In the realm of property management, where service is paramount, success hinges on delivering an exceptional experience to residents. However, contemporary property managers and landlords are realizing that mere good customer service is no longer sufficient. According to 2022 U.S. Resident Motivations Report by Appfolio, 70% of renters express satisfaction with their property management company, yet only 24% indicate a likelihood to recommend the same company. The present market demands property managers to go beyond satisfactory service and provide an outstanding customer experience. Unsurprisingly, resident retention is closely tied to the quality of the experience offered by property managers.
As we approach the new year, it’s a fitting time for introspection to ensure you as a private landlord to ensure your personal management style resonates with your renters. Are your residents genuinely content with your approach? Is there room for improvement to not only meet but exceed their expectations? Explore the following insights to discover ways to elevate your residents’ experience, creating lasting impressions and maintaining competitiveness for your properties in the market.
Communication is Key
The crux of resident and prospective renter satisfaction lies in responsiveness, accountability, and connectivity. A study conducted in 2019 by John Burns Real Estate Consulting highlighted a significant disparity: while 84% of property managers and landlords believed they communicated effectively, only 38% of residents shared this sentiment. Achieving responsiveness requires property managers to be readily available for resident inquiries and concerns.
Effectively integrating technology is a key strategy to showcase a commitment to empathy in your business. An excellent approach is to introduce residents to an online portal, creating a centralized hub for accessing necessary tools and information effortlessly. This not only demonstrates your dedication to convenience but also facilitates communication via text and email, allowing for organized record-keeping for quick retrieval of information.
Make life convenient
When it comes to selecting a place to reside, tenants place a high premium on mobile and online tools. The top-tier property management companies distinguish themselves by going the extra mile to simplify and streamline the lives of their residents. Private landlords are not exempt from this expectation and should be striving for the same.
The incorporation of an online portal proves to be instrumental, not just for communication but also for empowering residents to effortlessly handle various tasks. This includes the flexibility to pay rent online through convenient methods, submit maintenance requests at the click of a button, and renew leases seamlessly from any location and device. Consider enhancing the resident experience by implementing these additional self-service options and tools:
- Virtual showings
- Online applications and leases
- Online resident portals
- Online rent payment capabilities
- Convenient online maintenance request submissions
- Effective email and text message communications
- Online lease renewal processes
These features collectively contribute to creating an impressive and user-friendly environment for your renters.
Going above and beyond
Remember that small gestures make a big impact. To truly stand out in a competitive landscape, consider offering supplementary services like concierge service, valet trash service, or other proptech solutions seamlessly integrated into your existing property management software. The incorporation of these additional details signals your commitment to going above and beyond to simplify the lives of your residents.
Going the extra mile also involves organizing regular community events if you have a multi-family property. Cultivating a genuine sense of community significantly contributes to resident retention. This may encompass a spectrum of activities, from festive holiday parties to laid-back BBQs and entertaining movie nights. By establishing a connection with your residents and demonstrating genuine concern for their well-being, you increase the likelihood of lease renewals year after year.
The caliber of customer service provided by a landlord holds substantial weight in residents’ decision-making processes regarding their living arrangements. Consider leveraging technology through a virtual property management service like Rent Ninja to streamline essential business workflows, enhancing efficiency while maintaining the personalized touch required to effectively manage your property. With the right technology, you can not only attract and qualify residents but also engage them seamlessly throughout the entire leasing process.