Professional property managers such as Martin Feinberg spend a good deal of time looking for ways to boost tenant retention rates. Understanding what renters really want is one way to keep renters happy, and most studies show that what they want is authentic, personalized customer service. Happy tenants who feel respected and valued are more likely to stay in their units long-term and long-term tenants mean more profit for rental property owners and less hassle for property managers.
Studies show that 60% of renters are already planning on relocating with the next 12 months as they are moving in to a new unit. Paying attention to what a renter wants on the day they are moving in is one way to help increase the length of time the renter will stay.
Here are three things property managers should consider at closing to help increase tenant retention:
Ask Renters About Their Needs And Expectations
If a leasing team is willing to ask tenants what amenities and community characteristics are most important to them—from in-unit laundry equipment to high-end appliances—tenants will answer. Property managers should ask current residents what they like most about their current living arrangement as well as what improvements would convince them to renew the lease when the time comes.
Provide Communication Options That Complement Renters’ Lifestyles
Property managers should understand which communication options their tenants prefer. Leasing teams can ask new residents if they prefer paper, email, text, or tenant portal notices and updates as part of the welcome home interview. This can help convince tenants to stay when the time comes to consider extending a lease.
If a property manager has tenants who were never asked about their preferred communication options, a simple tenant survey can quickly get the job done. Using a form that is easy to fill out and anonymous will usually generate more returns, and more accurate responses.
Creating a pre-move-in questionnaire, and using a follow-up questionnaire for when the tenant has been living in the unit for a couple of months, can help property managers to identify ways a property is meeting renter expectations. They can also help managers find ways to improve community experiences.
Once You Know What Renters Want, Act
When property managers understand what their tenants and perspective tenants want, they should be prepared to respond.
Take survey results seriously and track responses. Utilize technology to enhance customer service by using online maintenance requests and streamline efficient communication. This will make it easier for everyone on the team to focus on developing good customer service strategies. And good customer service is very likely to boost retention rates.
