The KeysSecrets to Tenant Retention
By Leasing Team. For more information, contact Robert Parmar
Retaining good Tenants at market rental rates is our goal. The benefits of not losing revenue due to vacancy combined with minimizing dollars spent on turnover have a very positive impact on Net Operating Income (NOI). However, this can be easier said than done.
There is nothing that can be done to prevent Tenants from moving due to involuntary reasons: job relocation, home purchase, financial issues, changing family dynamics, etc. There is a lot that a management company can do to minimize voluntary move-outs.
It takes a variety of programs and actions to prevent voluntary moves, caused by Tenants being unhappy with existing property elements. We find that Tenants who can afford it, are more than willing to pay market rent since in most cases they will pay it wherever they choose to rent. Some of the main reasons for voluntary moves are poor customer service, poor property conditions, excessive utility costs, a lack of essential or desirable amenities, a lack of modern communication tools, and landlord inflexibility.
How do you impress Tenants?
On the customer service front, our focus is listening & reacting to Tenant needs promptly, addressing work orders in a timely fashion, hosting Tenant appreciation events, offering incentives upon lease renewal when appropriate, and keeping the condition of the property to a high standard. We pay on-site staff bonuses for going above and beyond. These bonuses are paid monthly, do not cost a lot, and are determined by the number of positive online reviews and increase in monthly rental income due to lease renewals.
In the case of amenities, we encourage our Owners to offer affordable amenity options such as smart locks, dog parks with a pet washing station, etc. Communication tools should offer the ability to do as much as possible online from a smartphone: pay rent, track repairs and communicate with site staff for things like package delivery status and property updates. The Tenant wants to be treated well and be able to interact with their site staff with as much convenience as possible.
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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.