MHN Executive Council: New Strategies for Resident Retention

If you have a good renter, you want them to renew their lease—they’re a known quantity. Plus, it’s a lot more cost effect to keep a resident than to find a new one. Do you need some help getting those leases renewed? The MHN Executive Council shares their best tips for resident retention.

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Going Old School

In order to retain current residents, it is imperative to prioritize exceptional customer service and engagement. By adopting an “old school” approach to customer service—I’m talking about going above and beyond to make sure your residents feel heard, valued and taken care of. This means being responsive to their needs, addressing any concerns promptly and always striving to exceed their expectations. This may seem like common-sense, but how often do you receive stellar customer service these days? Superior customer service is so rare that it stands out, sticks with our customers and makes them want to share the news!

Additionally, organizing fun events that cater to the diverse interests of residents can foster a sense of community and strengthen relationships within the property. These events can range from movie nights to outdoor barbecues or fitness classes, providing opportunities for residents to socialize and unwind. Investing in these efforts not only enhances resident satisfaction but also contributes to long-term loyalty and positive word-of-mouth recommendations for the property.

In the long run, putting customer service first and planning exciting events are crucial methods for keeping residents satisfied and building a dynamic living environment. —Jamie Cruz, Regional Asset Manager, Beitel Group

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Luxurious Touches

We take the responsibility of stewardship of our residents seriously. Whether someone is at a Marquette-managed property for a short time or decades, we seek to add value to their lives beyond providing a place to live, which we believe in turn leads to greater resident retention. We emphasize the professional development of our on-site professional management and maintenance teams by consistently promoting industry designations and recertifications to ensure top-notch resident service and care. Our proprietary We C.A.T.E.R. program, which stands for “customized attention to every resident,” is a hit with residents who appreciate the concierge-level services such as a 30-day satisfaction guarantee; 24-hour on-call maintenance; social events and classes; picture and TV hanging; and vacation services. Another unique way we offer benefits to residents is through our rewards system tied to paying rent on time that residents can use towards incentives like rent discounts and various travel, shopping, hotel and fitness rewards. And, knowing that many residents are interested in supporting the communities where they live, we give residents the opportunity to foster community connections through partnerships with organizations like Move for Hunger, where residents participate in regular food drives to support local food banks and get to know their community better. —Jim Cunningham, COO, Marquette Management

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Focus on Experience

Delivering the best experience that we can. That means investing in a quality asset and working hard to keep it in top shape and a product that residents are excited to call home. That also means employing the best, people-focused staff team. For the most part, our residents find us digitally, but once they connect, we want them to be comfortable engaging with our teams, from leasing through renewal. And they do. We’re a top-rated management firm, and that is all due to us listening and engaging with residents on a regular basis through a variety of forums. We’re here to make sure their home is the experience they signed up for. —Jim Love, Vice President of Marketing & Brand, Draper and Kramer

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Prime Positioning

Designing amenities that people actually use and creating connections turns renters into long-term residents with brand loyalty. We have a deliverable we refer to as a Property Positioning Plan that assesses the property holistically and strategically lays out priorities for improvement based on the current market and the targeted demographic. By assessing the property as a whole, developers can prioritize funds based on market conditions and what will appeal the most to their residents. One thing to consider in making these decisions is the difference between capital improvements and perceived capital improvements. When the resident perceives it as an upgrade, they are willing to pay more in rent, and it’s a higher return on investment. Not all improvements will do that, and if there’s a choice, it’s always to lean towards resident needs and wants to gain a higher return, and to keep them in place. We have also found that when it comes to residents, aesthetics holds a lot of weight, and new furniture and finishes can have a huge impact. —Wendi Stallings, Principal, Private Label International