Resident retention is an important consideration for managers of multi-family properties. It takes quite a bit of salesmanship and effort to bring in new customers. It is much easier to keep your residents happy and give them reason to stay.
Your residents will develop good memories of their new homes after they move into them. There are ways to capitalize on this idea. You can start a time capsule each year for all the tenants. It could be a box or other container to hold all the residents’ memories.
You could have them put in their own opinions of what was most important about the year. They could put in the best media of the year-DVD’s, CD’s, books, or anything else. You could incorporate advertisements from new businesses in the area.
Photos or other types of visual media showing residents can be put in the time capsule, too. You can have the residents put in surveys listing their favorite items. All this will help with resident retention, because the residents will be excited when the time capsule is opened.
This fosters a sense of community. Another idea to do the same thing revolves around the swimming pool. Many people like to get together and sit around the pool to talk. Make this situation available by making the area around the pool larger. Also, add more seating.
Helps with resident retention to have resident portals by which residents can connect up by internet to the property’s office. This way they can take care of any business that comes up. Have people always available to answer the phones. If this is done around the clock, the residents will feel that their needs are being met.
It is also good to have maintenance people available at times when people are at home. Resident retention goes up when people do not have to sit at home and wait for a technician to make a repair. They also do not want someone coming into their home when they are gone. This makes them more at ease.
Gifts can help with resident retention. A resident might not stay solely for a gift, but it could be the tipping point. One idea is to give year-long subscriptions to NetFlix when the residents sign up for another year. This interests most people.
What is more, it keeps them happier within their homes while they live at your property for another year. This might mean you have resident retention at least partially accomplished for the next year, too.
Anything you can do during the year the resident has leased for to encourage them to stay is wonderful. Your personal attention to the resident is of utmost importance. Making the community come together helps everyone feel a part of things. This, too, brings residents a feeling of home. This is a boon to resident retention. After all, you do not want to leave your home.
Resident retention is indeed an important subject. Try to bring some imagination to the way you treat your residents. Find ways to give them reasons to make your property their permanent home.
David Lindahl, also known as the "Apartment King" has been successfully investing in single-family homes and apartments for the 15 last years. He has rehabbed over 820 houses and currently owns over 7,232 apartment units. He is the author of three best selling books. Dave Lindahl is a regular guest speaker at CT REIA. Go here for the current list of upcoming real estate investing seminars in Connecticut.
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