5 Simple Ways to Boost Resident Retention in the New Year

Keeping residents satisfied and improving resident retention is an immensely important part of property management. Although many residents leave the area entirely or look for a house to buy when their lease expires, there is still a substantial amount of residents who want to be long-term renters. By treating residents properly and keeping them satisfied, you can highly increase lease renewal rates. Discover 5 simple ways for property managers to increase resident retention in 2018.

1. Embrace Technology

As society becomes increasingly dependent on technology and rapid responses, property managers must adapt to technology's growing prevalence. Allow residents to text, leave messages, and contact property managers through your website. Consider optimizing your property management website for mobile, since most residents contact property managers through cellular devices. By adapting to technology while still offering older methods for residents who don't desire change, you will give your residents both flexibility and options.

2. Keep Your Staff Consistent

It's not always possible to retain every employee, however property management companies which maintain a robust staff tend to draw higher retention rates. Residents become comfortable with property managers, and excess change can cause discomfort and confusion. When residents feel confident about their property manager, their entire living experience will improve.

3. Keep Properties Exceptionally Maintained

Residents are more likely to renew their lease when their rental is exceptionally maintained and sparkling clean. When property managers apply increased effort into maintaining rental properties, residents feel confident they are living in a safe, clean, and comfortable environment. Producing a beautiful and safeguarded place to live increases the property management's chances to retain long-term residents.

4. Be Responsive

Residents expect rapid responses to issues, and desire a property management company willing to assist them instantaneously and address their concerns. Even if a property management company is unable to make a requested change for a resident, giving them respect and acknowledging their concerns will increase chances of higher resident retention rates. Property managers should be responsive by quickly answering phone calls and messages, and ensuring maintenance requests are quickly handled.

5. Keep Residents Updated

Ensure residents are always informed about any property maintenance or construction being done in or around the property. Send out newsletters, emails, and text messages, to keep residents properly informed and up-to-date. When residents are consistently informed about important changes or property construction, they will feel more comfortable and at ease in their living environment.