Have you ever wondered how some properties that are in less than perfect condition somehow have excellent resident retention? The reason for that is simple: Resident retention starts with stigma rejection. Too often residents feel as though they were only important to the leasing agent until they signed the dotted line. After that, they are frequently treated as debtors with no right to complain or voice concerns.
If this sounds familiar to you as a property management professional, read on and improve your resident retention!
- Every renter is the most important renter! This doesn’t mean that you need to send champagne and caviar to everyone. It’s usually the little things, even the free things, that residents appreciate most. For example, look up the names of the surrounding neighbors that you will be showing a unit to that day. Everyone feels important when someone they rarely see knows their name.
- Take complaints like a champ, it’s your job! Being annoyed by a complaining resident is only going to annoy the renter further, thus they will complain more. To make your resident happy, and your day easier, be understanding about their complaints and do not get defensive! Most people could care less about the excuse, even if it’s a good one. Just fix it if you can, and be honest and empathetic if you can’t.
- Keep everyone informed of the market. If you have a newsletter, be sure to include the latest real estate market trends in your area. Not every renter will be concerned about this information, but this will go a long way with the few that do.
- Simply beautiful property. You don’t have to break the budget on beautifying the property. Fresh cut grass and trash free walkways go a long way even with the pickiest of tenants.
- Get rid of the dead weight. Replace any unsatisfactory affiliates such as bad landscapers or maintenance employees. They are far easier to replace than a resident or several residents.
By now, if you’ve been honest with yourself, you’ve probably identified at least one area to improve upon. No matter the condition of the property you’re working at, you now know that each resident is to be treated like gold. Your residents will feel like owners with the simplest of gestures. Make sure that professionalism extends far beyond that signed dotted line.
