Unique Resident Retention Ideas
Here are some unique ways to increase your retention rates:
Offer incentives through your business relationships.
Develop relationships with other businesses in your community and see if they'd be willing to set up a direct advertising campaign with your residents. Whether it is a free extended trial, a free membership, or just free products, you can provide more value to your residents upon a lease renewal by offering them these local incentives and businesses typically love it because it can create new customers for them.
Refund a resident's security deposit.
There are a number of insurance agencies that provide a policy against damages that may happen in a rental property. Many of these policies only cost about $10 per month per rental unit. Nothing says “I love your business!” more to a resident than a return of a security deposit AND the paying of this insurance policy. They get their money back, the property has insurance against losses, and everybody comes away extremely happy.
Encourage a tenant's union.
There are many bad landlords and property managers out there, masquerading themselves as good business people. One of the ways that you can set yourself apart is to encourage the development of a tenant's union. This will help everyone know what their rights are as tenants, which gives your customers a sense of empowerment. You benefit because tenants that are unionized tend to take care of their homes in a better way.
Offer discounts instead of increases.
Residents sometimes need more of a benefit than the ability not to have to move. A number of rental properties are willing to offer new residents long-term discounts over the next 12 months that can make moving a profitable choice! If you can offer discounts on your rent instead of increases, then you'll be able to compete with all of those new customer specials and retain more residents year after year.
Have good facilities.
The quality of your rental properties will always be your greatest attribute. If you have playgrounds for the kids, workout centers for the professionals who don't have time to hit the gym, swimming pools, hot tubs, or other items that increase your value ratio, you'll be able to charge more rent and retain more residents because people are going to want to live there. Even consider upgrading your property to include WiFi and other free modern amenities for even more value.
Above all else, resident retention comes from being personable and available for people when they need a little help. Have a solid presence on your properties and quickly respond to concerns that people have. There really is no better way to retain resident occupancy rates than this.
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