Visual Stimulation Impacts ROI, Resident Engagement
Behr Paint, Modern Message & Show My Property were all invited recently by Passco Cos. to expand upon the importance of ensuring that a property is eye-catching and appealing to future/current residents.
LOS ANGELES—Behr Paint, Modern Message & Show My Property were all invited recently by Passco Cos. to expand upon the importance of ensuring that a property is eye-catching and appealing to future/current residents. The presentation was held at the recent GlobeSt. Apartments event here in Los Angeles.
During the presentation, we heard from Erika Woelfel, VP of color and creative services at BEHR Paint about the new release of the 2020 colors and the effect they can have on properties. We also heard from Christina Singleton, managing partner of Show My Property, about how a video helps to drive traffic to a multifamily property and increases lease-ups. Show My Property is a cutting-edge, boutique digital agency for the multifamily, student housing and hotel marketing sector. Lastly, we heard from John Hinckley, CEO of Modern Message, who talked about the importance of getting resident engagement and rewarding them by doing so.
By doing all of the above things, Stacy Stemen, SVP of corporate marketing and development at Passco, said an owner is sure to increase their ROI.
Historically, according to Hinckley, resident engagement in the multifamily space has been more about transactional nature—completing surveys and more. But he said there are a lot of companies out there who have done a good job influencing residents through engagement programs.
“About 70% of consumers say they are more likely to recommend brands with good loyalty programs,” said Hinckley. “And 80% of CEOs believe they deliver a superior customer experience, yet only 8% of their customers agree.”
Steman added that as an owner, her company uses all of the above companies. The result of doing so, she said, allows for her firm to attract and retain residents for a longer duration and enables them to sell their assets sooner than originally forecasted. The average hold period for Class A assets is generally 7 years, but due to the high market demand, appealing assets are generally selling much sooner. Passco’s average hold time is 5.5 years and more recently we have been selling assets between 3-5 years.
Passco was recently named a multifamily influencer in the recent issue of GlobeSt. Forum. Bill Passco, CEO and founder, entered the real estate investment industry with the purchase of a single multifamily property in 1976. Today, Passco’s multifamily portfolio includes 45 properties and over 14,000 units nationwide, with a total market value of nearly $3 billion—a figure that is growing with each passing month.