Resident Retention: 5 Tips and Tricks to Retain Residents

time to read article4 minutes

article date Oct 08, 2021

When it comes to property management, resident retention is significant. However, the role of a property manager is highly complex, as most property managers tend to wear many hats. On multiple occasions, a property manager’s role can be extremely diverse and overwhelming. It includes coming up with enticing offers for residents to move into managing their maintenance and other issues relevant to real estate.

According to Magellan Solutions, nearly 68% of the tenants have stated bad customer service as the biggest reason to leave a place. Considering that the property manager must take up different roles to serve the community, they can get so busy that they can start neglecting the residents.

What is Resident Retention?

A basic resident retention definition means the initiative made by property managers or landlords to reduce the turnover rate of tenants. Regardless of the reason, one cannot keep a tenant forever. But a majority of people aspire to be long-term and green residents if treated fairly. It is all about keeping the clients happy and meeting their expectations when it comes to rental needs.

5 Tips to Retain Tenants

It is essential to develop different resident retention ideas that entice and appeal to your tenants. In majority cases, the privileges, perks, or incentives you offer will be relatively lesser than the expenses incurred on a vacant property.

Let’s have a look at how you can improve apartment resident retention.

1. Efficient Package Management Software

Property managers or landlords do not prioritize it, but it is essential to have efficient mailroom management to deal with package problems in the age of online shopping.

When you are managing a large multifamily property, handling parcels manually is easier said than done! From not being informed about package delivery to parcels being misplaced or stolen – manual handling creates a lot of issues for both property managers and tenants.

This is where Mailroom by PackageX comes in – an efficient mailroom management software to resolve your package woes. Now, you do not have to worry about receiving dozens of parcels a day. With Mailroom by PackageX, you get to notify your tenants about delivered parcels. The software sends out automated notifications and reminders, so no parcels are left unpicked. You can inform them about their parcels via email or a text message.

Such mail management software also creates a digital delivery log that ensures only the designated person picks up the package. This reduces the chances of losing a parcel as you can always track the parcel if it’s picked by someone else (intentionally or unintentionally).

All in all, you are paving way towards digitalizing your mail management. Recipients have the option to hold, forward, or destroy their mail with just one tap. Efficient mailroom management is critical to retain your residents and reduce the turnover rate.

2. Keep Your Residents Up to Date

Regardless of your preferred mode of communication, make sure that your residents are well aware of any changes that are being done to the property or its vicinity. You can use a newsletter, text message, or any other way of disbursing information to your residents.

The more you keep your residents in the loop, the happier they will be with the management service. Most residents want to know about things happening around them, a steady flow of information suffices this need.

3. Maintain the Property

While this may seem obvious, maintaining, clean and well-kept property means happy tenants who wouldn’t want to jump ships. When a property management service works in harmony to maintain and ensure the cleanliness of a property, the residents dwell in a clean, comfortable and safe environment for a longer tenure.

This means they are less likely to move out or look for other options and increases the probability of the management company retaining their tenants despite other issues.

4. Know What Amenities Tenants Want

As a landlord, it is essential to know what things entice today’s tenants. To better understand the market gap, learn about the different amenities you can offer to your tenants to make their stay comfortable—for instance, open floor plans, outdoor space, swimming pool, high-speed internet, etc.

For today's tenants, lifestyle offerings play an important decision while choosing any property to stay or leave. While you may just own the building, but for a tenant, it is their home. Look for ways to make your property homely yet tailoring an elite and luxurious lifestyle.

Start considering the different features tenants care about the most to encourage them to stay for longer durations. Your incentives will serve as a motivation to renew the lease. For instance, if your property is near a university, your tenant may be looking for a bike rack or quite shared study rooms. Similarly, you could opt for other upgrades like a hardwood floor, central air conditioning, electronic appliance, etc., to give your property a homely feel.

5. Understand Your Duties as a Credible Landlord

As a landlord, you need to understand that your good demeanor, humility, and empathetic approach will take you a long way. Your tenants are likely to stay with you for more extended periods if you are a cooperative individual.

You need to respond to queries on time, and you are easily approachable to your tenants. Encourage open communications so that there are fewer misunderstandings. Your primary goal is to foster a better tenant-landlord relationship. Your courtesy and respectful attitude will make your tenants comfortable with the unit.

For instance, if you have to make any repairs, try to schedule your workers when the tenants are at work so that their peace is not hampered. All in all, the cozier the household, the lesser the probability of a good tenant to leave. Furthermore, a positive attitude will set the benchmark for you how you’d want to be treated in return, which will make it more likely that your tenants will respect you and your property.

Conclusion

As a property manager or landlord, you need to create an environment that gives good and positive vibes. Mailroom management is just one aspect that makes it easier for tenants to stay organized. The best way is to keep in touch with them always. You can expect a higher retention rate if you fulfill their needs and resolve issues at the earliest. From implementing efficient mailroom management to addressing the problems at their earliest, these are some of the many tips you can apply to retain your tenants.

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