10 Ways To Keep Your Renters Longer by Manuel Lopez
Reducing resident turnover for your property requires a combination of different factors that begin with the basic rules of good customer service. Landlords must cultivate within themselves and their staff a set of behaviors carried out during communication with residents that demonstrate their appreciation. Landlords must consistently exceed their residents' expectations day in and day out. Residents need to notice that the staff is committed to:
A- addressing their wants and needs
B-showing concern for them as valued customers.
Below are a few methods that can assist in reducing resident turnover. A successful plan employs many different nuances that can be as obvious as a neon sign or as subtle as a smile.
10 Ways To Keep Your Renters Longer
1. Thank you for moving in...break out the welcome wagon.
Human nature values the experience of the first impression and being welcomed. When a person experiences a pleasant move-in, chances are that this initial experience will weigh heavily in future interaction. Many landlords give chocolates, cookies, flowers or other small gifts of appreciation.
2. Holiday best wishes
Holidays are times in our calendar that people associate with appreciation of certain events. They are days of leisure time away from work devoted to rest or pleasure. People associate these days with a common good will and shared positive reception. When property managers acknowledge and celebrate these days, they reinforce the image of their rental as being a home. This association creates the sense of community, which aids in creating a kinship among residents.
3. Parties
For larger communities, throwing parties are great way to inspire community with residents and foster the atmosphere for building solid staff-resident relationships. These events are effective because residents can forge new friendships from the social interaction. Parties can also be a great way to encourage new resident referrals. Usually, the best parties take good planning to ensure that they don't conflict with other events and residents' schedules. They can either be thrown onsite or at a restaurant or nightclub. Good parties include entertainment, prizes and food, all of which attract residents and staff. Residents should be formally invited with a written invitation followed by an email. Signs and mentions on the newsletter and website should be constant to remind and promote the party. Staff, vendors and residents should be encouraged to bring friends to increase attendance and word-of-mouth renter referrals.
4. Arrange for discounts from local businesses.
Many landlords arrange for discounts and coupons for their residents from local merchants and businesses. These businesses also have a vested interest in keeping the resident in the community. They also want to create shopping habits and are eager in assisting landlords with their resident retention programs. These coupons can be printed out or delivered via the website.
5. Internet access
Many landlords are beginning to offer free Internet for their residents. This extra amenity increases the perceived value of the rental and is used quite often. Many landlords ask that the resident set their homepage to the property's website.
6. Remember names
A simple, inexpensive and effective way to keep your residents is to simply remember their names. This lets a resident know that you value them. When you meet a new resident, say his or her name to yourself again. If you have forgotten it, talk to the person again and ask for the name. Write down the new name three times while picturing the person's face; do this as soon as possible after move in. Writing down new names is generally a very successful memorizing technique that doesn't require a lot of work. To help memory, check out a book about employing mnemonic strategies.
7. Monthly drawing for a gift
Many landlords and property managers conduct a monthly drawing for a gift as another form of appreciation. Some gift ideas include flowers, fruit baskets, dinner for two or movie passes. Many use the website to convey the drawing information. This encourages website use and sense of community.
8. Free use of office fax machine
This is a simple amenity that facilitates the lives of residents. This convenience is inexpensive and is much appreciated.
9. Birthday present and card
Everybody always appreciates someone remembering his or her birthday. Nothing cements a relationship like paying attention to the little personal details like a birthday.
10. Thrift or Garage sales
This is also an event for larger communities. This event is also used to forge friendships and promote goodwill among residents. This kind of event helps people get rid of some of their clutter but is great for socializing.
If a landlord is experiencing a high turnover and is willing to develop a resident retention plan, patience must be the first quality to develop. While change does not happen quickly, attention to the details of the needs and wants of residents is a means to increase retention. Landlords must focus on providing comfortable, affordable, and residential communities where the personal growth of residents are encouraged and supported. Following simple rules of good customer service and promoting good will are the first steps to a winning formula.
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