Give Yourself A Resident Satisfaction Reality Check
One of the best ways to improve your community is to find out what is wrong with it. Send out a survey to all of your residents asking them to rate aspects of the community and give their personal opinion on potential improvements. If you can achieve these improvements during their stay, you have just opened up the first avenue to improving resident retention. According to Multi Housing News, “The key to resident retention, then, is ensuring that your customers are satisfied with the product you are offering them. The problem in the industry, however, is that “all too often, companies talk about customer satisfaction but they don’t measure it,” notes Joseph Batdorf, CEO of J Turner Research, which measures satisfaction at 800 properties around the country on a monthly basis.”
Balance Satisfaction With Resident Retention
While it may not be possible to satisfy the needs of all residents economically, just simply responding to the complaints issued in a survey is a good start. In fact, the greatest factor related to resident renewal is prompt communication between management and residents. This means responding quickly to phone calls, voicemails, emails and letters.
By staying in constant contact with the residents of your community and providing them with the services that they need, you are much more likely to find a larger proportion of your residents signing a lease renewal. On the other hand, poor service and a lack of community will keep your residents considering the next best option.