Not so at Venn. Here, ROI carries more weight, meaning Return on Involvement. Under this definition, success is measured by the level of participation,  the growth of the community, and the overall transformation of the resident experience. It’s a common shared goal at the top of our minds from the moment we even start onboarding a new portfolio. It starts with a question: What does the resident get out of being involved in the community? In other words, what is their Return on Involvement?

I’d like to see more businesses shift their focus from investment to involvement. Why? Because when the Return on Involvement is valued like Return on Investment, we  can start to transform the resident experience in ways that improve demand, retention, and resident satisfaction.  The impact of this approach is evident in all the portfolios where Venn operates. For example, our building leader micro-community, which is composed of Venn residents who take an active role in building their communities, wouldn’t exist without residents volunteering their time, skills and talents. By focusing on building a positive resident experience that makes residents feel like they have a sense of belonging, we know they are more likely to stay.  “A lot more likely to stay. Even in buildings with lots of compelling amenities, it’s connections among residents that make the most impact renewal. We found that 78% of residents’ likelihood to renew increased more than 2x when they felt highly satisfied with their neighborhood experience.  Ready to build your ROI strategy? Think through these four questions:

How do your  residents  get value out of being involved in the community?

As a part of your portfolio’s community, residents can acquire new skills whether it be by participating in training courses, enrichment days, leadership sessions, etc. These sessions, by the way, can be provided by other residents of the community to create a knowledge-sharing ecosystem. 

In this way, their return on being involved in the community is — “I get to acquire new skills and knowledge, but I also get to share mine”.  At Venn, residents can join to neighbor interest groups, connect with local businesses via our in-app marketplace and at events, and use the platform to host their own community events, all of which solidifies their sense of belonging in the community and drives them to stay.

Do they feel heard?

It’s important for residents to feel like there are open lines of communication and that their requests are heard and attended to. At Venn, our tools fuel resident-to-resident communications as well as resident-to-owner-operator communications. We have an app for residents to not only file maintenance requests, but also to connect over groups and via chat. For owner-operators, Venn provides a hub that gives your team tools to drive tenant engagement, manage communications, and improve the overall living experience. All of this improves the resident experience and satisfaction, which helps residents feel heard and more vested in their communities.

How do your spaces and events drive connections?

You might have great spaces in your building, but they are more valuable when they work to connect your residents; otherwise, they too often sit empty. People want to feel a sense of belonging, to connect with people of similar interests, and to feel like they are a part of a community. Creating friendships and connections means that the resident has expanded their circle, connected to other people, and is more likely to stay. 

Create activities and events in your spaces that provide an opportunity to connect. People find it easier to connect through shared experiences, so create small opportunities for people to connect. For example, conversation cards at a dinner party, seating arrangements that accommodate small groups rather than individuals, and opportunities to facilitate networking.

So, what can I do to measure my residents’ ROI?

All of this to say, it’s important to measure resident involvement to help ensure retention. The more a resident has a positive resident experience and feels connected to the community, the more likely it is that they’ll stay. It’s why we built a hub for owner-operators to help track and see what they can do to improve residents’ overall living experience.