The KeysSecrets to Tenant Retention
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?
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.
Want More Content?
We are frequently asked how Summerfield Management handles important issues facing the Multifamily industry.
We have complied our Best Practices into a members-only library. Join now and unlock all of our Best Practice Articles:
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.