The apartment industry is on an upward growth with hundreds of new units coming to the market every week. With this new growth, it is becoming increasingly important for properties to focus on resident retention. Keeping residents happy is one of the most challenging tasks for any property manager—and it goes beyond just marketing.
Take a look at these three tips to help improve your lease renewals so your tenants don’t jump ship to your competition.
1.Stand out from the Crowd
We all know that first impressions matter, and the same holds true in the leasing world. Ninety percent of renters are likely to begin their housing search online, and if you don’t have website, you’re already missing out on many Millennials and Gen Xers who will look for you here first. Your chances of exposure also increase substantially if your website is mobile friendly, as 40% of renters utilize some sort of mobile device to conduct their apartment searches online. A quality, responsive website is not only ideal for exposure, but will help boost retention rates as well.
2. Create an Open Line of Communication
When the time comes, residents want to be heard—and if they’re not, they’ll likely opt out of signing on the dotted line when it comes time to renew. To avoid the scenario, create a strategy for responding to concerns or complaints in a timely manner (no longer than 48 hours) and provide all information to residents upfront. This includes the maintenance request process, general feedback methods and leasing office phone numbers and emails. Train your staff to handle feedback, both positive and negative, and set mandatory parameters for these responses—be it a maintenance request or agent call. In addition to responding to concerns, it will also be beneficial for you to actively collect feedback as well. Surveys are great tools for collecting opinions and shows your residents that you are willing and open to hear their concerns and will likely make efforts to fix them. In addition, you’ll benefit by learning which issues are most important to them and what they value most about the community. Ensuring your staff is responsive to your tenants’ needs and being open to feedback will not only help build trust, but increase retention as well.
3. Do your Part
Impressing your residents doesn’t just stop on move-in day. For starters, your residents should experience a well-maintained and clean property at all times. If you offered a specific set of amenities upon move-in, make sure that you follow through. If Internet is included in the rent, ensure that it is speedy and meets their needs, as cheaper may not always be better. And if a morning coffee bar just happened to be one of your draws, you’ll want to always ensure that fresh supplies are out and available daily. Though these types of things may seem miniscule, they’ll go a long way in the eyes of your renter.
Rentbot can Help.
As you deploy your resident retention strategies, make sure that your website is first on the list. There’s no need to miss out on residents solely because you lack a virtual presence. With Rentbot as your partner, you’ll have a gorgeously designed website right at your fingertips in a matter of days. With features like online maintenance requests and contact forms, you’ll be able to create that open line of communication your resident prefers, making you the apple of their eye. Not to mention, each Rentbot site is mobile friendly so that Millennials and Generation Xers alike can view your property on most any device. Raise your renter retention, secure more leases and produce more qualified leads with Rentbot!
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.