What Do Renters Really Want?
As property managers and other real estate professionals look for solutions to boost retention rates, this question comes up all the time. Most industry experts agree that authentic, personalized customer service ranks high on the list. Happy customers who feel valued are more likely to stay.
A lot of tenants (around 60 percent when we last checked) move into a property with a plan to move again within 12 months. So having a move-in that is something to write home about can seriously influence retention rates.
What is your team doing to improve their experience with your property?
Research shows that only 25% of rent seekers are ever asked to sign a lease. When the tenant isn’t asked about the right lease or what types of amenities they think are most important – laundry, nice appliances, or a pet-friendly unit – they should feel heard. Ask them about what they like and dislike about their current living arrangements and see if you can improve it enough to make them want to renew their lease.
Provide The Right Communication Options That Complement Renters Lifestyles
When you send a resident survey, make sure to talk with them how they prefer.
In other words, does your team ask new or current residents if they like one of the following better?
- paper notices
- email notices
- texted notices
- tenant portal notices
Don’t forget to ask these during the “welcome home” interview. Keep your survey simple: Forms that are easy to complete and anonymous generate more accurate responses and more of them.
Expectations are important and creating a pre-move-in questionnaire and a follow-up in a couple of months, allows you to identify ways your property is meeting renter expectations, and discover clues for improving community experiences. Consider these questions as a starting point for survey design.
Which On-site Amenities Are Your Favourites?
What could property managers do to add, change or remove to make a property feel more like home?
Do you feel valued and appreciated by the customer service team and policies?
How would you rate overall safety and security within the community?
Is the maintenance staff responsive and efficient?
Now That You Know What Renters Want …
Are you ready to respond?
Be bold. Ask your tenants and prospects what they want and need. Make sure your technology enhances customer service with online maintenance requests, streamlined, efficient communication and tools that make it easier for your team to focus on developing superior customer service strategies to boost retention rates.
Our property management clients receive marketing, management and client support to attract quality tenants that decide to stay longer.
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