It costs less to retain current tenants than it does to attract new ones. Showing your residents that you appreciate their loyalty is an essential part of your real estate investment business.

Word-of-mouth marketing is required for long-term success. It is the most credible and persuasive forms of advertising. You do not get recommendations from current residents by meeting their expectations; you must go beyond the norm to provide tenant experiences that will inspire them to talk about you. That might require a customer service makeover.

Here are some great ideas for resident retention that you can implement today.

Be proactive about quality assurance

With modern technology handling more customer service tasks these days, people dread having to make maintenance requests and are already feeling frustrated before they even contact building management. While some of the major corporations can get by with unhappy customers, you cannot afford to ignore complaints.

Be proactive by conducting more frequent inspections of both the interior and exterior. This anticipatory service strategy eliminates many problems before they occur.

Increase communication

Communication builds relationships, and relationships with your residents develop into trust. That relationship of trust increases the level of commitment they have toward you.

You want to establish regular opportunities for dialogue between building management and tenants. Use these times to provide useful information and highlight what you’re doing for them. Thanks to these frequent friendly communications initiated by you, on the rare occasions that your tenants do have a concern, they will be more at ease contacting someone familiar and it will feel less like of a complaint for them.

Train your staff properly

Regardless of their position, interpersonal skills are important for every member of your staff. Each contractor and employee represents your company.

Have you ever had an interaction with a store employee who was obviously just going through motions? Those small experiences leave a lasting impression and can affect a tenant’s decision to renew their lease or look elsewhere. Reiterate to your staff that resident retention is vital to their income.

Little things matter

The key to happiness in life is appreciating the small things.

Finding enjoyment in the seemingly mundane aspects of our daily lives can enhance our mental well being beyond measure. The same is true of small creative gestures that add up to many pleasant moments for your tenants. It can be something like an occasional continental breakfast in a common area, something special on their birthdays, or you personally handing out free coffee as they head out to begin their day.

The key to resident retention is that you are constantly thinking of how you can enhance the experience of living in one of your properties.

Related Articles

Early Warning Signs Your Property Manager Has Lost Control

How to Attract and Keep Happy Residents

Multifamily Tenant Retention Strategies

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Theresa Bradley-Banta writes about investing in real estate while avoiding the pitfalls that plague many new investors. She is a 2017 PropTech Top 100 Influencer and winner of 14 American and International real estate awards for her website and real estate investing programs. As featured on: The Equifax Finance Blog, AOL’s Daily Finance, Scotsman Guide, The Best Real Estate Investing Advice Ever Show, Stevie Awards Blog, Rental Housing Journal, and Investors Beat among others.

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