The costs of searching for and screening new tenants far exceeds the costs associated with keeping your current tenants happy. Missteps with your residents could lead to a high turnover rate and even result in your properties being vacant more than filled. If you want to lower your turnover rate and increase your retention rates, here are some tips to use.
Keep Open Communications With Residents
When your residents are left feeling like they have no idea what is going on with their house or apartment, they are less likely to stay for a long period of time. However, if you have an open line of communications with the residents, they know that you are receptive to discussing any concerns that you have.
There are several ways you can improve communications with residents. For instance, you could send out a monthly newsletter detailing upcoming maintenance, activities, and other points of interests to tenants.
You could also host a town hall with the residents on a semi-annual basis. Residents could openly discuss concerns with you, and you have a chance to address them in a manner that keeps them all informed.
Focus on Keeping Regular Staff in Place
Your staff is in place to help with managing your properties and to serve as your representative to the residents. When your staff is constantly being changed out, your residents do not have the chance to build up the trust with the staff that is often needed to ensure that all of their needs are being addressed.
A simple way to solve this issue is to contract with a property management service. A community manager can be assigned to handle your property, and all of your residents' needs will be met. In addition to this, the manager will ensure that maintenance is properly done and help with other issues, such as collecting rent and processing evictions, if necessary.
Plan Monthly Events
You want your residents to feel appreciated. One way to accomplish this is by holding monthly events for your residents. They do not have to be lavish or expensive events.
For instance, you could hold a bingo night just for the children. You could host a movie night for residents who are couples. Once a year, you could offer a big prize in a raffle around the end-of-year holidays.
Working to improve your resident retention rates takes time and effort, but it can financially pay off. Work with your community manager to find other ways to keep your residents happy.Share
27 February 2017
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.