investing in resident retention

Savvy property managers know that retaining residents equates to money earned. By keeping your existing residents, you’ll avoid the expenses of long-term vacancies — and multiple months of lost rent payments. Undoubtedly, there’s always room for improvement. From applying a fresh coat of paint to investing in a smart property access solution, focusing on resident satisfaction will always lead to increased loyalty and higher resident retention.

So, how do you retain residents in 2022 and beyond?

Here are four ways that property managers can boost resident retention in 2022 and beyond:

  1. Enhance communication with residents
  2. Create a sense of community
  3. Invest in property maintenance
  4. Adopt new technology

 

1. Enhance communication with residents

One of the most crucial elements of retaining residents in 2022 is maintaining communication with them.

Being responsive to your residents’ concerns shows respect and courtesy, two essential aspects of excellent customer service. It’s also important to keep your tenants up to date on any new information regarding safety protocols or local mandates.

 

Here are a few ways property managers can improve communication with residents:

  • Ask for feedback often: Requesting resident feedback gives you the opportunity to improve and shows residents you care. Ask for feedback frequently, such as when a new resident moves in or after completing a service request. Then, even if a resident does move out beyond your control, at least they’ll have great things to say about your company.
  • Maintain a positive attitude in your communications. Every property manager knows that sometimes you simply can’t accommodate a resident’s request. But even in these instances, communicate with residents using friendly, positive language — and be sincere.
  • Provide residents with helpful resources. For example, did the building’s garbage collection policy just change? Be sure to email the update to your residents and post printed copies in areas where they will be seen. There’s nothing more frustrating to a resident than taking out the trash only to find that collection day has changed from Tuesday to Thursday.

Now is the time to focus on creating a healthier relationship between property management, building staff, and residents. You want your residents to not just think of your building as a place they live, but as a home they’re invested in. Creating these positive interactions will cut down on time spent resolving conflicts while bolstering your relationship with tenants.

 

retain residents with communication

 

2. Create a sense of community

After spending 2020 and much of 2021 cooped up, many residents crave regular social interaction and activities. Residents may look toward their neighbors to socialize and establish community — and that’s where you come in. Host community events so that your residents can get to know each other and feel at home.

Here are some ideas for community-building activities:

  • Host social events such as happy hours
  • Hire professionals to offer classes, like cooking classes and fitness programs
  • Create weekly newsletters and online discussion boards where you can share community news, events, and other important information
  • Cater lunch or dinner for residents by ordering food delivery to the apartment or hiring a food truck

These methods will foster a positive community culture. They’ll also open up communication lines between property managers and residents.

Pro tip: Creating a sense of community is vital at any apartment building, but especially at horizontal multifamily properties. At a horizontal multi-tenant property, residents are more physically separated from each other, making it harder to get to know neighbors. Hosting fun resident events can help bring them together and create a sense of belonging.

 

food truck event to boost resident retention

 

3. Invest in property maintenance

With many Americans working from home, more of your residents are on the premises during the day than ever before. Having more residents around during business hours can make it difficult to tackle large projects around the property without disturbing anyone.

Before 2020 and the COVID-19 pandemic, most residents would be out during the day, allowing property managers to take care of projects without disturbing the entire community. But in 2020, we saw a majority of companies mandating work-from-home orders — and this trend is continuing in 2022. To adapt to this challenge, you must make efforts to minimize the side-effects of both large- and small-scale projects.

 

Large-scale maintenance projects

If you’re investing in any big projects that require ongoing (and potentially disruptive) work, be sure to communicate with your residents early and often. Let them know about future projects far ahead of time. Send out details regarding the scope and timeline of upcoming projects to limit surprise disruptions and resident frustration.

This shows two things:

  1. First, that you care about residents’ living experience.
  2. Second, that your management team puts forth the effort to improve the property for residents.

 

invest in property maintenance for resident retention

 

Small-scale maintenance projects

Large projects aside, regular building maintenance is also a critical factor in getting more lease renewals. Taking care of problems quickly, hiring professional landscapers and cleaners, and showing tenants that you’re invested in keeping the property safe, clean, and modern goes a long way in solidifying positive relationships.

 

4. Adopt new technology

These days, technology touches everything we do — so it’s no surprise that modern residents seek tech-powered apartment amenities. Investing in property technology (proptech) will simplify your residents’ lives and significantly impact their decision to stay as long-term tenants.

Some of the most worthwhile proptech solutions include:

  • Smart video intercoms are a simple and affordable way to facilitate safer and more convenient property access. A video intercom is a great starting point when adding technology to your building
  • Smart locks on each unit door as a more convenient alternative to locks with physical keys.
  • Package rooms, which use technology to provide seamless access to couriers and serve as a secure space to store deliveries.
  • Smart thermostats so that residents can adjust the temperature and conserve energy even when they aren’t home.

When selecting proptech systems to invest in, be sure to choose products that integrate with each other. The more your tech-powered systems ‘talk’ to each other, the easier they will be to use. And the easier they are to use, the more your residents will embrace and adopt them.

 

Watch how ButterflyMX works:

 

Investing in technology can help you boost resident retention by:

  • Ensuring maximum security. Residents’ preferences are changing — safety is now their top priority. Technology like a video intercom can make your property more secure by providing an audit trail of door access events and letting residents see who’s at the door before letting them in.
  • Delivering a simple access experience. This means residents enjoy a seamless experience accessing the building, navigating amenity spaces, and entering their homes. Residents will never want to leave a building with this level of comfort and convenience.
  • Protecting residents’ health. In light of COVID-19, residents seek clean, health-conscious buildings. Proptech enables contactless and touchless entry, which will give residents peace of mind as they exit and enter the apartment.

 

Invest a little to improve resident retention

Keeping your tenants happy and reducing the frequency of move-ins and move-outs will save you money and create a long-lasting sense of community. Residents who see your multifamily building as a home — not just an apartment — are far more likely to resign year after year.

When you combine communication, respect, amenities, and technology, you’ll see increased resident retention rates in no time.

 

Amenity to Necessity

 

Johanna Gruber

Author

Johanna Gruber

Based in Los Angeles, I enjoy learning and writing about the real estate industry, and exploring how proptech can help people live and work better.

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