Finding a long-term resident to stay in your rental property can be an unending task. Utilize effective Charles County resident retention strategies to get sustainable residents that you can trust to remain for a longer time. Some residents stay for the sense of community, while others choose to stay for lower costs come lease renewal time. Others might be entranced by the lovely landscape or maintenance requests process being completed efficiently and timely by a property management company.
Despite the reasons residents might stay or go, landlords and property managers should include the move out costs connected with allowing your property to become vacant. This cost can be large and cost you the profit you would have gained if you had retained the resident or had a plan ready to replace the resident quickly. Having well-established Charles County resident retention strategies can help you have a close relationship with your residents. For example, if one of your residents was preparing to move, they would trust you and let you know of their plans. Having this information beforehand can give you vastly more time to find a replacement.
Among the first Charles County resident retention strategies to put into effect is to properly understand what your residents want. Some property managers are shocked to hear when residents have bad or opposing things to say about them. This can crop up for a number of reasons. One of these reasons is inadequate communication with the resident. Residents want to be heard. While customer service is a crucial component of meeting the resident’s needs, property managers tend to not focus on what’s vital when talking with the residents. Some property managers might be annoyed towards such phone calls or interactions as it adds more work to an already busy day. However, what property managers must understand is customer service is the most important part of the day.
Customer Service can be a broad topic. Charles County resident retention strategies include really thinking about what your customer service experience means for your residents. Typically, customer service shouldn’t be viewed as a task. It is an interaction and relationship building step. A good and open communication relationship will not happen overnight. As soon as your resident signs your rental property lease, you are taking on a constant testing phase with them. Residents will test you to see how immediately you answer requests, what your communication style is, your updating process, and how available you are: where you can either be strict with your job procedures, or relaxed and open to conversation. Some residents can be unavailable and unable to take phone calls. Consider sending texts or simple reminders about things instead of accumulating everything into one exhaustive phone call.
Listen and Take Action
Charles County residents want to be acknowledged. Whether their side of the story is sound or not, there is a reason that they are reaching out to you. Listen to all the things they have to say. A resident will feel validated when you allow them to voice their opinions. Listening, as in any relationship, shows that you care more about just getting things done. It shows them that you care about them as a person. Avoid saying, “no, we’re not able to do that” or starting out your sentences or responses with “no”. Always present a solution or alternative to going along with their ideas even if your solution will cost the resident money or not be an exact match to what the resident feels is right or has in mind as the solution.
Complete in a Timely Fashion
Residents tend to be thankful when service requests are resolved immediately and effectively. Even if your plans match all their preferences and you accomplish all the tasks well, if it takes you several months to do it, they may still carry resentment towards you. When you complete your tasks quickly and promptly, your Charles County residents would have more trust in you as a property manager. Prepare a specific time out of your busy schedule to quickly address the request. You will notice that if you give even just ten minutes to address a service request that was made not too long ago, this will have a big positive effect in keeping your residents with you lease after lease.
An effective resident retention strategy can be summarized in two things. Careful listening and timeliness in addressing service requests. Consider all the possibilities that would be available to you as you focus on dealing with the relationship element with your residents. Interested in learning more about Real Property Management Gold? Contact us online or call us at 301-392-2172 today and request a free assessment for your Charles County property.