By Marketing Team. For more information, contact Robert Parmar
Managing a multifamily asset becomes much easier when you have a high rate of lease renewals.
You spend less on lead generation, worry less about vetting prospective tenants, and feel more immune to the volatility of the ever-changing rental market. The way to create this reality in your business is to offer tenants the kind of resident experience they just can’t get anywhere else.
Sure, this is an effort that will eat up more of your resources, but it’s one that will pay back in spades over time.
If you have too much on your plate or you don’t have enough bandwidth to handle it, then Summertime Property Management is always here to help.
Eight ways to improve resident experience and increase lease renewals:
1. Keep a finger on the pulse of tenants:
Communication is the foundation for all successful property management practices.
So, keep an open dialogue going with your tenants, let them know you have their backs when they need help and make them feel at home under your/their roof.
Also, make sure your tenants’ questions and requests are answered in a friendly and timely fashion, and keep them posted on anything new.
Don’t forget to ask them periodically how they’d rate their resident experience. You can do this by chatting with them directly or through an online form. Just make sure you use that feedback to make things better and more streamlined for them. If possible get them to write a positive review on any ILS marketing service you are using and google my business.
2. Keep the property in tip-top shape:
A well-maintained property is not only aesthetically pleasing but also contributes to a comfortable living environment for tenants. It also shows that you respect them and care about their living experience.
Schedule regular maintenance checks to address any issues, and consider inexpensive tweaks to common areas or amenities to keep them looking fresh and noticeable.
3. Tailor your offer to suit tenants’ needs:
Offer personalized services that cater to the unique needs of your tenants. This could include arranging community events, providing concierge services, or partnering with local businesses to offer exclusive discounts.
By creating a sense of community and offering services that go beyond the standard lease agreement, you make your tenants more connected to their living space which entice them towards lease renewal.
4. Building trust through transparency:
Clarity in policies is essential for a positive relationship with your tenants. Communicate any changes in policies well in advance and be open to any questions. Lease renewals are more likely when your tenants feel informed and part of your decision-making process.
5. Offer incentives:
Consider offering incentives for lease renewal. This could be in the form of a rent discount, complimentary service, or even a small upgrade to the living space.
More often than not, your tenants will reciprocate by renewing their lease instead of moving out.
6. Fostering a sense of community:
Foster a sense of community within your property. Organize social events, create communal spaces, or establish an online platform where tenants can connect.
When tenants feel a sense of belonging, they are more likely to view their living space as more than just a place to stay, making them more inclined to renew their lease.
7. Offer flexible lease terms:
In today’s fast-paced world, flexibility is key. Consider offering flexible lease terms that cater to the diverse needs of your tenants.
This could include shorter lease options or the ability to switch to a month-to-month arrangement after an initial fixed-term lease. Providing flexibility demonstrates your willingness to accommodate the evolving needs of your tenants.
At Summerfield, we offer tenants a range of lease options at the time of renewal using our cutting-edge lease renewal software/platforms.
8. Utilize technology:
Investing in some high-tech apartment goodies is no longer a luxury but a necessity for modern-day residents. These fancy gadgets will not only improve your tenants’ resident experience but will make it a no brainer for them to sign on the dotted line when it’s time to renew a lease.
Property managers are increasingly getting on board with the tech wave to make things run smoother and boost overall efficiency. Many high-tech tools that previously seemed intimidating can now be reliable tools in your utility belt.
Integrating them in your processes is no longer a choice if you want to bring extra value to your tech-savvy tenants and if you want your business to be competitive and operate smoothly.
At Summerfield, we are laser-focused on getting in front of new trends and best practices when it comes to digital marketing, online reputation management and utilizing the newest software platforms. Read more about how we utilize the latest technology across our portfolio.
Remember the ‘Golden Rule’
“Do unto other as you would have them do unto you.” This ‘golden rule’ should be your guiding principle if you want to offer your tenant an optimal resident experience.
When you approach your investment business with this mindset, you can easily think of ways to make your tenants feel valued, heard, and part of a community. You also make it a no-brainer for them to stick with you instead of leaving.
And remember, a happy tenant is not just a resident but an advocate for your property, contributing to its long-term success.
If you need a personalized plan to increase your rate of lease renewals and boost the profitability of your investment property, reach out to Summerfield Property Management.