This post was originally written by Kerry Sugrue, former Social Media Specialist at Apartments.com.
According to a recent study done by SatisFacts, move-out costs are estimated to average around $3,900. When presented with figures like that, you have to think what can we do differently so our residents choose to renew their lease instead of leave. You may be surprised to find that 54% of residents choose not to renew their lease based on controllable reasons such as poor customer service and lack of responsiveness. You can find simple, inexpensive fixes to reconcile these issues and keep your residents coming back.
Ashley Halligan of Software Advice, recently wrote an article about resident retention strategies, featuring an interview with Doug Miller, President of SatisFacts. Ashley collected thoughts from property managers and retention research experts to present three strategies to increase resident retention. She suggests starting with customer service, focusing on value, offering innovative perks and, in the end, keeping it simple. You can read Ashley’s entire article here.
Are you revamping your resident retention strategy for 2012? We’d love to hear what changes you have in store.
This was a great suggestion. Every property manager should be thinking about ways to improve their retention rate, and customer satisfaction definitely makes the top of the list. Recently, we’ve started using RealPage’s property management systems and we’ve gotten great feedback from our residents. They are now able to pay rent online and we are able to nurture relationships with residents using this platform. Every property manager should have a retention strategy and find tools to help them reach their goals. This post was great advice! thanks!