Did you know that studies have shown that a satisfied customer will tell 2-3 people about their experience? While a dissatisfied customer will share their story with 8-10, and some say even as high as 20. Resident retention is key if you want your current residents renewing at high renewal rates. We all know turnover is a huge expense and that vacancy loss can eat at your bottom line. Here are 5 ways you can boost resident retention.
1 | AMENITIES PACKAGE
Do you have extra office space that you don’t know what to do with or you can live without? Do you constantly have new residents coming into the office asking where the gym is? How about turning that unused office space into a gym – or maybe even a business center. If your community is pet friendly, have you thought of a pet grooming room or a small fenced-in area for your residents to enjoy?
2 | KEEPING COMMON AREAS CLEAN
One of the easiest ways to run off your best residents is with unsightly grounds. Nobody wants to pay top-of-market rent to live somewhere dirty. It’s a simple as making sure trash is picked up on a regular basis and landscaping is kept tidy.
3 | EMBRACE TECHNOLOGY
A lot of management software systems allow you to send electronic documents which can be signed and counter-signed within minutes. Going paperless not only reduces office clutter but it also helps the environment. Some of these systems can allow you to send and receive text messages directly to and from your residents. Did you know there are apps out there that make it so easy for your residents to contact your office staff and even submit maintenance requests. All the resident has to do is download the app. This can cut-down your turnaround time for maintenance requests.
4 | FEEDBACK
Ask for feedback every chance you get. If you’re consistently seeking feedback, you’re able to learn what your residents like and dislike, which allows you to constantly improve. This information can be extremely helpful in building your business. Asking their opinion can make your residents feel important and involved. Ultimately, this will lead to a better customer experience, better business and boost resident retention.
5 | RESIDENT SOCIALS
Build a sense of community – a sense of belonging. One of the best ways to do that is through resident socials and resident appreciation programs. If residents feel a sense of belonging and are friends with their neighbors, and office staff, they’re likely to stay long-term. Consider hosting get togethers around the holidays, a seasonal barbecue, or an occasional game night.
Also, think outside the box with bringing in local businesses to share their products or teach classes. There is a great deal of fun ideas out there to encourage resident interaction. It’s all about creating a community that residents would find hard to leave!
These simple additions can set you apart from your competitors, and in today’s hot rental market residents are looking for extras that can set you apart from the property down the street. Retaining your current residents is just as important as attracting new ones.
If you’d like to discuss ways you can keep residents happy while increasing revenue, contact me directly at 972.532.6126 or email@example.com
About the author:
Nicholas Brown is an Associate Director with Greystone | Investment Sales Group in Dallas, TX. If you want to learn more about our Off-Market Opportunities, Multi-Family Listings, Land Sale Listings, Property Valuations, Debt Platform, or meet for coffee to exchange value-add ideas, contact our office:
Greystone Investment Sales Group
6320 LBJ Freeway, Suite 228, Dallas, TX, 75240