In the world of multifamily housing, "relationships are multifamily currency," and, like any valuable asset, these relationships need careful management. Just as financial health is built on steady savings, the strength of your community depends on regular (hearty) deposits into the 'relationship bank'. Building a strong community isn't just about the grand gestures; it's about the small, daily actions that add up over time and form the building blocks of trust and goodwill.

Using the expert advice of Steve Wunch, this article will guide you on how to make the most of your relationship bank by maximizing your deposits through intentional engagement with your residents. Guided by Steve's extensive experience in the multifamily housing sector, we'll provide actionable steps to minimize withdrawals, helping you maintain a healthy balance that ensures long-term success.

Deposits: Building Trust & Goodwill 

Building a strong relationship bank account requires consistent, thoughtful actions. The big actions—such as handling service requests promptly and efficiently—are crucial. When a resident has a maintenance request or other issue, addressing it quickly and keeping them informed if there are delays will build a foundation of trust. Open and honest communication fosters a sense of understanding, which in turn strengthens the relationship. 

It’s not just the big things that matter, though. The little things, like calling residents by name as they walk through the door might seem minor. But these 'micro-deposits' add up over time. A warm greeting, remembering small details about their lives, or simply taking the time to listen to them—all of these actions contribute to a growing balance in your relationship bank account. 

Everyone on the property management team, from the leasing agents to the groundskeepers, plays a role in making these daily deposits. The attitude and presence of each team member directly impacts the residents' experience. As Steve Wunch says, notify your face that you're happy! When the team is happy and engaged, their positive energy infects the residents, which ultimately strengthens the community as a whole. 

To maximize the holdings in your relationship bank account, it’s important to have multiple streams of deposits. Combine both big and small gestures to steadily and consistently grow your account balance. 

Withdrawals: Trust in Times of Trouble 

No matter how well-managed a property is, there will inevitably be times when withdrawals need to be made from the relationship bank account. These withdrawals often occur during service disruptions, resident complaints, or unresolved issues. Each time something goes wrong, it’s as if you’re taking money out of the account—money that you’ve worked hard to accumulate through positive interactions.

Just as with a financial account, it’s essential to maintain a strong balance in the relationship bank to handle unforeseen challenges. Having a reserve of trust and goodwill means that when a withdrawal is necessary, the account doesn’t go into the red. Ensuring that you’ve built up enough positive interactions allows you to withstand challenges without damaging the overall relationship with your residents.

When withdrawals are unavoidable, there are strategies you can use to mitigate their impact. Proactive communication is key—letting residents know about issues before they escalate, offering solutions, and providing regular updates can help maintain trust. 

Quick resolution of problems, coupled with empathetic responses, goes a long way in reassuring residents that their concerns are taken seriously. These actions help to minimize the negative impact and can even turn a withdrawal situation into a deposit by demonstrating your commitment to their satisfaction. 

Long-Term Relationship Management 

Resident management should be viewed as a long-term commitment, almost like a partnership or marriage. When you get married, you say your vows and commit to staying true to them. In a similar way, staying committed to your residents and their needs is crucial to fostering a strong, lasting relationship. The goal is to work together through the ups and downs, remaining dedicated to one another over time.

There's a significant monetary incentive to evaluating relationships for the long term, in that retaining residents is far more cost-effective than acquiring new ones. Reduced turnover costs, decreased marketing expenses, and the stability of satisfied, long-term residents all contribute to a healthier bottom line. Investing in relationship-building pays off not only in resident satisfaction, but also in financial stability for your property. 

Investing in Resident Loyalty

Resident management should be viewed not as a series of transactions, but as a continuous, evolving relationship. The concept of a relationship bank is so fundamental to a healthy community – you pay yourself by focusing on consistent, positive relationship-building, which will long-term success in multifamily housing.