Maintaining high levels of resident retention is key to success in property management. A strong resident retention rate ensures a steady income and enhances its reputation.
But, you already know that! The reality is, maintaining resident retention can be challenging, especially during a fluctuating economy. So, if you are one of the many struggling with this, we have some key strategies you can start implementing today to help maintain your resident retention.
- Focus on Resident Relationships
- Build Community Spirit
- Be Pet-Friendly
- Adopt Smart Technology
- Ask for Feedback
- Go the Extra Mile
- Take Care of Yourself
1. Focus on Resident Relationships
One of the easiest ways to maintain resident retention is by cultivating strong connections with your residents. One of the best ways to start building relationships is by getting to know each resident individually.
Take the time to learn their names, ask questions about their lives and show genuine interest in what they say. This will help them feel seen and valued, which can go a long way toward building trust.
Of course, only some residents will appreciate connection as much as another. Use your intuition when talking to each resident. They may appreciate a check-in text or to be invited to community events.
The important thing to remember when building relationships is not every resident will be the same. So, determine what amount and type of connection will bring the most value to each resident.
2. Build Community Spirit
Similar to building unique relationships with the residents, building a strong community spirit. Fostering a strong community spirit is one of the best ways to ensure your residents stay happy, engaged and ultimately satisfied with their living experience.
You can create a variety of fun activities that encourage the residents to spend time together. Invite them to social events such as movie or game nights in the apartment community. These activities allow people to get to know each other in a casual setting where everyone feels comfortable interacting and having fun.
Online communities, such as Facebook or WhatsApp groups, are also an excellent and easy way to build community spirit. Within these groups, your residents can get to know each other online and start planning events amongst each other.
Online groups are also an excellent tool for remote workers. If remote workers have a place to work together within their community, they’ll establish connections with other residents, encouraging them to stay longer.
3. Be Pet-Friendly
Pet-friendly buildings can be a great way for property managers to attract and retain tenants, especially the 78% of pet owners that acquired pets during the pandemic. As many people consider their pets to be family members, they often look for rental properties that accommodate their furry friends.
Offering pet-friendly policies can give a property manager a competitive edge in attracting these tenants. Additionally, allowing tenants to have pets can increase tenant loyalty and reduce turnover, which can help save time and money in finding new tenants.
However, property managers should ensure that their pet policies are well thought out and communicated to tenants. This can include guidelines for pet behavior and size restrictions and rules for pet waste cleanup and damage deposits.
By carefully managing pet policies, property managers can ensure that their pet-friendly buildings are safe, clean, and enjoyable for all tenants, both human and furry.
4. Adopt Smart Technology
“A smart home is equipped with network-connected products (aka “smart products,” connected via Wi-Fi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment.”
Many apartment buildings are adopting this technology and attracting residents who appreciate the convenience of futuristic technology that saves energy and costs.
Property managers will benefit from lower operational expenses, save time and protect the property against security risks.
5. Ask for Feedback
Asking your residents for feedback regularly shows your residents that you care about their experience while also highlighting areas you can improve as a property manager.
You can send your residents a quick feedback survey to their emails and even offer incentives for filling them out. For example, being added to a community draw for an Amazon gift card. Make the feedback surveys regular, allowing your residents to address any issues.
6. Go the Extra Mile
All residents will expect to have a property manager, but having a property manager they like is even better. The key to maintaining resident retention is going the extra mile to make your residents feel valued.
A few ways you can do this are:
- Give cards out for birthdays, holidays or just to say thanks for being a great resident
- Have a whiteboard in the lobby or elevator and announce new residents and move-in day milestones
- Shout out residents in social or community groups
- Provide a move-in basket
- Give out renewal incentives such as discounts or gifts
7. Take Care of Yourself
Lastly, being a mindful property manager can make all the difference in your resident retention. Being a property manager can be stressful and if you take care of yourself first, you’ll have more capacity to handle the pressure of your community.
Joining online or local property management communities can also be a great way to receive support and advice for the demands of your job. An outlet to express your concerns will create more mental space to continue being an excellent property manager.
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