You have done all the hard work to get the tenants in the first place so why not work on them to retain them as well and save money by keeping them happy in the long term.
As a resourceful property manager, (which you are, or else you wouldn’t be reading this!) you know the importance of resident retention. You know that keeping a resident is just as, if not more, important as getting one. Resident retention not only builds long-term relationships within your community but also adds value to the property itself. Sure, it’s great to bring in some new faces, but your recurring residents are an invaluable asset to your community.
They’re the ones who see the day to day of what living in your community is like so their testimonies speak volumes. When you have a high resident retention rate, you know you’re doing something right.
With the evolving needs of residents, the road to resident retention is not an easy one, but it is very attainable. Imagine the potential for resident retention if you spent just as much time and energy trying to keep your current residents as you do trying to reel in prospective ones.
Host community events
Hosting community events is the ultimate way to foster engagement and nurture onsite relationships. Not only are you creating an enjoyable time for residents and their neighbors, but you’re also assimilating them to a fun culture that will be hard to let go of come lease renewal time.
From holiday parties, to karaoke nights, to complimentary fitness classes, the possibilities for resident events are endless. Remember the execution of these events is only as strong as the teams that coordinate them. Make sure your management team is buying into resident retention and is clear on the efforts it takes to pull off. When events are done right, they’re a major way to boost resident retention and ROI.
Hold events just for kids
From video game tournaments in the common room to scavenger hunts in the courtyard, events held specifically for children can create exciting potential for on-site relationships.
Not only does it give kids the chance to make new friends, but it forces parents to get together and chat as well. Having pals they can bounce around with from school to home is a huge bonus and something that will bring parents comfort. By getting together the kids in the community, you’re planting the seeds for some potentially lasting friendships between families, which equates to added resident retention.