Easy Ideas for Resident Retention
Resident retention is a vital part of property management. While there will always be some tenants that are only looking for a place to live for six months or a year before moving to a new city or buying a home, there are others who could be long-term renters. However, if the property management company isn’t providing the tenants with what they need, there is a good chance that they will start looking for a new place to live as soon as the lease is up.
The following ideas are methods that property managers can work to keep more residents in their properties.
Keep the Property Maintained
A clean and well-kept property will keep tenants happy. While the residents are responsible for keeping the property clean, property management companies help to ensure that the property is safe and the plumbing, electrical, and other elements in the home are working properly. Having maintenance professionals that can respond to emergencies quickly is more likely to ensure the residents are happy and will continue with another lease.
You should also consider making updates to the property when the time arises. This might mean changing out the carpeting, painting, or bringing in new appliances. Doing this will ensure that the apartment or home is in good shape for your current tenants. They will appreciate this and will be more agreeable when you have to eventually raise the rent.
Be Responsive
When tenants have questions or concerns about the unit, property managers need to be responsive. The calls should be returned as soon as possible, and the emails should be answered within a day of receiving them. If tenants have issues, such as the maintenance problems mentioned above, they want help immediately. Failure to provide them with that help will mean they are more likely to start looking for another home. Be sure the tenants have multiple means of contacting your property management team.
Keep the Tenants Informed
You should make sure that your tenants know whenever something will be happening with the property. Whether it is pest control, repaving the parking lot, putting in security cameras, etc., they need to be made aware. Keep the residents in the loop. You can do this in several ways. Emails, text messages, and even a newsletter if you are managing a multifamily unit or an apartment building can work well.
Utilize Technology
You need to have a quality website with a tenant portal that will make it easy for the residents to contact your company. You will also want to consider offering online payments for rent if you don’t already have them in place. This is easier for you and the tenants.
These are some of the best things your property management company can do as a means to keep your tenants for the long-term. It will keep them happier and it will reduce turnover. This means less time with vacant properties and less time and money spent on finding new tenants.
Resources: https://www.multifamilyinsiders.com/35-myblog/property-management/206-117
https://www.appfolio.com/blog/the-6-best-ways-to-improve-resident-retention-in-the-new-year/
