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#1 Most Important TIP for Apartment Resident Retention

#1 Most Important TIP for Apartment Resident Retention

With so many choices available, the price competitiveness of the market, and concessions still a tool that lots of apartment communities still use to entice renters, the best way to control vacancy loss is to close that back door – retain your existing residents. What’s the most important thing you can do to increase resident retention and lower your resident turnover?

Here’s my #1 most important tip I can give you regarding your resident retention plan: RESPECT your residents and genuinely APPRECIATE their business. OK, so maybe that’s 2 tips – just consider it my two-for-one tip deal!

The reality is, no matter what the rent is, whether its $500.00/month, or $5000.00 a month, its likely the BIGGEST check your resident writes every month. Find ways to let your residents know you respect and appreciate them as residents of your apartment community! If you can find ways to show them you respect and appreciate them as residents, the higher your likelihood of turning them into life-long residents!

This may sound like an easy no-brainer, but the reality is, it is so easy to forget – it is something you have to work actively to remember and practice.

When I work on affordable communities, I am always amazed at the amount of complaining I hear in the site staff – they can’t identify with the residents – they find it hard to believe that anyone would live at ABC DUMP apartments, they complain about how small the units are, and its common for me to hear, “I could NEVER live in a place like this!” They frown upon the community of hard working adults – the same community that pays their paycheck! This kind of attitude rubs off, and can be felt by your residents.

My 17 year old son, Alex, recently bought his first car. He had been working and saving up for the past 3 years and had saved up $6000.00. To a cars salesman, $6000.00 is probably one of the smaller deals that he can land in a week. But, to my son Alex, he wasn’t thinking, “Gosh, I’m going to buy the cheapest, crappiest card I can find on the lot,” he was thinking, “I am going to find the best looking, biggest value I can find!”

No one intends to be cheap or settle for anything less than the best – its whatever they can comfortably afford.

Another way to look at this: If you were to go into a retail store month after month and write them a check for the same amount as you typically spend on your monthly rent – how would that store treat you?

Whether you are in the Nordstrom’s shoe department income bracket, or the PAYLESS Shoes store income bracket, I am willing to bet the sales person who helps you out every month will learn to love and appreciate your business.  How would they do this? I’m also willing to bet they would know your name, know your preferences, make it convenient and easy for you to shop at their store, accommodate your needs, and thank you each and every time you make a purchase.

In our industry, we are so used to getting a monthly rent check from our residents, its so easy and convenient to forget to do simple things like remember everyone’s name, be helpful, find ways to make it convenient for your residents to live in your apartment community, make it easy for them to LIVE at your apartment community, or even say THANK YOU every month! – At times, I see the exact opposite behavior in our community offices – our residents walk in, and we ask them to wait, we look up – irritated that they interrupted the time we had set aside to do paperwork, they tell us about a leaky faucet – and we ask them to call a designated number for service requests, we charge for such easy conveniences as faxes and holding packages, we receive the rent check in a drop box, and never say THANK YOU – we do everything to practically show them the door out.

Is this how you want to be treated when you are writing the biggest check you can possibly afford to write every month? Would you continue to live there?

How do you show your residents how much you respect and appreciate their business?

Daisy Nguyen is owner and CEO of RENT SODA, a consulting company offering apartment marketing, business & operations consulting and apartment industry training.

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This comment was minimized by the moderator on the site

Daisy, you hit the proverbial nail on the head with this post and struck a cord that is near and dear to my heart. This is the biggest check our residents write every month and we do need to say thank you more often. Thanks for sharing and reminding us how important it is to keep our residents happy and how a little respect goes a long way. Just think of how much money it takes to replace that resident...

  Alison Voyvodich
This comment was minimized by the moderator on the site

Alison: THANKS! It's such an easy thing to forget - especially since we make it so easy. There's a rent drop box, people can send in a check. Sometimes, we never even see them until its time to renew - and then its too late to say thank you!

And thanks for the tweet!

-Daisy

  Daisy Nguyen
This comment was minimized by the moderator on the site

Thank You Daisy! This was awesome, I'm printing it now to share with everyone. I just thought of something fun to do to show residents that we appreciate them...have a resident appreciation day. The day is dedicated to appreciating our residents for being our residents.

Jolene Sopalski
Assitant Manager
Finlay Management,LLC

  Jolene Sopalski
This comment was minimized by the moderator on the site

Jolene: Thanks for taking the time to comment & share! Your residents will LOVE being appreciated!

-Daisy

  Daisy Nguyen
This comment was minimized by the moderator on the site

Daisy! Love this! Great analogy that illustrates something that's OH SO TRUE!

  Mary Gwyn
This comment was minimized by the moderator on the site

Dear Daisy,
One could not have spoken more true words. We, all too often, get caught up in the hustle and bustle of a busy enviroment. We must NEVER take for granted the valueable residents who make our jobs and life worthwhile. One must make it a point to NEVER EVER bee so busy we don't show our appreciation for them every chance we get. We don't only represent our company but ourselves and our reputation as a person and part of the staff that we sold them to intice them into becoming part of our "FAMILY" as a part of our community. Thanks for sharring!
Tim

  Tim
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I don't know about you guys but when you work for a big Corporation, appreciation? this doesn't exist and residents become just another dollar bill. It is sad but that is the way it goes.

  Carlos
This comment was minimized by the moderator on the site

Carlos: I'm sorry to hear that! I think it depends on the corporation. I have worked with big corporations, and sometimes I see exactly what you are talking about, and other times, they DO understand that appreciation is an edge that they need.

That's the great thing about appreciation & respect - anyone, big or small, can implement it in the way we treat our customers. Whether you are a small piece of a large corporation of work at a small mom and pop shop, appreciation & respect can go a LONG way!

Good luck!

  Daisy Nguyen

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