The Secret to Resident Retention

Last modified on February 20th, 2018

Today’s property managers are finding out that good customer service is no longer cutting it. Renters and consumers of all types expect amazing customer service. Especially if – like renters – they are expected to keep coming back. The market requires property managers to dish out nothing short of a stellar customer experience. It should be no surprise that resident retention goes hand-in-hand with the experience a property manager provides. Perhaps it’s time for some self-reflection. Are your renters happy with your management style?

How Does Your Service Stack Up?

Do you know what your renters want, or do you think you know? There’s a big difference. Unless you’ve been surveying your current renters, you might be very surprised to hear what many are saying. One of the top three complaints about a bad customer service interaction with a property manager is that issues took too long to resolve. On the flip side, do you have any idea what one of the top reasons for great customer service is? You probably guessed right; it’s that their issue was resolved quickly.

One Maintenance Issue Can Be the Last Straw

Issues can take a long time to resolve. Perhaps as a property manager, you have to clarify details, and gather that data over various calls, voicemails, and hard-copy letters delivered to the renter. Missed calls and mailed letters just add to this extended period of time between the issue being brought to your attention and the completion of the fix. It’s during this timeline that emotions start to run high, and you can deliver a poor experience even though you are doing all you can to remedy the issue. Tightening up that timeline can be critical for resident retention. You may be one leaky faucet from losing a great renter!

Open Lines of Communication Are Key

How are you communicating with your renters and owners? Efficient communication can have a huge effect on streamlining the maintenance process. If your property management software is set up to send emails as well as texts, you’re already ahead of the game. People screen and ignore calls all the time, but a text from their property manager that more information is required on their maintenance request will definitely get their attention and have them reaching out to you!

Great Service Goes a Long Way With Resident Retention

Offering a stellar customer experience should be one of your main drivers. When you treat renters right, they love doing business with you and become promoters through something called “Loyalty Economics.” You’ll see your renters stay put for longer and recommend your properties to their friends and family as well.

For more on retaining great renters, check out our guide, Resident Retention Starts With You: 4 Keys to Happier Renters.

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