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3 Easy Ways to Retain Residents in 2021

 

retain residents for multifamily property managers

 

 

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:

  1. Enhance communication with residents
  2. Create a sense of community
  3. Adopt new technology

 

1. Enhance communication with residents

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:

  1. Always ask for feedback. Not only does asking for feedback give you tangible ways to improve, but it also shows residents that you genuinely care.
  2. Stay positive. Even when you have to deliver bad news or deny a resident’s request, use friendly and positive language. A positive attitude goes a long way.
  3. Keep residents updated on your building’s latest COVID-19 policies. Whether your amenity spaces have reopened or you’ve updated your sanitation measures, send out a quick message to let residents know. These ongoing updates will provide some much-needed peace of mind.

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.

 

2. Establish community

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:

  • Host a virtual happy hour or community chat over Zoom
  • Treat your residents to a catered meal — you can either order food delivery or hire a food truck
  • Hire experts to host virtual classes, like fitness or cooking classes
  • Send out a weekly newsletter
  • Use an app to set up a virtual bulletin board where staff and residents can share news and events or just chat

 

3. Adopt new technology

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:

  • Smart video intercoms, which enable safe and convenient smartphone-based property access
  • Smart locks on unit doors, which eliminate cumbersome physical keys and let residents open their apartment doors with a smartphone or PIN code
  • Package rooms as a place for couriers to safely leave packages — and free property staff from the hassle of organizing all those deliveries!
  • Smart thermostats, which conserves energy because residents can set and adjust temperatures from their smartphones.

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. 

 

Resident retention is worth the investment

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.

 

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