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Resident Retention Ideas That Improve Satisfaction and Lower Turnover

June 6, 2024
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As a property manager, you know that resident satisfaction and retention are key components of your success. With the constant competition in the rental market, it can be tough to keep your hard-earned residents from jumping ship. Luckily there are many creative strategies for improving resident retention rates and increasing resident satisfaction to ensure a steady stream of income for years to come.

Today we look at ways property managers can preserve their resident base while fostering a welcoming and loyal community.

Introduce a Rewards System

As a resident, nothing beats a feeling of belonging. Your community can be where you build connections, memories and have your home. Introducing a rewards system where residents can earn special prizes for long-term stays is one way to show our appreciation for their loyalty. Rental bonuses and deductions are the most straightforward bonuses to provide but gift cards and other options are available as well. These prizes and bonuses can go a long way to keeping your best residents happy.

Create a Sense of Community by Hosting Regular Events

When people come together for a common purpose, they are more likely to form connections and friendships that can last a lifetime. These events can be anything from a weekly yoga class to a monthly potluck dinner or even a neighborhood party. The key is to make sure that everyone feels included and welcomed. By offering a variety of activities that appeal to different interests, you can help foster a sense of belonging that will keep people coming back.

Offer an Online Platform for Residents

If you aren’t already using an online platform to connect with your residents, send notifications, and help make rent payments easy, now’s the time. Platforms like Elevated Living can help you with the more technical parts of your role as a manager, but they can also help you connect with your residents. Offering an online platform for residents opens a world of possibilities for people to connect, collaborate and create positive change right where they live. Whether it's looking for a lost pet or organizing a neighborhood cleanup, an online platform can help foster a sense of community and make our neighborhoods stronger.

Promptly Address Maintenance Requests and Other Issues

As a resident, prompt maintenance is undoubtedly a top priority. Poor service or unresponsive management is one of the main reasons people leave communities. While some issues may take longer than expected, putting in place a ticketing system with good communication can go a long way to keeping people in your communities. Platforms like Elevated Living can automate much of the ticketing and communications for maintenance requests that keep your team accountable and more responsive to your residents.

Provide Incentives like Free Parking and Other Perks

Offering incentives like free parking for long-term residents shows appreciation for their continuous business. It also encourages them to remain in your community while increasing the likelihood of positive reviews and referrals. Additionally, offering perks like free parking can give potential residents an extra push to choose your property over others. It's a win-win situation for everyone.

Keeping good residents can be tricky. But with the right combination of responsive property management, community building, and incentives, you can keep your most loyal residents happy. If you want to take their experience to the next level, Elevated Living (elevatedliving.com) can help. Our platform can help you be more responsive while automating the more mundane aspects of property management. That way, you can stay focused on providing the best experience possible for your communities.