Finding a long-term resident to stay in your rental property can be an enduring responsibility. To acquire sustainable residents that you can trust to stay for a longer time, you must utilize successful Thousand Oaks resident retention strategies. Some residents remain for the sense of community; others might remain for lower costs once lease renewal time comes. Some more might be captivated by the beautiful landscape or maintenance requests process being efficiently and swiftly completed by a property management company.
Despite the reasons residents may stay or go, property managers and landlords have to factor in the move out costs associated with allowing your property to become unoccupied. This expense can be hefty and can cost you the profit you might have earned if you had retained the resident or put a program in place to replace the resident quickly. Having established Thousand Oaks resident retention strategies can help you cultivate a close relationship with your residents. For example, if a tenant of yours was considering a move, they would confide you and inform you of their plans. Having this information in advance can offer you significantly more time to find a replacement.
One of the first Thousand Oaks resident retention strategies to implement is to properly know what your residents want. Some property managers are shocked to hear when residents have unkind or negative things to say about them. This could come up for multiple reasons. One of these reasons is a shortage of communication with the resident. Residents want to be heard. While customer service is a major part of meeting the resident’s needs, property managers tend to not focus on what truly counts when talking with residents. Some property managers might have developed resentment towards such phone calls or interactions as it piles on more work to an already busy day. Nevertheless, what property managers should realize is that customer service is the most important part of the day.
Customer service can be a broad subject. Thousand Oaks resident retention strategies include diving deep into what your customer service experience means for your renters. Generally, customer service must not be seen as a task. It is an interaction and relationship-building step. An effective open communication relationship will not happen immediately. From the time they sign your rental property lease, you are engaging in a constant testing phase with your resident. Residents will test you to see how fast you will respond to requests, what is your updating process, what your communication style is, and how open you are – where you can either be stern with your job procedures or lax and open to conversation. Some residents can be busy and could be unable to take phone calls. Try sending texts or simple reminders regarding things instead of accumulating everything into one random long phone call.
Listen and Take Action
Thousand Oaks residents long to be heard. Whether or not their side of the story is valid, there is a reason why they are reaching out to you. Listen to whatever they have to say. A resident will feel validated when you give them time to share their opinions. Listening, as in any relationship, indicates that you care about more than just finishing the job and shows them that you personally care about them. Avoid saying “no, we can’t do that” or starting your sentences or responses with “no.” Always give a solution or alternative to accommodate their ideas even if your solution will cost the resident money or may not be precisely what the resident feels is right or has in mind as the solution.
Complete in a Timely Fashion
Residents have a tendency to appreciate more when service requests are handled quickly and effectively. Even if you perform the task correctly and to their preferences, if it takes several months to do it, they could still hold resentment towards you. When you finish jobs in a quick and timely manner, your Thousand Oaks residents will trust you more as a property manager. Set aside time from your busy schedule to quickly perform the task. You will find that even giving 10 minutes of proper attention to a service request asked for not too long ago will go a long way in retaining your resident lease after lease.
An effective resident retention strategy boils down to careful listening and timeliness in doing service requests. Think of all the possibilities that you can create as you focus more on the relationship element with your residents. Want to learn more about Real Property Management Ventura County? Contact us online or call us at 805-387-3682 today and ask for a free assessment of your Thousand Oaks property.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.