By Aaron Raybin, founder of AliceHome.
In today’s crowded real estate market, residents of high-end properties expect more than a pool and a gym — they crave an effortless, personalized living experience. Forward-thinking apartment owners, developers, and operators must differentiate themselves to attract and retain residents. Great service and resident experience are critical elements for luxury communities, significantly impacting retention rates and property reputation.
The Need for Exceptional Service
Service encompasses every interaction a resident has with the property and its staff, shaping their perception and satisfaction.
Lisa Yeh, CEO of leading prop-tech innovator Sentral, believes that “Service is what sets a luxury building apart…we’re essentially selling a lifestyle, and to go with that lifestyle you need people that understand, that can create that vibe and are consistent in delivering that type of service.”
Understanding the Impact of Service vs. Services
Service is about creating a positive, seamless, and memorable experience characterized by:
- Attentiveness: Understanding and anticipating resident needs.
- Professionalism: Maintaining a high standard of conduct and expertise.
- Personalization: Tailoring interactions to a resident’s individual preferences.
- Consistency: Delivering the same high-quality experience every time.
- Exceeding Expectations: Going beyond what is expected and anticipated.
Level of service refers to the quality and consistency of interactions with staff, promptness and professionalism in resolving issues, and overall responsiveness to resident needs. While having a variety of service offerings (like housekeeping, package delivery, and fitness classes) can attract residents, it’s the level of service that determines their satisfaction and loyalty. Great service provides positive, personalized interactions, leading to higher retention and satisfaction. Properties excelling in great service AND quality services see higher renewal rates, lower tenant acquisition costs, and can command premium rents, creating a sustainable competitive advantage.
Differentiating Through Personalized Hospitality
Personalized hospitality sets a property apart, going beyond standard service to create unique, tailored experiences for each resident. By capturing and utilizing data on preferences, and habits, communities can provide move-in experiences that feel custom-made.
Once residents move in, the emphasis on personalized hospitality should continue. This can include:
Welcome Packages: Tailored to the resident’s interests, including favorite snacks, and featuring local businesses.
Personal Assistant/Concierge: Understands residents’ unique needs, and manages everything from package delivery, and holiday decorations, to in-home services like pet care. Attentive to details and service quality.
Resident Events: Curated to match the demographics and interests of the community, through wine tastings, fitness classes, or cultural events.
Special Occasions: Remembering birthdays, anniversaries, and other significant dates with personalized notes or gifts.
The AliceHome Difference
AliceHome is committed to service excellence and extraordinary hospitality, giving residents more time for their desired lifestyles. By combining technology with personalized service, AliceHome ensures a seamless living experience. Home Managers are trained to anticipate resident needs and deliver service with genuine care and meticulous attention to detail.
Case Study: Success in Action
The Confluence, a modern luxury high-rise in Denver, towers 35 dramatic stories above Confluence Park at the convergence of Cherry Creek and the South Platte
River. The Confluence engaged AliceHome to provide a personal assistant service as an exclusive amenity to the community’s most discerning residents. As a result, the property experienced significant improvements in on-site operations, resident satisfaction, and leasing.
On-site Operational Efficiencies:
AliceHome takes full charge of the moving experience, from start to finish, actively managing every step. This ensures the most seamless and stress-free process
tailored to each resident’s needs. Upon move-in, AliceHome makes twice-weekly visits to do things like bring up packages and complete services beyond the front
door. Having dedicated, and personalized service for residents has freed the on-site team to focus on priority tasks like leasing, operations, and maintenance. By
proactively handling resident needs, AliceHome elevates the overall experience, saves the on-site team valuable time, and reduces workload.
Building Engineer Cody Chavez emphasized the impact stating, “AliceHome not only saves our team several hours per resident but also improves direct interactions between maintenance staff and residents, enhancing the overall experience.”
Resident Happiness and Reputation Management: By combining personalized service with an array of available services, AliceHome has significantly enhanced resident happiness resulting in a 2100% increase in 5-star penthouse reviews. Without high-quality service, services alone cannot create such a consistently positive end-to-end resident experience.
Improved Leasing: AliceHome provides The Confluence leasing team with an amenity current and prospective residents value, helping to set the property apart and contributing to the highest occupancy rate to date.
Ross Arabie, assistant community director, affirms, “AliceHome has profoundly transformed the lives of our residents in countless ways and helps elevate our homes. It’s one of our biggest sellers for people looking for not just a home, but an experience. AliceHome is a true game-changer for our leasing team, saving them at least a full day’s work each week.”
Financial Benefits
Residents of luxury communities expect exceptional service in addition to available amenities. Much like the distinction between a stay at the Ritz Carlton and a Holiday Inn, the level of service and overall experience is crucial in meeting market demands and justifying a higher price point.
Delivering unparalleled service and personalized hospitality not only enhances the resident experience but also impacts a property’s retention rates and reputation. According to the Apartment Association of Metro Denver, it costs 5 to 25 times more to acquire a new resident than to keep an existing resident happy. Satisfied residents are more inclined to renew their leases, reducing turnover costs and maintaining a stable occupancy rate. Additionally, they are more likely to leave positive reviews and refer others, further bolstering the property’s reputation and attracting new tenants.
Aaron Raybin is the founder of AliceHome, a Denver-based technology-enabled services company on a mission to enhance the way people live.
