Residents can make or break your investment. The good news is that as an owner, you get to choose who lives at your property. Having a robust application and thorough vetting process will give you the best opportunity to attract the best residents.
Although that may seem like a daunting task, it is actually the easiest part of tenant management. But trust, rapport, appreciation and satisfaction are all to be earned and felt once residents have moved in. Once you attract a good resident, it is very costly to lose them. Here are few ways to show your appreciation and give them a reason to stay and re-sign a lease with you.
1. Respond Quickly
Residents truly care about responsiveness. When they have an issue or concern, they want to be heard. Delaying emails and phone calls back to residents will leave them irritated and upset. Even if you do not have an answer or solution, respond quickly so they know they are heard.
If you are managing a larger complex with third-party professional management on site, it is your duty to relay the importance of responsiveness and urgency. One easy way is to time track their responsiveness for online requests sent in.
2. Respect Your Tenants
Although you may own the apartment or complex, the unit they are leasing belongs to them throughout the lease. If maintenance has to be done in their unit, you can show them respect by providing plenty of notice. Emails, phone calls, texts and notices on the door are all easy ways to notify residents in advance. Want to make them really happy? Schedule maintenance or a routine check based on their schedule to make it as hassle-free as possible.
3. Be Faithful
Whatever you tell them, make sure you follow through with it. It sounds all too easy, but the reality is there are plenty of owners and management companies that pull a bait and switch. For example, a new resident tours your property, likes it, signs a lease and on move-in day realizes they have been given carpet instead of hardwood, a garden view and a smaller non-fenced backyard. Your soon-to-be resident moving in with a truck loaded with their belongings does not have much of an option but to settle in and start off with a poor taste in their mouth. If you promise something to a resident, be sure to follow through on it.
4. Go The Extra Mile
Taking care of your property not only makes it look nice, but also shows your residents that you appreciate them. One trick to keep your property in good shape is to offer a yearly, complimentary carpet cleaning. This keeps your carpet clean and increases your chances of not needing to replace it, which costs you money. But it also shows the residents that you care for them and the spaces they call home. On the exterior, one of the easiest ways to “wow” your residents is with good landscaping and upkeep.
5. Host Apartment Events
As summer approaches, think about throwing a barbecue for your residents. Apartment events that are themed with food, drinks and even giveaways are a fantastic way to show appreciation. They are also a great way for residents to meet their neighbors. When a resident knows their neighbors, they are much more likely to stay and renew their lease because of these formed relationships. These events can be very inexpensive to hold and can make a huge difference in resident retention.
It’s All About Resident Retention
As an apartment owner, one of the most expensive things you’ll think about is turnover. Taking a unit offline, cleaning it, repairing it, painting it, marketing it and losing rent during this time is very expensive. What we all can agree on is that rent typically goes up and very rarely comes down. If you start applying these resident appreciation ideas, it is likely that your residents will enjoy their time at your property and be more inclined to sign a new lease with you, even though they have received a bump in rent. Showing your residents respect, trust and appreciation always comes back tenfold to the owner.