How to Maximize Resident Satisfaction
What you can do to turn your current renters in quality long-term tenants
The multifamily market continues to go from strength to strength, and this trend looks set to continue throughout the rest of 2017. As the owner of a multifamily property, this is great news for your investment, but you mustn’t become complacent. As the rental landscape constantly evolves thanks to renovated properties and new constructions hitting the market, you must do all you can to stay ahead of the competition.
By taking stock of your investment and identifying and acting upon any areas of improvement, you will both ensure high levels of occupancy and also encourage your tenants to renew their lease and become quality long-term renters.
Communication is Key
If you are not managing your property yourself, make sure you have a highly responsive property manager in place. They should not only help residents with their questions and issues in a timely manner, but keep you as the owner informed too. If residents only hear from you or the property management when there are problems, this can make for a negative perception of your community. On the other hand, if residents are often requesting certain things you can greatly improve satisfaction by listening. Your renters will see you are a caring owner who values their opinions if you can make the requested additions or changes.
Encourage an authentic sense of community among residents by organizing regular events for tenants — think about BBQs and picnics in the summer and a holiday mixer each year. Events and activities like these will have a big positive impact on your residents, and act as a strong incentive for them to remain at your property.
If you have a larger multifamily investment, it might even make sense to have an official presence on social media. This way, current residents will stay updated about community news and prospective renters can get a feel for your property before they sign their lease.
One of the best ways to ensure the satisfaction of your residents is to keep your property well-maintained. Aside from fixing new issues as they arise in a timely manner, it is essential that you keep common areas looking clean and tidy.
Make sure you or your property manager conducts a regular inspection of the property, paying close attention to the following areas: landscaping, parking areas, footpaths, entrances/exits and mailboxes. Should you have additional amenities, for example a swimming pool or clubhouse, they must also be included in this list. Keeping these areas looking sharp will show your tenants that you care about your property and that you want to make sure it always looks its best. This will in turn make your property a more desirable place for both current and prospective residents.
How do your amenities measure up to the competition? With freshly renovated and newly constructed multifamily properties springing up in the local area, you need to make sure your property has attractive facilities. That way, you will both attract quality tenants and be able to charge a competitive rent.
If your property doesn’t have in-unit laundry facilities, think about making things convenient by adding a laundry room for all residents to use. If your property allows its tenants to have pets, you could consider adding a designated ‘dog walking’ path around the community, with dog waste stations.
Creating purpose-built spaces for your residents to get together and relax is a great way to foster a community spirit and increase satisfaction with their living environment. If you have enough outdoor space, you could think about constructing a grilling area and picnic area with shade.
By focusing on a few key areas you can make a big difference to the satisfaction of your renters, greatly increasing the chance that they will want to renew their lease and become quality long-term tenants.
When it comes to buying, owning or selling a multifamily investment property, the team at 100Units.com are here for you. With detailed analysis and an extensive understanding of the market, we make the process of locating and purchasing your ideal property simple. With our network of trusted and experienced property managers, we can also help you manage your asset. And then when it’s time to sell, we work with you to ensure you get the best return on your investment. Contact us today to get started.