Last modified on January 12th, 2016
By Elizabeth Millar
Resident Retention is a very important part of property management. Companies that work with apartment complexes know that there will always be residents who don’t stay long. Some of them just moved to the area, or they are looking for a house to buy. Others have a need to rent for a while, but that will change in the future. Still other renters may move from the area entirely. No matter what the reason, it’s not possible to keep every tenant forever. But there are many people who want to be long-term residents, and who will do so if they are treated right, are happy, and have what they need in their rental. How do you give them what they need so they in turn can give your property management company high lease renewal rates? Here are six simple tips for property managers to improve resident retention in 2016.
1.) Be Responsive
Ignoring residents isn’t going to help retain them. They need a property management company willing to listen to them and acknowledge their concerns. Even if the management company isn’t able to make a change for a resident, knowing that the resident had their voice heard may be enough to retain them. Property managers can also be responsive by answering phone calls and messages quickly and making sure maintenance requests are promptly taken care of, so residents will understand that they are important.
2.) Keep Residents Informed
Whether sending out a newsletter, using text messages, or finding other ways of providing information, be sure that residents are informed about anything that is being done in or around the property. The more residents are kept “in the loop,” the more comfortable they will feel with the management company. Residents want to know what’s happening in their home, and a steady stream of information gives them that awareness.
3.) Maintain the Property
A clean, well-kept property means happy residents who want to keep living there. When a management company works to maintain a property, residents understand that they will be able to live in a clean, safe, and comfortable environment for the long term. That reduces the chances that they will move and raises the property management company’s ability to retain them even if there are other concerns to be worked through.
4.) Keep Your Staff Consistent, When Possible
It’s not always possible to retain every employee, but the more a company can keep — and the longer they can keep them — the better off they will be when it comes to resident retention. Residents get used to the people who they see in their management office or around the grounds, and having too much turnover in employees can make the residents feel uneasy or uncomfortable.
5.) Embrace Technology to Boost Resident Retention
By letting residents text, leave messages, and contact the company through the website, there are more options for a resident to reach out and get any help or information they need. Optimizing the website for mobile can help, too, since so many people use mobile devices today. By embracing technology but also keeping older methods for residents who may not want change, residents know they have choices.
6.) Build a Sense of Community
A true sense of community can really keep residents around. If they feel like they belong in their apartment complex and they are friends with a lot of the people who live and work there, they’re much more likely to remain. Property management companies that build a sense of community will help themselves and their residents, so consider hosting meet and greet events for new residents or holiday parties to increase opportunities for interaction.
You might also enjoy:
Four Tips for Managing Renter Expectations
Tenant Conversations: How to Deliver Bad News Without Ruining the Day
Great tips! Keeping tenants happy is essential.