Enter your email address for weekly access to top multifamily blogs!

Property Management Minutes

Thoughts and Observations on Marketing, Leasing, Maintenance and Property Management Operations

Could A Thank You Every Day, Keep The Move Outs Away?


How often are residents thanked for the choice to live at our community?  Demonstrating resident appreciation in the smallest ways, can have surprising and rewarding returns.

Most choices for housing involve long-term commitments, buying a house or a condo, requires a mortgage. Individuals who rent can make a change in an instant.  Granted breaking a lease has financial consequences. However, an unsatisfied resident has the ability to make a change with little notice and limited financial implications.

Acknowledge Resident Loyalty

Thank youTaking the time to acknowledge the length of time a resident has lived at a property demonstrates an awareness about the resident household.  When we thank them for their continued loyalty, it can reinforce that commitment.

Over the top efforts demonstrating customer service secure publicity and industry comparisons, but simple acts of appreciation, offered with sincerity hold more value than crazy promotions.

Creating Resident Appreciation

Generally speaking, the staff at a property doesn’t have much contact with a resident after move in.  It’s usually limited to lease renewal, late rent notices and requests for maintenance. Taking the time to ensure every contact ends on a positive note will build a stronger relationship with a resident.

Offering the comment, “Thank you for choosing our property for your home,” can go a long way in building this relationship.

80/20 Rule

The on site team at an apartment community often has anecdotal stories about demanding residents.  For most communities, the 80/20 rule typifies our residents.  Twenty percent of the residents use 80% of the staff resources. The remaining 80%, the individuals who pay their rent on time, renew without negotiating, take great care of their apartment home, and generally abide by the community policy and procedures; are largely ignored during the time they occupy their apartment home.

Offering appreciation when the opportunity presents itself, or creating resident appreciation events can build a customer service atmosphere at a property.

Many receipts or monthly statements, include the phrase, “we appreciate your business,” how could this be incorporated into daily business practice?

Include this phrase:
-On rent receipts
-Handwritten with the response for a service request
-Train staff to acknowledge resident tenancy during conversations and communications; such as lease renewals.

Residents often believe they are nothing more than an apartment number, or an account on a ledger. Insuring residents the staff is aware of the individual choice and ongoing commitment will have an influence on renewal decisions, or building the attitude where a resident wants to encourage friends and family to consider your property when looking for an apartment home.

What can you do today to thank a resident for choosing to live at your apartment community?

 
Rate this blog entry:
0
 

People in this conversation

Leave your comments

  • John King

    Lori good point. Yes some gratefulness could help the retention. It will not lower your retention percentage. All the best.

  • This is so important, Lori! You are absolutely right that way too many residents have almost zero interaction with the office, and then even at renewal, many times the office just sends a letter with their new rental rate! We really need to have a better system to track resident interactions to see if we are having periodic positive resident touch points before we try to ask them for a rent increase.

We all know that great resident retention depends largely on factors like timely maintenance response, friendly staff, unique amenities and beautiful curb appeal. But how much thought is given to the importance of social connectedness relative to resident satisfaction and renewal rates? There is a great deal of evidence of late on the impact of being socially connected (or not) on physical health and psychological well-being. You can read an outstanding article on the subject citing several rel...
Senior housing apartments are becoming a major consideration for apartment owners. With 10,000 baby boomers or more reaching the age of 65 daily, the senior housing market is big business. While American families are scaling up and opting for bigger houses in the suburbs, seniors are looking to scale down into something that’s easier to take care of and maneuver around. If you decide to take the plunge into the world of senior housing, what can you do, with respect to renovations, to make your ...
It's no secret our maintenance teams are one of the key reasons residents renew their lease. Repairs (especially those that were not completed) are one of the most common topics on ratings and review sites. We can tell our maintenance teams to work smarter and faster until we're blue in the face, but that's not going to change things. Before real improvement can take place, we have to stop setting up our maintenance teams to fail! Wait! We're What? Maintenance teams rely on the information tha...