How to Implement a Successful Resident Retention Program
Resident retention is a crucial aspect of building a successful multifamily community. Not only does a resident retention program save money on marketing and leasing costs, but it also helps to maintain a stable and engaged community of residents. A successful resident retention program is one that not only addresses the needs of current residents but also fosters a sense of community and belonging. Here are some key steps to implementing a successful program for your multifamily property.
Understand your residents
The first step in creating a successful resident retention program is to understand the needs and preferences of your current residents. This can be done through surveys, focus groups, or even informal conversations with residents. Understanding what your residents’ value and their pain points will help you to tailor your retention efforts to meet their specific needs. Consider checking in with residents once a quarter. You can easily get started by sending out a survey using tools like SurveyMonkey, Typeform, or Google Forms.
Clear and consistent communication is essential for maintaining a strong relationship with your residents. This includes communicating not only important information such as rent increases or maintenance schedules, but also community events, updates, and other happenings at the community. Having a resident portal or app that residents can access to stay informed and connected can be a great tool.
Foster a sense of community
Creating a sense of community among residents is an important aspect of resident retention. This can be done by organizing events such as community barbecues and holiday parties, or by encouraging residents to participate in community service projects. Building a sense of community helps residents feel connected to their neighbors and to the property, making them more likely to renew their lease. Get started with 30+ resident event ideas on our blog here.
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Address issues promptly
One of the most important aspects of resident retention is addressing issues promptly. This includes maintenance requests, complaints, and other concerns. When residents feel that their concerns are being heard and addressed, they are more likely to renew their lease.
Reward loyal residents
Showing appreciation for loyal residents is another important aspect of a successful retention program. This can be done through rewards programs such as discounts on rent or waived fees, or by hosting events specifically for long-term residents. Establish ways to surprise and delight residents such as writing them a nice note or sending them a sweet treat.
Be proactive in identifying potential issues and addressing them before they become a problem. This includes conducting regular inspections of units, paying attention to resident feedback, and monitoring move-out rates.
Offer incentives for renewals
Offering incentives for renewals is a great way to encourage residents to stay. This can be done through discounts on rent, unit upgrades or enhancements, or other perks.
Leverage technology to improve processes
From online portals for rent payments and maintenance requests to virtual tours, technology has made it possible to manage properties more efficiently than ever. Updater’s resident onboarding technology is built especially for multifamily partners to help streamline the move-in process. With Updater, onsite teams can manage resident move-ins in one shared dashboard, ensuring residents have completed all tasks like submitting proof of insurance and utilities on time. Onsite teams save time managing the process while residents feel at home faster.
Continuously evaluate and improve
Track retention rates, gather feedback from residents, and make adjustments as needed. We have countless more information and ideas on resident retention to help you supercharge your efforts – read more here.
Implementing a successful resident retention program takes time and effort, but the benefits are well worth it. Not only can you save on marketing and leasing costs, but you’ll also create a stable and engaged community of residents by reducing turnover. By understanding the needs of your residents, you can ensure that they are happy and satisfied with their experience at your community.
Find out how Updater can help improve your resident retention – learn more about Updater for multifamily partners here. If you’re already an Updater partner and want to get access to Updater Pro | Onboarding features, please email your Success Manager directly or contact [email protected] to get moving… pun intended!