Since portfolio occupancy is the most important KPI for property managers, tenant turnover inevitably becomes the biggest impediment to success.
Keeping tenants happy has become a necessity for overall success in today’s competitive market. Not only do happy tenants leave positive reviews and send referrals, but they also stay on for extended durations ensuring high occupancy rates are easier to maintain. This reason alone warrants taking the time to review renter journeys and design processes to maximize tenant satisfaction.
This post will go through best practices property managers can imbibe to maintain high tenant satisfaction ratings.
- You only get one chance to make a first impression, make the move-ins count.
Tenants do not expect to walk into their new home and find flowers arranged on the coffee table or towels shaped like swans in the bedroom. However, since moving-in is hard as is, friction here should be minimized by ensuring all necessary instructions are delivered in a clear and timely fashion.
Pro Tip: If as the property manager, you are able to provide new tenants with a spot to park their moving truck or book the elevator in advance on their big day, you will already be outdoing a majority of your competition.
2. Make maintenance requests priority numero uno
We understand that a request to install an additional hook on the bathroom door is not the same as an HVAC breakdown in the month of January. However, property management teams are encouraged to develop a culture of treating minor inconveniences faced by tenants as important business problems that ought to be resolved in a timely fashion. In the short run, this ensures improved tenant satisfaction and occupancy, however in the long run this can lower operating costs that result from impeccable property maintenance.
3. Standardize communication channels and set expectations from the get-go
At the outset, restrict all tenants to one channel for all communication. The best way to keep tenants happy is by implementing an intelligent channel that readily provides answers to commonly asked questions, is easy to use, and, is accessible on the go.
Pro Tip: Ensure expectations around turnaround timelines are set at the outset via auto-responses during holidays and off-hours. Also, proactive transparency about external intervention leading to potential delays will always be better received than a reactive explanation to a complaint about delays in resolution times.
4. Quaterly feedback forms > Exit surveys
All teams that manage operations ought to do everything in their power to avoid surprises. While exit forms are a good way to show that one cares in addition to gaining an understanding of the shortcomings of property operations, they fail to help property managers with the KPI that matters most, occupancy.
Periodical feedback forms not only ensure one maintains a pulse on their tenant base, but also allow proactive resolution resulting in improved occupancy in the long run.
There is no denying that property management is a tough, often thankless gig. However, incorporating technology and best practices has the potential to have a dramatic impact on the business as well as the overall reputation of one’s brand.
We at SoulRooms care deeply about problems pertaining to rental managers and hope this post adds value to folks looking to improve their tenant experience. Happy leasing!