3 Effective Apartment Resident Retention Tips for 2013

insuranceday-resized-600You and your property management team spend a lot of time, energy, and focus on attracting new residents to your community. And while marketing your community will never stop being a critical priority of on-site property management staff, the biggest bang for your buck quite often will come from your efforts to satisfy and retain your existing residents. Because after all, if you have fewer vacant apartments to fill, marketing your community gets a whole lot easier! (And cheaper!)

So what can property managers do to drive higher multifamily resident retention rates? We’ve talked to our customers and found three common themes in their 2013 apartment resident retention strategy.

Communicate – Whether you communicate with residents via door hangers, email, or smoke signals isn’t important. Communicating with residents via the communication channels that they use, however, is tremendously important. This could be different from property to property and region to region. If your customers prefer email, then it’s imperative that you open up that channel of communication. Your resident portal should handle resident communication channels and make it easy for you to send broadcast email or even text messages to residents. And don’t forget, while your residents are logged into your portal, you have an ideal opportunity to put your message directly in their path.

Appreciate – From resident events to gifts, giveaways, contests, and thank you cards, showing your residents that you appreciate their business and contributions to the community can cost you the least in both time and money, but the returns you’ll realize can have the biggest impact in your apartment resident retention efforts. While you’re planning out the year’s pool party schedule, keep in mind that quite often, as it is in most aspects of life, a simple and sincere thank you and a handshake goes farthest in garnering good will amongst your customers.

Accelerate – Increase the speed at which renewal offers are presented to and accepted by residents by leveraging electronic signature capabilities. Your property management staff is constantly building rapport and relationships with your residents, which substantially contributes to resident satisfaction and by extension, apartment resident retention. This is a good thing, except when it comes time to ask for a rent increase. Then your staff may be apprehensive of asking residents for market rate, or higher. With MRI Resident Connect and Online Renewals, emotion is removed from the situation, simplifying the renewal offer and lease document to a business transaction. MRI’s chosen electronic signature partner, DocuSign has found that customers doubled their capacity for processing lease transactions and contracts are executed in the fraction of the time compared to their traditional lease renewal process.

With over 40 years of experience delivering real estate property management and accounting solutions, we at MRI Software understand the challenges our customers deal with on a daily basis. Our suite of best-of-breed customer relationship management solutions for the multifamily property management industry is designed to serve the unique and ever-changing needs of apartment owners and managers.


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