Oftentimes in the multifamily industry, the majority of a leasing agent or property manager’s focus is placed on attracting new residents. Large amounts of money are spent on advertising, tours, make-ready activities, and much more. Leasing agents are often in the mindset of “How do I showcase this property to the right prospects?” but there is a much simpler way to go about filling your units, and that way is by keeping the residents that are already filling them!
Read about some of the benefits of resident retention below:
The costs associated with attracting and acquiring new residents can add up to be quite a lot. Expenses such as marketing, advertising, touring, make-ready costs, and more are substantial, and they add up quickly when you have multiple units to be filled. Each unit to be filled with a new resident has expenses of its own, but by retaining the current resident, you can eliminate some expenses!
Residents who have been living in the same community long-term promote a sense of belonging. The feeling that a long-term resident gives off is not one that can be created by a leasing agent or a property manager, it is radiated by the residents themselves based on their experience living in the community. Having satisfied long-term residents on your property can help attract potential residents by word-of-mouth as well. Satisfied residents are more likely to share their experience with others and recommend your property. Not only can this help when attracting new residents, but it promotes a positive living experience for other residents and gives the property a reputation boost!
By retaining tenants, the frequency of tenant turnover lessens. In turn, this decreases the vacancy periods on your property and increases your revenue! Not to mention the fact that having a high amount of residents moving out puts a damper on the reputation of the property.
Reflection of Management:
When residents want to renew their lease(s), using their unit as a home rather than an apartment, it reflects positively on the management team. Resident retention is the best way to showcase what your team does well and even build trust with the tenants so they feel comfortable telling your team when something is not going well. Having satisfied tenants is crucial for your team and for your community!
By investing in residents you already have, you are not only ensuring their happiness, but you are also benefiting the community in more ways than one!
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