Improve Resident Retention at Your Multifamily Property

Improve Resident Retention at Your Multifamily Property

 

In today’s competitive multifamily market, it can be rather difficult to keep resident retention rates high and we know how central those rates are to the value and growth of your property. If you are invested in developing your multifamily property but not quite sure how to build lasting trust within your community this article is for you. We put together the three most important steps that you can take to retain your residents and build long-term trust and value for your property.

 

Preventative Maintenance

Step One: Make Preventative Maintenance a Priority

Long-term maintenance issues always lead to unhappy residents. Small fixes are no big deal but larger maintenance problems that can take weeks or months to resolve can significantly impact a resident’s living experience. These issues can often be avoided with preventative maintenance. Do you have a seasonal maintenance list? If the answer is no, then that is a great place to start building up your preventative maintenance efforts. Maintaining appliances, servicing HVAC systems, removing yard waste, regularly checking for signs of moisture damage, and investing the time to fix up older properties are all steps you can take to avoid long-term maintenance problems. Even the most tolerant residents will grow tired of waiting months for a specific part to be delivered or for your vendors to make time to fix an issue, the earlier you know there is a problem the quicker you can act–your residents will thank you for it later.

 

Resident Appreciation

Step Two: Resident Appreciation Is Key

In a world where there are dozens of modern apartment complexes with vast amenities to choose from, it’s important to show your residents why selecting your property was the right decision; beyond that, resident appreciation instills a sense of community and purpose at your property that your residents will admire. Each community is different, and you should listen to what your community needs are when brainstorming resident appreciation ideas but a few options you could consider include: community-wide holiday celebrations, weekly activities like yoga or crafts, resident referral incentives, complimentary services (limited housekeeping services, snacks and coffee in the lobby, trash pickup, shuttle transportation, etc.), and random acts of kindness. Of course, outside of these additional perks, the most traditional and effective way to show resident appreciation all year long is to provide exemplary customer service and always put your residents’ needs first, InterSolutions can always help in that department–check out our talent!

 

Stay Competitive

Step Three: Stay Competitive

In the multifamily industry change is your friend. Properties that succeed are those that can embrace change and make innovation a priority. There are various ways to focus on innovation at your properties. The first thing to do is regularly complete market analysis reports. Make note of any changes in the communities around you and specific features they offer that you don’t. This will give you a good sense of where you stand in the market and what you may need to improve on. Follow up by creating a few innovation-related goals for your property and a solid strategy to get there. Lastly, open up communication and transparency at your community. Your residents want to know what’s happening in their communities and any changes coming their way. Streamline your website, clean up your digital presence and make your lines of communication easily accessible. Implementing new software can also help you and your staff manage your property more effectively and open up those lines of communication for residents.

Building a thriving community isn’t always easy but if you take a hard look at your property and try to find areas of improvement within these three focus points, you’ll see your resident satisfaction improve and your property value along with it. If you need any assistance, always remember InterSolutions has the staff to help you build up your community and provide top-tier service while doing it; we have industry-trained professionals available for temp and temp-to-perm opportunities now. Check out our talent today!

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