We’re pretty sure you haven’t heard of the Friendship Factor before! Our guest, Pete Kelly, talks about Apartment Life’s initiative and explains why that is so important to your multifamily community. He backs it up with research that proves it works and provides fascinating examples of how it works.
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Apartment Life is founded on the basic proposition that relationships are good for the soul and good for the bottom line. So, they created a program that helps them build connections in apartment communities that benefit the residents and the management greatly. In this #TechandTacticsTuesday episode, find out more about this program, the costs and risks, and its impact on the community.
Key Points From This Episode:
- Apartment Life is a faith-based, non-profit organization serving the multifamily industry for 21 years.
- They have a program that helps build relationships in apartment communities that greatly benefit the resident, the owners, and the management.
- Through their program, Apartment Life aims to provide care and foster relationships to create a “sticky” community where people want to stay even when the rent goes up.
- They place coordinators in the community who act on behalf of the management to provide care and connect the neighbors to build a web of relationships.
- Pete gives examples of the sense of community’s impact on residents in renewing their lease.
- If the residents are lonely, no roots hold them in that community.
- What is the biggest holdback for most operators in moving forward with something like this?
- How does this affect the NOI? What kind of expenses should the operator expect?
- What is the best size of apartment communities that will maximize the effect and cost of this program?
- How does Apartment Life select the people they place in a community to serve as coordinators?
- Do they have KPIs to measure the program’s effectiveness in a community?
- What is the standard time frame to expect results?
“We’re looking for people who would (embody the adage ‘love your neighbor as yourself’) regardless of whether or not they were being paid or hired to do something like this. But again, they’re always on the lookout for people to meet them. So, they could be just walking their dog and strike enough conversation with their neighbors.” [0:04:40]
“What we found from our research over the years is that the more friendships a resident has, the happier they are.” [0:08:09]
“You would think, with all these people living in such close proximity, that apartments would be kind of the most wonderful connected places to live. But unfortunately, the opposite often true is most people living in apartments don’t know their neighbors at all. They feel very disconnected. They feel very lonely, even worse than they would in a single-family neighborhood.” [0:07:39]
Links Mentioned in Today’s Episode:
About Pete Kelly
Pete joined Apartment Life after spending 24 years working at Cru. During his tenure there, he served as Executive Director of Leadership Development and Executive Director of Fund Development. Over the years, Pete has worked with college students at Oklahoma State University and the University of Arkansas. Two years after Hurricane Katrina, he moved his family to New Orleans to work with college students and help with the city’s rebuilding efforts. Pete graduated from the University of South Carolina in 1991. He and his wife, Chanin, got engaged while serving with Cru in Estonia, and they have two children, Anna Kate and Jack. His hobbies include trail running, listening to audiobooks, dating his wife, playing with his kids, and grilling in the backyard.
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