Maintaining high resident retention is one of the best things a property manager can do. It is to the huge advantage of tenants, property management clients, and the manager, who won’t have to go through the trouble of filling vacancies. Use some of these resident retention ideas to make sure your rental properties are filled with satisfied tenants.
Host Community Events
One of the best ways that a property manager can improve tenant retention is through community events. Giving your tenants the opportunity to meet each other and become friends will go a long way towards keeping them happy. Tenants are also less likely to leave if they feel like they’re part of the local community.
These sorts of resident retention events can include things like movie nights or Christmas celebrations. Whatever sort of event is feasible for you would be a great idea to get your tenants together!
Receive Feedback — and Listen to It
Openness to feedback is a hallmark of good property management. Consider ways in which you could give your tenants the chance to provide honest feedback, in an accessible and easy way. This could include a suggestion box in a public area within the rental property, or otherwise through an online portal. More importantly: listen to the feedback! Your tenants may be bringing up issues that would otherwise not occur to you, and so an open space for feedback will allow you to take care of all their needs. If residents feel that you have their best interest in mind, your resident retention will skyrocket.
Give Your Tenants Move-In Gifts
First impressions can be hugely important. If the first thing your tenants find upon entering their apartment is a nice customary gift, you can guarantee they’ll immediately develop a positive image of the rental property and you. This can include a bottle of wine, a tasteful bouquet of flowers, or an artisanal food item, to provide a few examples. These don’t have to be expensive by any means, just a gesture of appreciation which will build a resonating positive image. Happy tenants stick around, and making sure they’re satisfied from Day 1 will go a long way to great resident retention. Consider resident retention gifts as a great way to keep your tenants happy.
Be Responsive
Staying on top of your tenants’ needs in a time-efficient manner will have a hugely positive impact on your bottom line. You should make every effort to streamline the communication process, whether that’s via phone call, text message, or social media. Ease of communication means that residents will feel they’re taken care of, and this undoubtedly translates into a high occupancy rate! Timely responses to requests by residents is an important part of being a property manager, and excelling at it will be to the benefit of everyone!
Related: 8 Characteristics of Top Property Managers
Streamline Maintenance Requests
Maintenance requests are a pain on both the tenants and the property manager. But nevertheless, taking care of them is crucial for everyone involved. In order to reduce the associated headache, you should look into tools that can simplify the process. There are a number of property management tools that can assist with this and add a lot of efficiency to the process.
Celebrate Birthdays and Anniversaries
Small gestures on a tenant’s birthday or anniversary could go a very long way to making them feel cared for. These types of gestures will have a huge impact on creating a friendly relationship with tenants. Consider giving them small gifts, or personalized birthday cards, or integrating them into the community event schedule. Plus, you can keep track of all residents’ birthdays through their official documentation provided with the lease agreement. Resident retention can easily be boosted by enhancing this sense of community and maintaining a friendly dynamic.
Provide Regular Maintenance
Above all else, resident retention will be high if your residential rental property is well maintained. Nobody wants to live in a property with glaring issues, or where the public spaces are poorly cared for. Making sure that your rental property is constantly in top shape goes a long way to resident satisfaction. This is especially true if you intend to instate a rent increase at any point, which will not be well-received if the property is in need of repair. Rental property maintenance should, therefore, be taken very seriously.
Related: The Ultimate Guide to Rental Property Maintenance
Create Recreational Common Areas
If your budget permits, consider creating public spaces and amenities for your residents. These can include facilities like a small playground for children, or an on-site gym. Consider bringing up this topic with the property owner, emphasizing the highly positive effect it can have on resident retention. If you’re after long-term residents, this is definitely a great way to keep them around and satisfied for years to come.
Design Your Lobby with Tenants in Mind
Residents need to go through the lobby every time they enter and exit the rental property. You should, therefore, consider making this space functional, to the benefit of tenants. For example, installing a coffee vending machine would be hugely helpful to anyone leaving in a rush — not to mention it could provide a source of income. Another simple addition could include seating areas, which allow residents to wait for their taxi or guest comfortably. Overall, this would pose a moderate cost, but have a huge impact on satisfaction, and therefore resident retention.
Related: 5 Design Principles for Every Rental Property
Make It Easy to Renew a Lease
Providing an option to renew leases electronically is to the huge advantage of both the tenants and the property manager. Foremost, this gives the tenant an electronic copy of the lease agreement, which they can review at their convenience. As well, consider giving the option to provide an electronic signature, which will be significantly easier for renters. Don’t be afraid to embrace real estate technology, and provide easier options for renters whenever possible.
Bottom Line
Managing rental properties is difficult enough without the need to fill vacancies. Maintaining great resident retention is therefore to the definite advantage of everyone involved, and should be one of your top priorities. Plus, boasting great numbers on this front will be a huge win for your property management company. This is a fantastic piece of information to market which could bring in many new clients.