Last modified on September 11th, 2018
By Elizabeth Millar
What do renters really want? As property managers and other real estate professionals look for solutions to boost closing and retention rates, this question comes up all the time. Most industry experts agree that authentic, personalized customer service ranks high on the list. Happy customers who feel valued are more likely to stay in a relationship.
Considering that about 60 percent of renters move in planning to relocate within the next 12 months, “wowing” them at the closing is a great first step toward increasing retention rates. What else do renters want that your team isn’t giving them?
Ask Renters About Their Needs And Expectations
Did you know that research shows only 25 percent of apartment seekers who view a property are asked to sign the lease? If your leasing team isn’t confident they are offering a best-fit rental home for a prospect, why should the renter be motivated to take the next step? When you ask what amenities and community characteristics are most important – in-unit laundry equipment, pet-friendly policies, high-end appliances – they will tell you. Ask your current residents what they like most about their current living arrangement and what improvements would convince them to renew the lease when the time comes.
Provide Communication Options That Complement Renters Lifestyles
When surveying your current residents, make sure to use their preferred communication method. Does your team ask new residents if they prefer paper, email, text, or tenant portal notices and updates as part of the welcome home interview? You should.
Keep your survey simple. A form that is easy to fill out, and anonymous, will usually generate more returns, and more accurate responses.
Creating a pre-move-in questionnaire and a follow-up in a couple of months, allows you to identify ways your property is meeting renter expectations, and discover clues for improving community experiences. Consider these questions as a starting point for survey design.
- Which on-site amenities are your favorites?
- What could property managers add, change or remove to make the property feel more like home?
- Do you feel valued and appreciated by the customer service team and policies?
- How would you rate overall safety and security within the community?
- Is the maintenance staff responsive and efficient?
Now That You Know What Renters Want …
Are you ready to respond? While 13 percent of Americans don’t have smartphones, the other 87 percent use their devices to manage daily life. Deploying modern, state-of-the-art property management software that responds to the thirst for instant gratification – like an instant confirmation the rent payment is being processed through the tenant portal – will simplify everything they do.
Be bold. Ask your tenants and prospects what they want and need. Modern property management software should enable you to send surveys directly to your renters and easily track responses. Make sure your technology enhances customer service with online maintenance requests, streamlined, efficient communication and tools that make it easier for your team to focus on developing superior customer service strategies to boost retention rates.
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