Welcome the New Year and the Same Tenants: Tips for Retention in the Year Ahead
As 2017 prepares to come a close, looking at the year ahead is an excellent time to investigate ways to improve tenant retention in the multifamily apartment community. As a diligent property management company, BAM knows a thing or two about keeping our tenants happy and re-signing their leases. We compiled a list of practical basics that will ensure happy tenants and avoid turnover for a happier new year.
1. Build a strong team: A team that keeps things running smoothly is vital. Find talented, successful key members and build a strong team that works well together. As our founder and CEO, Ivan Barratt, said recently in a podcast (insert link here), be willing to pay a little more for quality team members because it pays off in the long run!
2. Be responsive: You want tenants to know that their voices are heard and their needs will be met. Remember the old rule of thumb - that while a happy customer may only tell one or two people about his/her experience, an unhappy customer will tell many more. In the day and age of social media, that unhappy customer has a megaphone! It's in your best interest as well as your tenant's, to ensure that you respond promptly and effectively to any concerns.
3. Property upkeep: No one wants to return home at the end of a hard day to untrimmed landscaping, an overgrown lawn, or parking lot in disrepair...which includes your tenants. Make sure that you create a welcoming atmosphere by maintaining the property, including: appealing landscaping, brightly lit and modern parking facilities, attractive interiors and exteriors. By keeping the property in great shape, you'll not only retain the tenants you have but you'll also attract new residents.
4. Provide Communication: Ensure that tenants feel well-informed through a variety of means, so if they miss a newsletter they can easily find the same information on your Facebook page. Maintaining several social media accounts with relevant updates is a quick and easy way to keep residents up-to-date with current events going on in their community.
5. Create a Sense of Community: Most people would rather re-sign a lease for an apartment where they feel some sense of belonging than where they feel like a face in the crowd. Get to know tenants, offer social opportunities throughout the year, and make team members available to create a feeling of welcome and belonging. Tenants who form friendships and get to know their neighbors and management team are far more likely to stay than those who don't. Make your community one you'd want to join.
By investing time in the right people, and creating a welcoming and well-functioning community, you'll enjoy higher tenant retention and lower turnover in the new year. These are simple steps to developing the type of property that will both attract and retain quality tenants year after year and strategies that will only improve your multifamily community in the coming year.