Protecting Your Investment and ROI in Uncertain Times: Focus on Your Existing Residents
Top tips for cost-effective strategy of resident retention.
In uncertain financial times, with inflation and expensive labor costs, protecting your investment and ROI can be challenging. However, for multifamily property owners and managers, focusing on existing residents is one of the most effective ways to achieve this. Retention is much more cost effective than acquiring new ones. Satisfied residents are also more likely to renew their leases, which means a more stable income for your property.
Here are some tips to protect your investment and ROI by focusing on existing residents:
- Provide Excellent Service: With uncertain financial times, your residents will seek value for money. Providing excellent service that meets or exceeds their expectations can be achieved by responding quickly to maintenance requests, proactively conveying maintenance delays, keeping the property clean and well-maintained, and ensuring clear and timely communication. In addition, with inflation, providing exceptional service at the same or lower cost will keep your residents happy and satisfied. If your budget allows it, consider offering gift card incentives that help mitigate other costs for your existing residents. Gift cards and concessions to renewals are more cost-effective than acquiring new residents.
- Track Resident Sentiment: Understanding how your residents feel about their living experience is more important than ever. The current uncertainty of economic times makes residents may be more sensitive to the cost of living and the service they receive. By tracking resident sentiment, you can identify areas where your residents are happy and areas where they may need improvement—allowing you and your team to address any concerns before they escalate and a resident vent or rant gets posted online.