Finding a long-term resident to reside in your rental property can be a daunting task. Use effective Framingham resident retention strategies to get sustainable residents that you could rely on to remain for a longer period. Some residents stay for lower costs when lease renewal time comes, while others remain for the sense of community. Others might be enthralled by the charming landscape or maintenance requests process completed efficiently and on time by a property management company.
Despite the reasons residents might stay or go, landlords and property managers should factor in the move-out costs associated with allowing your property to become vacant. This cost can be hefty and cost you the profit you would have gained if you had retained the resident or had a program in place to replace the resident quickly. Using established Framingham resident retention strategies can help you build a close relationship with your residents. For instance, if one of your residents was thinking of moving, they would trust you and tell you about their plans. Having prior knowledge about this can give you significant extra time to find a replacement.
Among the primary Framingham resident retention strategies to execute is to properly comprehend what your residents want. A few property managers are surprised to find out their residents have opposing or unkind things to say about them. This can develop for various reasons. Your lack of communication with the renter could be one of these reasons. Renters want to be heard. Although customer service is an important component of fulfilling the resident’s needs, property managers have a tendency to not focus on what actually matters when talking with the renters. Some property managers might have hatred towards these phone calls or interactions as it puts in more work to an already busy day. However, what property managers have to understand is that customer service is the most vital part of the day.
Customer Service can be a broad subject. Framingham resident retention strategies include really going into what your customer service experience signifies for your residents. All in all, customer service must not be viewed as a task. It is a step in interaction and relationship building. Good, open communication in a relationship will not occur overnight. From the time your resident signs your rental property lease, you are participating in a constant testing phase with your resident. Renters will test you to find out what your communication style is, what your updating process is, how quickly you will handle requests, and how open you are—where you could either be strict with your job practices or relaxed and receptive to conversation. Some renters might be occupied and can’t answer phone calls. Consider sending simple reminders or texts about things instead of accumulating everything into one arbitrary long phone call.
Listen and Take Action
Framingham residents desire to be listened to. Whether their part of the story is valid or not, there is a reason why they are communicating with you. Listen to whatever they might have to say. They will feel validated when you give them time to express their opinions. Listening, as with any relationship, demonstrates that you care more about completing the job and shows them that you care about them as people. Avoid saying “no, we can’t do that” or beginning your sentences or replies with “no.” Always offer a solution or alternative to go with their ideas even if this solution would cost the renter money or may not be exactly what the resident believes is right or think of as the solution.
Complete in a Timely Fashion
Residents tend to have a greater appreciation when their service requests are quickly and efficiently resolved. Even if you do the job properly and to their specifications, if it takes months to do it, they might still develop resentment towards you. When you complete tasks in a quick and timely fashion, your Framingham residents can trust you more as a property manager. Set aside time from your busy schedule to quickly perform the job. You will find that even taking 10 minutes to give ample attention to a service request asked for not too long ago can go a long way in keeping your resident around lease after lease.
A successful resident retention strategy boils down to timeliness and careful listening in doing service requests. Imagine all the possibilities that you can create as you focus more on your relationship with your residents. Interested in finding out more? Contact us online or call us at 508-329-6000 today for more information or to request a free assessment for your Framingham property.
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