experiment. It's okay if an event doesn't attract a large turnout; this simply means that particular event type doesn't resonate with your community. Experimentation is beneficial, as it helps you discover what truly works and allows you to refine your future events for maximum engagement.
For more expert insight on planning and executing resident events that will have a lasting impact on your community, watch the full webinar:
