Resident retention is one of the most important aspects of property management. In fact, to some rental property owners, your resident retention rate can make or break a deal. Luckily, keeping residents is not as hard a task as it may seem.
The Best Resident Retention Tips You Must Follow
Resident retention is one of the most important responsibilities of a property manager. Arguably, it is also one of the hardest. Tenants move out all the time, whether because they are leaving the area or buying their own home. Some tenants, though, decide to move out because they have found a different place to rent that they deem more favorable.
Property managers and landlords alike naturally want long-term tenants. But, there is more to resident retention than just simply charging a low rent. No matter how cheap you go, if everything else is unsatisfactory, tenants will leave.
Here are some resident retention ideas to help you keep tenants in for the long haul:
1. Be Responsive and Approachable
There is a difference between giving tenants their space and completely ignoring them.
Residents have complaints and suggestions. Therefore, they need a property manager who will hear them out and recognize their concerns. You must make sure to answer their phone calls, emails, and messages as soon as you can. Additionally, see to it that you cater to their requests in a prompt manner.
Property managers also need to accept that they can’t fix everything. But, even if you can’t address the resident’s issue, sometimes, knowing that someone listens to them is enough to make them feel appreciated and keep them around. After that, you can seek assistance to address the resident’s concerns.
2. Be Sincere and Show Appreciation
Residents need to feel that they are important and appreciated. One way to do that is to show genuine respect and gratitude towards them. When you run into them anywhere, always greet them with a smile. It will also help to know their names.
Send them thoughtful gifts every once in a while or every time they renew their lease. Gift cards to local restaurants and shops work great. You can also provide them with special offers such as a free deep cleaning of their apartment.
It is important to tailor your gifts according to the resident. This will show them that you really care about their interests and took time out of your day to prepare a heartfelt and meaningful gift. It also means you know them well enough to know what they like.
3. Excellent Property Maintenance
It goes without saying that staying on top of maintenance is a great way to boost resident retention. After all, nobody wants to live in a run-down property where nothing works like it’s supposed to.
When you keep the property clean and well-maintained, residents are more likely to stick around for a long time. It is easy to lose a resident’s trust, and a surefire way to do that is to let the quality of living decline. Therefore, a property management company should keep up with maintenance and repairs.
Conduct regular inspections to pinpoint maintenance issues before they worsen. Ask residents for any changes they would like to see.
Apart from being an excellent resident retention strategy, tenants also have a right to livable conditions. Slacking on maintenance can not only lead to a lower retention rate but also put you in legal trouble.
4. Use Technology
In 2019, about half of renters in the United States were under 30 years old. With such a large percentage of renters being tech-savvy, it almost seems foolish not to embrace technology.
We live in a highly technological world, and property managers should take advantage of that.
Technology makes everything easier and more convenient. It is also an effective tool to increase your resident retention rate. Allow residents to make requests or complaints through text or online.
Having an online portal where residents can communicate their concerns, pay rent, and send maintenance requests is also a good idea. Since Americans today are largely mobile, it will also help to optimize your website to make it mobile-friendly. Better yet, develop an app.
Of course, that doesn’t mean you should abandon your older tenants. You must also keep them in mind when you adopt these changes. Consider retaining traditional methods to accommodate those who aren’t very good with technology. That way, you can have the best of both worlds.
5. Make Lease Renewal Easy
Residents are more likely to renew their lease if you make the process painless. Don’t make residents jump through numerous hoops just to extend their stay for another year. Make lease renewals easy by doing it over email or through your online portal with electronic signatures. This will also allow residents to review the terms of their lease anytime they need to.
Apart from being convenient, digital lease renewals also work better for you. When you have everything in one neat place, you can organize files and pull them up with a click of a button. No more having to go through endless paperwork just to find what you’re looking for.
6. Keep Residents in the Loop
No one wants to be the last person to find out about any important news. The same goes for your residents. A good way to nudge your resident retention rates in the right direction is to keep residents informed.
You can do this through a number of means — text messages, newsletters, email blasts, etc. Make sure to update residents about any changes in or around the property. When you keep them in the dark, residents will feel like they don’t matter to you, driving them away.
7. Establish a Sense of Community
Residents who grow attached to the community are less likely to leave. With that in mind, it is important that you build a sense of community for your residents.
After all, everyone wants to feel involved and like they belong.
You can accomplish this by holding community events like meet-and-greets, parties during the holidays, and other fun activities. Even just a simple get-together can make a difference.
This will allow residents to get to know each other and the property staff. When friendships form, residents are less likely to pack up and go.
8. Rarely Change Staff (If Possible)
Residents settle in when they feel comfortable with their surroundings, and that includes the people around them. Over time, residents develop a friendship or rapport with both the property manager and staff members.
As such, property management companies should refrain from changing around their staff as much as possible. Constant change will make residents feel uneasy, resulting in a lower resident retention rate.
9. Ask for Feedback
There is no better way to learn what residents are thinking than to ask them directly. Don’t be afraid to get their feedback. Constructive criticism will only serve to help you. Ask them about how they feel living on the property. Is there anything they feel uncomfortable with? Do they have any suggestions?
Consider dedicating a section of your online portal for feedback or ask residents for their input every month. It always helps to keep an open mind. Additionally, asking these questions will play to a previous point of making residents feel heard and appreciated.
Make an Effort to Keep Residents
Resident retention doesn’t have to be an uphill battle. As you can see, there are a number of ways you can increase your retention rate. All it takes is a bit of effort on your part.
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