In the competitive landscape of property management, the relationship between landlords and tenants has traditionally been transactional at best–and is often strained from the start. But is there a way to transform this dynamic, creating value for both residents and property managers while driving retention and revenue?

The multifamily industry today faces increased competition, rising resident expectations, and pressure to differentiate. At the 2025 AIM Conference, four industry leaders revealed how loyalty programs are transforming the resident experience and becoming powerful drivers for leasing success.

The Challenge: Breaking the Transactional Cycle

The panel emphasized shifting from customer service toward hospitality—making the tenant-landlord relationship less transactional and more relational:

"Eighty percent of residents move in at a point of stress," noted Woody Stone, President of Multifamily at Cushman & Wakefield. With rising rents and increased competition, property managers need meaningful ways to differentiate their offerings beyond location and amenities.

Kasee Godwin, AVP of Marketing at Berkshire, didn't mince words: "Things are going to go wrong—it's property management. Rent payments are inherently transactional and by nature, a negative experience.”

The Transformation: When Paying Rent Becomes a Celebration

The most dramatic transformation begins with changing how residents view their largest monthly expense: rent. For most operators, rent collection presents multiple pain points—from chasing late payments to processing physical checks.

Aaron Glick, Managing Director of Loyalty at Greystar, described the moment everything changes: "If you pay rent online and on time, you get points – turning rent day into a celebration."

This simple shift creates a profound psychological transformation.

"We've been rewarding residents on rent for over a year now," shared Paul Edgeman, CMO of Thrive Communities. "Rent Day becomes a day where something special is going to happen—it's a mindset change."

The business impact has been impressive as well—in communities with lower online payment adoption, "We saw a meaningful increase of folks paying electronically—rewards move people online from offline," according to Glick.

Stone put the scale of this transformation into perspective: "We've delivered $11 million in value back to the residents in the form of rewards, at no cost to Cushman & Wakefield."

Beyond Four Walls: Creating Neighborhood Connection

The panel revealed that successful loyalty programs recognize a fundamental truth: residents aren't just renting an apartment—they're joining a community. These property managers are leveraging Bilt Neighborhood Benefits to drive additional value – offering exclusive benefits when residents spend at local merchants.

"This is one of the levers that changes the direction of the resident conversation," Stone explained. "For a resident, they're not just moving into a building, they're moving into a neighborhood. They're interested in the restaurants nearby, the gym, how they get around. The Bilt Neighborhood Rewards program allows us to bring value outside the four walls of their unit."

This perspective challenges common misconceptions about renters. "There's a thought that renters aren't a part of their neighborhood, but it's just not true," noted Godwin. "This is an opportunity for renters to become a part of the fabric of the neighborhood."

The technology makes what was once manual into something seamless. "Properties have relationships with the yoga studios and restaurants nearby…but historically, they would simply make a flier and put it in the lobby," Glick observed. "To have a platform that makes it modern and automated is valuable."

From Resident Benefits to Leasing Strategy

The panel identified a twofold approach to strengthening the leasing process:

1. Highlighting the benefits residents now have access to on rent and in their neighborhood—benefits that come at no cost to the property manager or the resident 

2. Transforming the concessions process in today's competitive market

"Thirty-nine percent of new leases in the last 13 months have had a concession—it's a blood bath out there," Edgeman revealed. "But instead of just doing a race to the bottom, this is a unique way to approach leasing."

The approach gives residents a choice between traditional concessions and concessions in the form of Bilt Points. "Residents will be able to choose between a traditional concession or Bilt Points," Glick explained. "The reason people do things like offer points is because it works. It works for travel and credit cards, why not for apartments?"

Beyond initial lease-up, the platform also creates opportunities to reward residents for "micromoments" throughout the resident lifecycle—from birthdays to make-it-right moments. 

The Critical Link: Engaging On-Site Teams

A crucial insight emerged: even the best loyalty program will fail without buy-in from site teams. "The true advocates for communities are our site teams," Godwin explained.

Stone identified a critical link: "The site-level is the gap—if it doesn't get translated, you're done."

The panel suggested several best practices:

• Include employees in the program so they can experience the benefits firsthand

• Use points to incentivize desired behaviors from site teams

• Ensure teams understand the "why" behind the program

The Future: From Hospitality to Magic

"One piece of advice on loyalty is to start early," Glick advised. "Because loyalty is complicated and touches every function of your company: the earlier you start, the earlier you can master it."

"When I think about my job for residents, it's to create magic. Through the Bilt network, you can create serious experiences—they pay rent $3,000 a month, their points add up, and now they're going to Europe. It becomes magic," said Stone. Quoting one of his favorite books, Unreasonable Hospitality, Stone concluded: "We have an opportunity and responsibility to make magic in the world that desperately needs more of it."

For operators looking to implement loyalty programs, the transformation from transactional to relational experiences offers a significant competitive advantage—turning renters into advocates while driving retention and revenue in an increasingly competitive market.

As Glick summarized: "Loyalty helps us drive retention, a key priority for us in 2025."

In today's multifamily market, that's an opportunity too valuable to ignore.

To discover how your properties can transform resident relationships and boost revenue through loyalty get in contact with our team.