Four Smart Property Management Tips for Retaining Residents
Digested from Renter Preferences
The Balance Sheet (3/21/16) Ives, Geneva
What do renters want? Nationwide survey results from the NMHC/Kingsley 2015 Renter Preferences Study offer insight on how property managers can effectively retain tenants and reduce turnover rates.
Based on its poll of nearly 120,000 residents at more than 3,000 communities, the surveys researchers outlined four best practices for keeping tenants:
Create a winning website: Attracting prospective renters begins with a strong online presence. A majority of the surveys participants visited a community website during their hunt for an apartment.
Make it easy to renew a lease: Online applications and lease renewals are a great way to retain residents. Among the survey participants, 85 percent and 68 percent said theyd prefer to use a communitys website to complete lease applications and agreements, respectively. To encourage tenants to carefully read any digital lease, offer a summary agreement in the lease.
Offer online payment and maintenance services: More than 90 percent of the surveys participants saw online rent payment and maintenance requests as important online features of a resident portal. And nearly 80 percent said theyd prefer to pay rent online.
Update social media pages: Be proactive in updating your social media presence (42 percent of the participants showed an interest in tracking their communitys Facebook page). Sites should contain good visuals, updated contact information and news about community happenings.