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How to Drive Resident Retention

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Resident retention is always a hot topic in the multifamily housing space. These days landlords are always looking for cutting edge ideas to retain their resident base. Loyal tenants tend to pay on time and provide sustainable income, making the landlord want to ensure they continue their residency. The fact is, it is much more expensive and difficult to obtain a new tenant than retain the tenants you already have.

According to a recent article from NAA “For communities small and large, old and new, urban and suburban, the key to resident retention lies in the three C’s: Communication, connection and camaraderie.” Increased competition in the marketplace will make this topic more important than ever, but luckily technology is making these efforts much easier.

To start, communication is the key to happiness between landlord and resident. When residents are aware of their surroundings, less conflict occurs. Technology is making this much easier. Regular resident surveys, connection on social media, and resident portals for messaging and concierge services are all very valuable.

Secondly, making the residents living experience more emotional rather than transactional is the key to success. According to the recent article mentioned below “Hospitality-level service begins from the moment residents walk through the front door.” Once again, technology is making this much easier for landlords with a full workload. Certain technologies can remember birthdays, pet names, package preferences, and when the resident may be ready to renew.

Lastly, events are the last component to building camaraderie. The key to this is understanding your resident base and their potential interests, i.e., cooking, fitness, relaxation. Then the landlord and staff can build resident events based on what residents will like. Events like “breakfast on the go” or summer pool parties will make the connection to the building and staff much more emotional. These can be great factors on their decision upon renewal.

If a management company is successful with these “ 3 C’s” many more referrals can also be a great result as well! These efforts can in fact be seen as both a marketing and retention tool! Consider offering “bring-a-friend” to some of your resident events in order to engage people with your building and brand.

Sources:

https://www.naahq.org/news-publications/units/july-2018/article/driving-resident-retention-communication-connection