Assessing a long-term resident to stay put in your rental property can be a long-term task. Implement effective Apex resident retention strategies to draw sustainable residents that you can lean on to remain for a longer time. A small number of residents stay for the sense of community, others might stay for marked down costs come lease renewal time. Others might be allured by the awesome landscape or maintenance requests process being concluded expertly and precisely by a property management company.
Despite the reasons residents might stay or go, landlords and property managers should take into account the move out costs associated with allowing your property to become unoccupied. This cost can be hefty and cost you the profit you would have gained if you had retained the resident or had a program in place to replace the resident quickly. Having established Apex resident retention strategies can help you have a close relationship with your residents. For example, if one of your residents was considering a move, they would trust you and let you know of their plans. Knowing this information beforehand can give you significantly more time on finding a replacement.
In the number of Apex resident retention strategies, the first you want to actualize is to rightfully catch on what your residents want. Some property managers are surprised to hear when residents have unkind or opposing things to say about them. This can arise for a number of reasons. One of these reasons is your lack of communication with the resident. Residents want to be heard. While customer service is a major component of meeting the resident’s needs, property managers tend to not focus on what really matters when talking with the residents. Some property managers might have resentment towards such phone calls or interactions as it adds more work to an already busy day. However, what property managers should understand is customer service is the most important part of the day.
Customer Service can be a wide topic. Apex resident retention strategies consist of diving profoundly into what your customer service experience alludes to for your residents. Substantially, customer service shouldn’t be viewed as a task. It is an interaction and relationship building step. An effective open communication relationship will not happen overnight. From the time your resident signs your rental property lease, you are engaging in a constant testing phase with your resident. Residents will test you to see what your communication style is, your updating process, how quick you will respond to requests, and how open you are: where you can either be strict with your job procedures, or relaxed and open to conversation. Some residents can be busy and unable to take phone calls. Consider sending texts or simple reminders about things rather than accumulating everything into one random long phone call.
Listen and Take Action
Apex residents want to be noticed. Whether their side of the story is true or not, there is a cause that they are reaching out to you. Hear them out with whatever they have to say. A resident will feel validated when you give them time to voice their opinions. Listening, as in any relationship shows that you care more about just getting the job done and showing them that you care about them as a person. Avoiding saying, “no, we can’t do that” or starting out your sentences or responses with “no”. Always provide a solution or alternative to go along with their ideas even if your solution will cost the resident money or not be exactly what the resident feels is right or has in mind as the solution.
Complete In a Timely Fashion
Residents move towards having a higher admiration when service requests are resolved punctually and efficiently. Even if you do the job right and to their preferences, if it takes several months to do it, they may still hold resentment towards you. When you finish tasks in a quick and timely fashion, your Apex residents will trust you more as a property manager. Take time out of your busy schedule to quickly perform the task. You will find that even taking ten-minutes to give proper attention to a service request asked for not too long ago, will go a long way in keeping your resident around lease after the lease.
A sound resident retention strategy boils down to concerned listening and timeliness in completing service requests. Conjure up all the possibilities that you can beget as you focus more on the relationship component with your residents. Interested in learning more? Contact us online or call us directly at 919-827-1107 today!
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