Attracting and retaining residents is a critical part of property management. This not only ensures a steady stream of revenue but also reduces the amount of time and money spent on finding new tenants, such as advertising, screening, and cleaning. A high retention rate also increases the value of your property, indicating to potential investors that the property is well-managed and highly desired.
So without further ado, here are five straightforward ways to better attract and retain residents.
1. Create an engaged community
When residents are happy and engaged, they’re more likely to participate in community events, meet their neighbors, and become invested in the community. This helps them care more about the community’s safety and the property’s condition, ultimately making the property a more desirable place to live. And the more satisfied a resident, the more likely they are to stay a long-term resident at your property.
Try hosting social community events on a weekly or social basis to get your residents together and keep them engaged with the property and amenities. For example, do you have extra space at a swimming pool or clubhouse? Throw a lunch party. Or, if you have a large lawn, host a field day with fun games. These are just a couple ways to build a sense of community, encourage residents to interact with each other, and show off your space.
Looking for an easy-to-use tool to share important community events with residents and let them RSVP? Learn more about our Event Calendar tool.
2. Offer amenities and Services that Residents want
Amenities are important to residents because they offer convenience, extend their living spaces beyond their unit doors, and often add a touch of luxury to the property or their daily lives. Amenities aren’t just a selling feature these days—for many residents, they are a downright requirement.
Here are some of the most desired amenities today:
- Key management
- Package management
- Gyms/fitness centers
- Outdoor spaces and gardens
- Co-working rooms
- Common sitting areas and lounges
- Private spaces available for reservation
3. Keep a well-maintained property—and make Requesting Maintenance a Breeze
Residents simply don’t want to see less-than-tidy facilities or grounds, and they definitely do not want to deal with issues such as leaky roofs, broken plumbing, or closed amenities.
We know that keeping properties in great condition is a huge challenge, especially if you’re a lone condominium or building owner. However, if you let some things go unattended, your residents might start to think that you don’t care about them or the conditions they live in. In addition, it’s important to make a strong first impression on potential residents that are checking your property out.
If you have a hundred items on your maintenance to-do list, consider using a property management tool like BuildingLink to save you time. BuildingLink allows management and maintenance staff to track resident service requests and internal tasks by unit number, common element, or equipment type. You can easily convert work orders to PDFs and email them to external vendors as needed. BuildingLink also allows you to schedule recurring tasks for preventative and equipment maintenance and assign tasks to internal staff, outside vendors, and contractors.
4. Provide timely and accurate communication
Efficient and effective communications are an integral part to retaining residents. From communicating changes in policies and emergency procedures to welcoming new residents and announcing community events, strong communication ensures residents are informed and educated about your community. This goes a long way in establishing clear expectations and minimizing conflicts.
Learn More: Four Tips for Effective Property Management Communication
5. Consider lease incentives and renewal perks
If you provide leases, offering incentives and renewal perks can be an effective way to attract new tenants and retain existing ones. Here are some ideas to consider:
- Move-in specials: Offer new tenants a discounted rent rate or a free month's rent if they sign a lease within a certain timeframe.
- Waiving application fees: Waiving the application fee can be an attractive incentive for new tenants, as it saves them money upfront.
- Reduced security deposit: Consider offering new tenants a reduced security deposit as an incentive to sign a lease.
- Lease extensions: Offer tenants the option to extend their lease for another year or more.
Maintenance services: Offer existing tenants a free cleaning or maintenance service as a renewal incentive.
Partner with Building Link
Create a thriving and successful community that meets the needs of tenants and owners with streamlined operations and maximized profits.
Trusted by HOAs, co-ops, condominiums, and multifamily properties around the globe, BuildingLink helps property managers deliver superior resident experiences while streamlining maintenance and operations. We offer tools that will simplify your record-keeping and administration, communications, maintenance, and front desk and staff operations.
When you’re ready to run your building better, smarter, and faster, book your BuildingLink demo today.