Want Higher Rental Occupancy? BAM Outlines How to Improve Occupancy & Retention
High occupancy is the name of the game in the multifamily rental industry and it doesn't happen by accident. Your property management team can take ownership of both gaining and retaining tenants by following some sound strategies that we outline for you below. Your best rental property experience begins with having a solid property management team in place – so make putting together your dream team step number one. Then have your team take the following steps to improve occupancy rates at your property.
Make a Connection & Follow Up: Ensure that your team know how to connect with potential residents and convey the feeling of living in the community. Don't allow possible tenants to slip through the cracks and be sure to have plans in place for consistent follow-up. Try to make contact within a few days of the person visiting your property.
Make Use of Feedback: Offer residents a variety of ways to give you feedback by having online e-forms, easy-to-see contact information, as well as social media availability. Then take advantage of the concerns you'll hear. Your residents see the property from a different angle and have valuable insight into ways to improve the community. They'll also appreciate feeling like you are listening to (and meeting) their needs.
Increase Your Visibility: If you haven't updated your property's website or social media, freshen those up. It may not seem like a big deal, but most people check out everything from shoes to restaurants to apartments online before they ever visit – so make sure your online presence reflects your community. Staying current with photos and property happenings will ensure that your apartment community feels as vibrant as it is in reality.
Try Special Offers: Depending on your property, you might try utilizing a special offer or other incentive. You can post these on your property's web page and social media to reach a wider audience. Offers like move-in specials can help motivate tenants who are looking for both a good community and a bargain. Some properties even offer gift cards or other promotional items.
Create a Good Team: Your property management team is the backbone of your property. Ensure that everyone from the front desk to the maintenance department is on the same page with your culture as well as how tenants should be treated. Tenants who enjoy interacting with the property staff members will be more likely to re-sign their leases than those who feel like a face in the crowd. By being a part of their live-in community you'll help increase retention. Build a good team where everyone knows what is expected at your property and you'll both increase occupancy and retention through their efforts.
Rental occupancy isn't rocket science but it isn't always easy, either. By following some basic strategies and by relying on your property management team you should be able to improve both occupancy and retention at your properties.