Tips on resident retention

In this precarious rental and real estate market, are you watching out for your best asset?  Just like employees are the most valuable part of any company, a resident is the most valuable component of a good rental or portfolio.   Without a resident, who pays the mortgage?  The owner, out of the money that could otherwise go toward reserves or personal gain. 

In light of how important the resident is (read how important the cash flow is), take these tips and implement them into your regular practices:

1.  Check in with residents.  Consider doing an online survey to determine satisfaction of the residents.  If online is not your strong suit, pick up the phone and call.

2.  When you have an opportunity to converse with your resident, get to know them!  Nothing helps with resident retention than an owner that cares about the life of the resident.  Ask about their work, what their families are up to, what entertains them.  Correlate it to your own life experiences.  Next time you check in with the resident, be sure to refer to the interests or lifestyle discussed.  Your bottom line will be glad you did.

3.  Consider holiday greetings.  How many of you send Christmas cards to your residents?  Why shouldn’t you?  Perhaps holiday cards are more politically correct, I leave this to you to decide.  The resident will appreciate being remembered a few times a year and to know that it is not always about “business.”

4.  When a new resident moves in they should be given a welcome packet full of friendly advice on restaurants, schools, utilities, and more.  What about the existing resident?  Couldn’t a quick letter with new restaurant information, helpful money saving ideas in the area, or beneficial services show that you are going the extra mile?

More ideas like these will follow in the coming weeks.  Check back or see more information on where to get landlord training and real estate information at www.landlordstudyhall.com.