Prevent Resident Turnover with These 4 Strategies
Finding and keeping a good resident is one of the biggest goals of a property manager or owner. Not only is having great residents who stick around for the long haul less of a nuisance, but it's also better for profits, too.
The opposite is also true; having to deal with a constant exodus of residents and actively market your property to continually fill the voids in your complex can eat into your profits and waste a lot of your precious time. Finding new residents involves a lot of marketing, repairs, prepping the place for new occupants, screening applicants, and drafting new leases.
As a property manager, one of the most important responsibilities is to make sure that your community retains its residents for the long haul.
What can you do to help minimize resident turnover in your property?
1. Be Flexible With Changes That Can Be Made to the Unit
Many property managers are very strict when it comes to the types of adjustments that residents can make to their units when they are on a lease. Painting the front door, making holes in the walls to mount artwork and televisions, and planting new shrubs and flowers will likely need to be agreed to by the property manager before residents can make any changes.
For some, having such restrictions is no big deal. For others, however, this could be a dealbreaker. To help retain good residents, allow for a little more wiggle room when it comes to adjustments that can be made on the property. Many of them may be a good thing for your property and can actually add some value.
2. Keep the Property in Good Shape
One of the most common complaints that residents have when it comes to their property is lack of maintenance. Residents expect their property to be kept in good shape, and rightfully so. They're paying rent diligently every month and deserve to live in a place that is respectable.
If a repair is warranted, fix the problem in a timely manner. Keep on top of issues before they become major problems. Maintain the property so it's comfortable and aesthetically appealing. Make any necessary upgrades to make sure your property is up-to-date. Always be available when the occupants of your complex have a concern; they'll appreciate it.
3. Establish a Good Rapport With Residents
Residents want to know that management cares about their well-being. They also want to know that they are heard whenever they have a concern or problem.
Having an approachable attitude and open relationship with occupants can go a long way in ensuring that residents are happy and encouraging them to stick around for the long haul.
4. Offer Premium Services
A great way to impress residents and even encourage them to pay a little more in rent is to offer luxury services that they may not expect or find elsewhere in other communities. For instance, premium laundry services on-site that allow residents to drop off their laundry and pick it up when it's ready are sure to be a hit.
Being able to take advantage of 24/7 dry cleaning is something that just about every occupant would likely love to have at their disposal. Not only can on-site premium laundry services help to retain residents, but they can also help to minimize the amount of work you have to do to maintain a laundry facility and may even help you save money.