Move outs are expensive: Three tips for reducing turnover

 

By the Portfolio Management Team, Summerfield Management

 
A recent survey revealed one of the top reasons a tenant did not renew their lease was less than stellar communication from on-site staff. Move outs are expensive when you consider vacancy loss, turnover costs, etc.
 
While outside circumstances like pandemic-related supply chain issues make it difficult to provide a solution for every problem immediately, Summerfield provides the kind of service that shows tenants we care, keeps them satisfied, and reduces turnover.
 
In fact, we have found that most tenants are more than understanding of delays as long as on-site staff maintains good communication. Better communication starts with implementing the three Cs outlined below.

Courtesy. Competence. Compassion.

Here’s a sample scenario of how the 3 Cs play out at the property level.

Tenant has an appliance that stops working. Due to supply chain issues, we discover the part is on backorder. How do we manage the problem and provide better communication?

Courtesy. Timeliness is the key to courtesy. On-site staff contacts resident by phone within 24-hours of the work request to let them know we are on it. We email status updates to the tenant and assure them we are researching different supplier options while discussing alternate solutions with the Portfolio Manager.

 

Competence. Identify alternate solutions. What are our loaner options? Can we source parts from vacant units or appliance storage? We determine the best decision and communicate the solution BEFORE the tenant feels the need to follow up. We provide text updates every 48-hours.

 

Compassion. Acknowledge their pain. If the tenant has to put up with a delay, we like to give an inexpensive gift along with a written note from the office apologizing for the inconvenience. A $20 Starbucks gift card goes a long way and reinforces that they are valued.

 
Better communication from on-site staff is the foundation of Summerfield’s strategy for tenant retention, but there’s so much more to delivering great service. Explore our library of Best Practices here. 

Ready for a better property management experience? Reach out to our team below to speak to us about your property management needs

Robert Parmar Headshot

Robert Parmar

Danielle Daily

Communications Director

ddaily@smfield.com

703-972-5755

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Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

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