What Can You Do About A High Resident Turnover Rate?

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Resident retention is one of the biggest challenges that you will face if you own a multifamily property. If your property has a low retention rate, your earning potential can drop dramatically. Here are some ways you can improve your resident retention and keep your tenants happy.  

Honor Your Commitments

One of the biggest mistakes you can make is to promise to do something for your tenants and not follow through. Regardless of how insignificant the task might be, whether or not you can keep your word matters to your tenants. Whenever a tenant makes a request, set a deadline for completing the task and ensure that it is done.  

If circumstances prevent you from keeping your commitment, contact the tenant as soon as possible to offer an apology, explain the delay, and set a new deadline for completing the project. By keeping the tenants informed and involved, you can increase the probability that your residents will stay.  

Turn Your Apartments Into a Home

Your tenants want more than just an apartment. They want to feel as if they have a home. You can improve retention by catering to that feeling and building a community within your apartment complex. There are several easy ways you can accomplish this and increase your retention rates.  

For instance, you can hold monthly events, such as a potluck dinner or board game night. The events allow tenants to interact with each other and the staff. Through those communications, they can start to feel as if they live in an inclusive environment that is far more than just a group of apartments.  

Make Technology Your Friend

Most of your tenants are connecting with friends and family through social networking, email, and chat. They also use the Internet to do everything from paying bills to keeping up with current events. You can take advantage of their online usage to keep connected.  

For instance, you can set up an online chat for residents. You can set up a social networking account that allows residents to interact with staff and other residents. You can even post helpful posts and alerts about the property so that the residents feel connected to the property and the staff that manages it. 

A property management service, such as ClearWorth Capital, can also help you find other ways to improve the retention rates for your property. Skilled professionals can even help you handle other problems that you have encountered with managing your property.

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13 April 2017

An Unplanned Move

Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!