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What Is Resident Retention (and How Can It Be Improved)?

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. 

Property Maintenance: What Is It and Why Is It Important for Property Owners?

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.

4 Personal Attributes a Good Property Manager Should Possess

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.

What Is the Difference Between Residential and Commercial Property Management?

Whether you’re starting out in property management or looking to advance your career in real estate, you should understand the difference between residential property management and commercial property management. There is a lot that goes into the day-to-day activities, so understanding the different factors involved in each will help you effectively manage the property. Keep reading to learn more about the difference in residential vs. commercial property management.

What is Residential Property Management?

Residential property management refers to the management of residential real estate properties. These are private properties, such as shelter and basic living space, intended to serve the needs of individuals. Most residential real estate properties include single-family homes, condos, co-ops, and multi-family homes that house less than 5 tenants.

What is Commercial Property Management?

Commercial real estate involves properties or buildings intended for commercial use, or commerce. These locations facilitate trade and usually house businesses like office space, retail shops, and properties used for business-related activities. Multi-family housing is technically considered commercial real estate.

Commercial vs. Residential: Key Differences

The function of the day-to-day activities of commercial real estate and residential real estate properties differ significantly. Here are a few of the main differences a property manager will face at either a residential or commercial property:

Tenant Payments

Residential tenants have their main expense, which is paying rent. They also have to pay additional fees for utilities like electricity, water, and gas. Commercial tenant expenses include rent, but may also include property taxes, insurance, and maintenance, which are known as the three nets or “triple-nets.” 

Legislation & Leases

A residential property is subject to a variety of consumer-protection laws that vary from state to state, as well as federal laws such as anti-discrimination statutes. Property managers are responsible for ensuring the rental property is up to code. Failure to abide by these laws can land a manager and/or property owner in a great deal of legal trouble.

Commercial leases are typically far more complex and contain a greater number of variables and an assortment of termination clauses than residential leases. Commercial rental agreements can be done on a month-to-month basis or annually and are easily renewable. In contrast, commercial real estate properties have far fewer legal restrictions than residential real estate properties.

On-Site Management

Though residential property managers are required to be available to your tenants, you don’t have to be on-site. However, in most U.S. states, commercial property managers are required to be located on the property site. In either case, it’s always best to have an easily accessible website where tenants and property owners can contact the property managers at any time.

Having an experienced property management company is vital to the success of your building. Whether you’re looking for commercial or residential property management, Quantum Residential is the multifamily property management team that is here to help you succeed. Contact us for more information.

5 Questions to Ask a Residential Property Manager During an Interview

Residential Property Management Interview Questions

Finding the right person to manage your community can be a difficult task, especially if you’ve experienced a series of unsuccessful applicants or lost an employee that was amazing in the position. So how do you successfully interview a residential property manager? The first step is knowing what questions to ask and what answers to look for. Here are some helpful questions to ask when interviewing a potential property manager.

1. What qualities does a property manager need to be successful?

The answer the interviewee provides should give you a good idea what qualities this person values and possesses. It should also show you whether or not they have fully read through and understand the job description, responsibilities, and qualifications.

Sample Answer: “A property manager is a great communicator, exhibits flexibility, is detail-oriented with above-average organizational skills, and steps into all situations prepared, proactive, and professional. To be successful, a property manager should possess knowledge of the current market, strong interpersonal skills, decisiveness, and leadership skills.”

2. How would you handle a problem tenant who insists the building management is responsible for the damage in their unit?

This question will show whether the applicant can manage difficult situations without affecting occupancy or budget. As a property manager, communication is key. They must ensure residents are well aware of building rules and regulations, as well as the terms of their lease agreement. They must be able to balance their firmness and address concerns appropriately with a certain level of empathy and understanding.

Sample Answer: “Oftentimes in this situation, residents are unaware of what damages are covered by the building management. Reiterating the terms of the lease agreement and providing resources and recommendations should resolve the issue.”

3. How would you communicate with the building residents regarding updates or emergencies?

The ideal candidate would exhibit a sense of control and proactivity in the face of an emergency or urgent situation. As the property manager, they should understand that they are responsible for the safety of the residents and the property. Making sure there is a strategic plan in place is crucial, as well as written and oral communication skills.

Sample Answer: “From day one, I would coordinate with all employees in the building to make sure our team has an emergency plan in place. I would make sure that plan is thoroughly understood by each person and every new hire. I would also ensure every tenant is aware of any situation that affects their residency, safety, or quality of life. I would never leave a member of our community behind or in the dark.”

4. What practices do you use to ensure routine maintenance and upkeep?

Asking a question like this gauges the applicant’s ability to maintain routine cleaning and repair procedures that ensure the health and safety of tenants. It also shows that they are well organized, detail-oriented, and knowledgeable of property laws, all of which play a crucial part in a property manager’s role. 

Sample Answer: “I stay organized using both a planner and a digital calendar to stay on top of and track routine inspections and maintenance. When each resident moves in or out, I perform a thorough inspection of the property. This allows me to identify if any repairs are needed so I can ensure new residents will be safe and that the property meets all requirements.”

5. Are you familiar with local building codes and the fair housing laws of our state?

Knowledge of state landlord and tenant laws is vital. A property manager must also demonstrate knowledge of all the building codes and regulations put in place by the state, county, or municipality. Property managers must remain compliant with all policies and procedures while meeting the needs of the property and residents. 

Sample Answer: “My training helped me to familiarize myself well with the state and local housing laws. I regularly stay up-to-date, whether it be hands-on or through mentors, with current local and state regulation related to property management and am aware of the importance of abiding by those requirements in this industry.”

At Quantum Residential, we are always looking for great people to join our team. Visit our website to start your career with Quantum.

What is Multifamily Property Management?

Multifamily property management is the administration of apartment communities and the processes that are associated with resident and client satisfaction. In other words, a multifamily property management company ensures that an apartment community is maintained to standards, occupied by residents, and profitable for property owners.

Continue reading “What is Multifamily Property Management?”

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