4 Ways To Retain Long Term Residents


 

4 Ways To Retain Long Term Residents

 
One of the best ways to retain long term residents is to make them feel appreciated for being your best customers. While it is a constant effort to attract new residents, often times it is renewals that help keep your building fully occupied. Remember, if you retain a long term resident who pays $1,000 a month in rent, over 10 years they have become a $120,000 customer of your property! To help retain long term residents, here are five ways to make sure they feel rewarded and appreciated.

Acknowledge Anniversary Renewals

 
Acknowledge milestone renewals with a simple thank you gesture. When a resident renews for a fifth or tenth year maybe it is small gift basket from a local shop or gift card to a nearby restaurant. This simple token of appreciation is an easy way for your property to thank and retain long term residents.
 

Complimentary Annual Cleaning

 
New residents move into units that have been professionally cleaned. Long term residents are responsible for this upkeep themselves, despite being your best customers. Consider offering a complimentary cleaning as a way to retain long term residents. Find a bonded maid service that can deep clean a unit in half a day. Let your residents schedule a cleaning that works for them.
 

Dedicated Parking Spaces

 
Sometimes little things go a long way. If your property has assigned parking, make sure to assign/offer premium spaces to long term residents. There is nothing better than having a parking spot close to the entrance or elevators. This small gesture will make them feel appreciated for their continued business.
 

Long Term Resident Specific Surveys

 
Another great way to retain long term residents is giving them a louder voice. Consider a long term residents only survey or comment card. They know your property well, and their feedback should be acknowledged accordingly. It can make long term residents feel appreciated if they know their feedback is being requested and valued.

Remember, your long term residents are your most valuable. Make them feel appreciated for being loyal customers and you will continue to renew them year after year!

Want even more of the latest property management news?

 

Follow us on LinkedIn or Facebook or sign up for the Property Manager Insider Newsletter:

Get The Property Manager Insider Newsletter
Get the best property management content first.
We respect your privacy.