Property managements or residential apartments or hotels are often the go-between between landlords and residents/guests, and are likely, for all intents and purposes, the face of the property. The residents and guests look to the property manager for guidance and help when problems arise. Property managers play a huge part in the overall satisfaction and happiness that residents experience. When it comes down to it, property managers are largely responsible for the tenant retention rates of a particular residence. So, what are some simple ways that property managers can create a positive experience for residents, and retain residents when it comes time for lease renewal?
Create A Community
This is a vague starting point, which can be interpreted and expanded upon by a property manager to fit their property’s specific needs. The following are simple examples to start the creation of a “community feel”.
- One of the easiest things to do is to create a newsletter. Highlight events that are happening in the neighborhood, interesting places that should be checked out, and anything fun & thoughtful that you think residents (or guests) would like to read about.
- Planning activities is a more involved but highly effective way to get residents involved in their community. The events don’t have to be elaborate galas; simple get togethers will go a long way. Plan monthly wine and cheese parties in the communal spaces, schedule an annual yard sale for all residents (for apartment complexes), and/or have holiday parties during the major holidays. These little spaces for resident interaction help to foster a sense of belonging that residents won’t want to abandon.
Provide Renewal Bonuses (Apartment Specific)
Renewal bonuses will likely need to be reviewed and approved by the landlord, but it’s up to the property managers to determine what kind of incentives work best with their residents. Residents want to know that they are valued, and there are many gestures, big and small, that can reward resident loyalty.
- “Big Perks” are monetary perks like: Small discounts on rent, a reserved parking space (or a space in a paid lot), or free gym memberships to a gym in the area.
- “Small Perks” can be service based like: free cleaning service or a fresh coat of paint for the apartment.
The perks that you can offer will obviously depend on budgets and profitability, so work with the landlord to figure out a budget for these perks. Remember that it’s almost always cheaper to retain a good residents than it is to find new ones.
Maintain the Property
No resident or guest wants to move into a space and then have a sense of the “property going down hill”. It’s up to the property manager to keep both the grounds and the buildings themselves maintained.
- Find a great landscaper to keep the shrubbery, lawns, and plants healthy and vibrant.
- Make sure that garbage is maintained (hire cleaners, make sure there are ample trash receptacles around the property, etc).
- Keep the lobby and hallways clean (fresh paint, clean floors, etc)
- Hire security guards to instill a sense of safety for the residents.
While you won’t be able to prevent every instance of resident turnover, you can greatly reduce it by keeping the residents’ happiness in mind!