While it’s always important to manage your lead pipeline and reach out to prospects, it’s also critical to establish a strategy for retaining your current residents. The average rate of residency has been found to be only two years, but the cost of a non-renewal is between $2,500 and $5,000 based on the time and cost to lease a property. Therefore, the longer a resident stays at a community, the better it typically is for your bottom line.
How can you best increase resident satisfaction and boost your retention rate?
Residents want to feel at home in your community, so reaching out to them in multiple ways is key:
Schedule evening and weekend availability for staff on a regular basis to answer resident questions and perform general maintenance.
While interactions between residents and property management are important, residents might also want to meet their neighbors. Property events provide a great way for your residents to interact on a casual, friendly basis. These events can be based on input from the aforementioned resident surveys or from the knowledge your team has about your residents’ preferences.
You can further develop a sense of community by:
These strategies may take some extra time and effort for property managers, but retention of satisfied residents year after year is good for your budget. Plus, you may attract a fresh group of prospects who are attracted to the positive community that you have maintained.