Getting a long-term resident to remain in your rental property can be daunting. Make use of helpful Newburgh resident retention strategies to get sustainable residents that you can trust to remain for an extended period. Some residents might stay for lower costs come lease renewal time; others stay for the sense of community. Even others could be enthralled by the wonderful environment or by the maintenance requests process being deal with efficiently and timely by a property management company.
Property managers and landlords must factor in the move-out costs linked to allowing your property to become vacant despite the reasons residents might stay or go. This expense can be costly and lead to you losing profit you might have gotten had you retained the resident or set a program in place to replace the resident quickly. Having Newburgh resident retention strategies set up can help you have a close relationship with your residents. For example, if a resident of yours was planning a move, they would confide in you and war you of their plans. Knowing this information beforehand could provide you with significantly more time to acquire a replacement.
Customer Service
One of the first Newburgh resident retention strategies to employ is to understand what your residents want. Some property managers are surprised to hear when residents have unpleasant or opposing things to say regarding them. This might arise for various reasons. Your lack of communication with the resident can be one of these reasons. Residents long to be heard. While customer service is the main component of meeting the renter’s needs, property managers tend to not concentrate on what truly matters when communicating with residents. Some property managers might develop a hatred towards such phone calls or interactions as it puts in more work to an already hectic day. But, what property managers need to understand is that customer service is an essential part of the day.
Open Communication
Customer service can be a broad matter. Newburgh resident retention strategies include going deep into what your customer service experience signifies for your renters. Generally, customer service shouldn’t be perceived as a task. It is a step in interaction and relationship building. An effective open communication relationship will not occur instantly. From the time your resident signs your rental property lease, you are in a constant testing phase with your resident. Residents are going test you to understand how quickly you will respond to requests, what your communication style is, what is your updating process, and how receptive you are – where you can either be strict with your job procedures or relaxed and open to discussion. Some residents may be busy and are unable to take phone calls. Consider sending simple reminders or texts concerning things rather than grouping everything into one random lengthy phone call.
Listen and Take Action
Newburgh residents want to be given attention. Whether their side of the story is valid or not, there is a reason why they are reaching out to you. Listen to whatever they need to say. A resident will feel validated when you give them the opportunity to share their opinions. As in any relationship, listening indicates that you care more than just finishing the job and shows that you personally care about them. Avoid saying “no, we can’t do that” or opening your sentences or responses with “no.” Always provide an alternative or solution to go along with their plans even if your solution will cost the resident money or might not be completely what the resident has in mind as the solution or feels is right.
Complete in a Timely Fashion
Residents have a habit of having a higher appreciation when service requests are handled quickly and efficiently. Even if you do the job right and to their preferences, if it requires many months to finish it, they could still hold resentment towards you. When you do tasks in a quick and timely manner, your Newburgh residents will gain more trust in you as a property manager. Take time out of your busy schedule to swiftly do the job. You will find that even taking 10 minutes to provide proper attention to a service request asked for not too long ago will go a long way in keeping your renter around lease after lease.
An effective resident retention strategy comes down to careful listening and timeliness in handling service requests. Imagine all the possibilities that you could create as you focus more on your relationship with your renters. Interested in learning more about Real Property Management Results? Contact us online or call us at 812-461-1676 today with any questions or to request a free assessment for your Newburgh property.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
