Putting a plan in place to manage resident retention and keep tenant satisfaction high is one of the most important parts of being a property manager. But what is resident retention and how can you increase resident retention in a multifamily community? 

What is Resident Retention? 

Tenant retention refers to any efforts made on the part of a property manager or property management team to boost tenant satisfaction and reduce turnover by making the property a welcoming and comfortable place to live. 

Tenants take many factors into consideration when deciding whether they will be renewing their lease. There are fundamental best practices that can boost tenant satisfaction, including responding quickly to maintenance requests, offering amenities that make living in your property a pleasure, and ensuring easy and open lines of communication between tenants and onsite teams. However, beyond the basic best practices of ensuring that your resident living experience is a pleasurable one, there are additional steps management teams can take to raise tenant retention. 

How Can You Increase Resident Retention? 

Lack of planning is one of the biggest mistakes that property managers make when it comes to ensuring that their tenants are happy and cared for. Though responding to maintenance requests is an important part of being a property manager, it is even more important to be proactive about property upkeep so that you address problems before they become problems that affect the resident living experience. 

Keeping open lines of communication with your residents is key. When residents feel comfortable talking to their onsite teams, they can clue you in to maintenance or community concerns that are not even on your radar yet. This helps you address the issue before it affects other tenants or becomes a problem that takes longer to solve. 

How Hosting Community Events Can Help 

By planning out your retention strategies and setting aside a budget for events focused on building community, you can make tenants feel welcomed into their new home from the first day they arrive. Hosting community events or setting aside opportunities for your tenants to make the most of community amenities—like offering complimentary coffee mornings, throwing informal tenant get-togethers around holidays, or facilitating the forming of a casual basketball team—can go far in building community and making tenants want to stay. 

Why Mutual Respect Matters When Tenants Are Renewing Their Lease

Tenants value relationships with their property managers that are founded on mutual respect and transparency. Providing exceptional service to your tenants while seeing to their everyday needs is one of the easiest retention strategies for ensuring that tenants stay with you for the long-term. 

Hiring a property management team that specializes in increasing tenant retention in multifamily communities can help boost your profits while keeping tenant satisfaction high. Quantum Residential is an Accredited Management Organization with the Institute of Real Estate Management. We have the experience you need to grow your property while offering superior service to your clients. Contact us to discover how we can help your property grow. 

What is Property Maintenance? 

Put simply, the term “property maintenance” encompasses all the tasks performed in the care and upkeep of a property. 

This maintenance can be reactive or proactive. Understanding the differences between these types of maintenance becomes important when you’re seeking out professionals to care for your property and treat it like their own. 

Reactive Maintenance vs. Proactive Maintenance: What’s the Difference? 

A property manager who is more interested in “just keeping things running” than ensuring long-term property upkeep is likely to only respond to problems that require immediate fixes. 

They will fix appliances, repair any pipes that have caused flooding, replace any broken smoke and carbon monoxide detectors, or clean out any clogged gutters. However, they are less likely to do the routine maintenance tasks and best practices for property upkeep that keep your assets profitable for decades down the line. 

Maintenance professionals who take a proactive maintenance approach perform preventative maintenance checks to spot needed fixes—like HVAC units, elevators, or boilers that need extra care—before they become disasters for you and your tenants. They are also up to date on any local real estate laws that might affect your property, and are able to help you strategize your property’s continued growth and return on investment. 

What Are the Benefits of Performing Both Types of Property Maintenance?

Maintenance costs can be expensive. 

When you have a property maintenance team who is committed to caring for your property and keeping aware of its condition, you are able to avoid costly repairs that could have been avoided with routine maintenance (and the possible liability or lawsuit concerns that property owners sometimes encounter when routine maintenance is not performed and a problem occurs). 

You can also enjoy the peace of mind that comes from knowing that an experienced property manager is not just caring for the physical aspects of your rental property, but is cultivating a positive living experience that will keep your tenants satisfied. 

By building a reputation in your local market as a property owner who responds to problems quickly and without complaint, you will foster the kind of trust with your tenants that will turn them into long-term renters. You will also build the kind of local market reputation that will leave every qualified renter in town eager to rent your property. 

Should I Hire a Property Maintenance Team or Perform Property Upkeep Myself? 

An experienced property maintenance team will know exactly what it takes to keep an investment property profitable, and will have the local market experience and real estate law knowledge to preserve your property’s profitability and maximize your return on investment. 

They will also have the tools and connections needed to make sure that any maintenance projects are done by credible and certified technicians who will do the job right. 

Since 1969, Quantum Residential has been a professional maintenance management team (accredited through the Institute of Real Estate Management) specializing in multifamily communities in the Pacific Northwest. Contact us to hear more about how we can boost your return on investment while making property maintenance easier for you.

Property managers should not simply “check all the boxes” when it comes to regularly inspecting properties, overseeing their clients’ assets, and fulfilling every rental property need. By understanding the 4 personal attributes a good property manager should possess, you can know what to look for when hiring a rental management team and separate the successful property managers from the ones who will not give your properties the attention they deserve. 

Market Knowledge and Experience 

Knowledge of local markets is what makes a good property manager and separates them fully from the crowd. A good property manager should keenly understand the housing market demands, forecasted trends, and real estate laws that dictate housing market behavior in your area and have a direct impact on your property’s return on investment. 

For multifamily communities in particular, your chosen rental management team should be able to anticipate local market changes that will affect tenant retention and be prepared with a personalized strategy for growth that will keep your real estate assets profitable regardless of real estate industry fluctuations. 

Ultimately, your rental management team should not just be there to regularly inspect your space and address any concerns or questions that come up. They should have a personal stake in your tenant retention, with a commitment to helping property owners boost their profits.

Exceptional Follow-Up Skills 

One of the qualities of a property manager that matters most is their ability to not just respond to any questions or concerns, but to follow up on those projects through completion. Rather than looking for “quick fix” solutions, your team should be thinking about long-term tenant retention and property growth while carrying projects through to the end. 

By putting a plan in place to address problems and keeping you updated during every step of the process, they prove that they have the forward-thinking vision to help you accomplish your goals. 

Proactive and Prepared 

Though being able to solve problems is a necessary attribute of a successful property manager, being able to anticipate problems before they become problems is key. With enough real estate industry experience, your rental management team can anticipate roadblocks that will hold you back from achieving your long-term goals and put a strategic plan in place to circumvent or overcome them. 

An Investment in Their Tenants 

Your property management team should not think of you as just another number. 

They should have a clear sense of your property vision and know what steps you need to collectively take to turn it into reality. Watching your property grow and flourish should not just be one of your goals, but one that they share and take pride in helping you accomplish. 

Since 1969, Quantum Residential has been an Accredited Management Organization specializing in the management of multifamily communities. We know exactly what makes a good property manager, and are committed to channeling our expertise toward your success. 

Contact us to hear more about how we can help your properties flourish.