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Your Residents Want to Stay-An easy approach to resident retention

As I begin to write this blog about effective resident retention I am reminded of the Tracy Chapman song, “Give me one reason”. I’ve referenced some of the lyrics below.

 

Give me one reason to stay here
And I'll turn right back around
Give me one reason to stay here
And I'll turn right back around
Because I don't want leave you lonely
But you got to make me change my mind

 

While we all know that she’s speaking in terms of a loving and intimate relationship I think it’s safe to say that we can easily apply this to the apartment industry and lease renewal time. What if leasing managers always remembered that nine times out of ten their residents actually wanted to stay?!

 

We here at Resident Keepers believe strongly in the power of thoughts, intentions and plans and this is definitely a scenario where positive thinking, setting intentions to reclose the deal and having a strategic plan to do so come in handy.

 

I’d like to challenge you to adopt and maintain the mindset that your residents want to stay and that they are depending on you to constantly give them reasons to. This does not only apply to those that have yet to turn in their notices but those that have already turned them in as well. Notice that Tracy said, “And I’ll turn right back around.” This is an indication that she was clearly on her way out the door.

 

An ongoing retention plan is an essential piece of your business and should always be a point of focus.

While we could go into specific details and action items I think it’s important to simply remember that your residents don’t want to have to go through the hassle of moving and sometimes it just takes someone taking the time to remind them of all of the inconveniences that they will have to deal with and all of the extra money that they will spend if they were to choose to move.

 

When this way of thinking is standard throughout your company you won’t have any worries about increasing rent at lease renewal time which should be a daily practice for your property.

 

This simple shift in thinking and approach can give you an instant boost in resident retention.

 

Written by:

Talisa Lavarry

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This comment was minimized by the moderator on the site

Well said.
Also a good time to review the Resident's Service History. Is there an "Open" Service Request that is driving them to move. Have they had reoccurring Service Requests for an item that can be rectified, or replaced. Perhaps their carpet could use a little cleaning.
Many times the reason your Resident is moving is because of a lack of service. After they are gone, the Service Issue remains. Why not repair it before they leave?

  Jeff Thomas
This comment was minimized by the moderator on the site

Great post and comments! On the latest post, outstanding maintenance issues have a dramatic relationship with satisfaction. While we can show you the relationship graphically...common sense says you don't want your resident dissatisfied or upset when they get their lease renewal/rent increase letter! Work order follow up is such a critical, but oftentimes overlooked, best practice. The good news...it just requires a re-focusing of attention on what really matters most to customers...like the quality and performance of the product they are paying for.

  Doug Miller
This comment was minimized by the moderator on the site

Thank Gentlemen. Agreed. I'm writing an article now about the importance of ongoing relation with your residents and placing a focus on retention from day one.

  Talisa Lavarry

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