It’s safe to say that the multifamily industry faced some unprecedented changes and challenges in 2020. Now, in 2021, property managers are tasked with adapting to a new reality and finding new ways to keep residents content.
Investing in resident satisfaction is always worthwhile because it leads to increased loyalty and lower turnover. We all know that keeping existing residents helps avoid the cost of vacancies and lost rent — but how can property managers retain residents?
Here are three ways you can better retain residents this year:
With so much uncertainty within the last year, it’s vital that you maintain open and positive communication with your residents.
To improve communication with your residents, try these tips:
It’s never a bad time to invest in the relationship between property management and residents, but now it’s more crucial than ever. Maintaining stellar communication is just one way to help your residents see your building not just as a place to live, but as their home.
After a year of quarantining, social distancing, and working from home, people are craving the normalcy of socializing before COVID-19. We’re not back to normal quite yet, but you can still make efforts to facilitate and foster a community. You might not be able to host a large, in-person group event, but there’s still plenty you can do to bring your residents together.
Here are some ideas:
Residents don’t resign leases because of flashy amenities like pools and gyms — they resign leases when they feel at home in their apartments. One way to make your building feel like home is to ensure ultimate safety and convenience. And property technology (proptech) is the best way to deliver those features.
Some proptech solutions worth investing in include:
Proptech works wonders in retaining residents because it makes your building safe while creating a series of conveniences as residents navigate from the front door to their apartments. When residents are accustomed to opening the front door from their smartphone, unlocking their apartment door without a key, and enjoying other technological conveniences, they’ll never want to leave.
If you want to reduce resident turnover at your property, take these steps to invest in your residents’ experience. Not only will you save money by reducing vacancies, but you’ll enjoy the endless benefits of cultivating a thriving, well-connected community.