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Category: Resident Experience

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How to Take Advantage of Self-Service in Property Management

Maybe it’s because technology has made us all avoidant, digital recluses, or perhaps it’s just that people are tired of jumping through hoops to get simple tasks done. Whatever the case, self-service is on the rise–and it’s not going anywhere. According to Nuance Enterprise, 75% of consumers say that self-service is a convenient way to address service issues, and 67% say they prefer self-service to speaking with a company representative. So what exactly is self-service, and how can you take advantage of it in property management?

What is Self-Service?

Well, it’s exactly what it sounds like. Self-service refers to consumers helping themselves to solve issues and perform tasks. Think of everything from a grocery store self-checkout to the FAQ pages found on most websites. From customer autonomy to an increase in efficiency and convenience, the benefits of this customer service trend are significant. A quick glance at the aforementioned statistics, and it’s abundantly clear the direction we’re going. In the digital age, however, much of the self-service conversation begins and ends at customer support, but today we really want to focus on what it means in the context of the everyday resident experience in property management.

Why It’s Beneficial to Property Management

Employing self-service systems is a no-brainer for property managers for two major reasons. One, considering a majority of consumers across industries prefer self-service, it’s bound to increase resident satisfaction. Happy residents are residents that will:

a) want to rent from you long-term and

b) leave good reviews and recommend your property to others.

Two, the more places where a resident can help themselves, the fewer places your team needs to be. That’s a simple way to reduce labor costs and increase your overall NOI.

How to Implement Self-Service at Your Properties

The key to providing seamless self-service to your residents lies in a property management software that provides residents with a portal to interact with your property. Whether online or through our mobile app, ManageGo’s resident portal provides renters the ability to serve themselves in both their homes and around your property with our automation tools. 

Take, for example, paying rent every month. Before PropTech, residents would need to either gather cash, obtain a money order, or write a check and physically deliver it to your team. With our solution, residents can take advantage of automatic payments and submit their rent autonomously–with just a one-time set-up. Residents also have the autonomy to submit maintenance requests and ditch the messy email threads, reserve classes & amenities, and even grant their guests key access without the traditional roadblocks. With all of these tools, residents can cut to the chase instead of constantly having to flag down your onsite team for assistance. When all else fails and a resident finds themselves unable to complete a task or solve an issue on their own, ManageGo offers live support for the resident portal and online payments. By employing easy-to-use software, residents can enjoy the self-service experience they’re after and get what they need in a more efficient and convenient way.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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How to Keep Up with the Rise of Package Deliveries Easily

We’re not saying your residents have an online shopping addiction…but also we’re not not saying that. We’ll just let the numbers speak for themselves:

🡢 Approximately 219 million people in the US will shop online in 2023

🡢 Online sales are projected to account for 20.8% of all retail sales in 2023

Yeah, that’s a TON of online shopping, and it’s not going anywhere. The result of that? A huge influx in packages and deliveries at multifamily properties. Factor in the rise of instant gratification from next-day deliveries and a newly found convenience culture (think grocery and food delivery services), and the headaches for property managers keep growing. Not to mention the holidays peering around the corner. Really, everywhere we look, packages surround us (…help).

This huge increase in deliveries presents a unique challenge at multifamily properties that house numerous residents. Whether it’s the space required to store them, the tracking management, or the security concern, navigating these problems can be time-consuming without the proper systems in place. So what is an effective system to tackle this modern issue? 

A notable trend in the resident experience at multifamily properties is convenience–so delivering on this is imperative when considering how you’ll solve this. Our recommendation: employing property management software with an integrated package and delivery solution. Let’s break down the 3 main concerns and just how PropTech will help you keep up, whether you manage small or large properties, onsite or remotely. 

Tracking Simplified

The higher the volume of packages at your property, the harder it is to keep them organized in an efficient manner. By digitizing the tracking process, the likelihood of lost or missing packages decreases exponentially. With ManageGo’s packages & deliveries feature, your property staff can scan and log every package, as soon as they’re delivered. Our system will automatically notify the resident once scanned. You’ll have a single view of all deliveries at your property, so you’re always on top of what’s coming in and out. Yes–our solution works for outgoing packages too! 

But it doesn’t stop there since we’re constantly adding new updates to better serve you and your residents. With our upcoming upgrades to package management, property managers will have a more efficient way to scan packages in bulk, and residents will enjoy a new, easier way to view all of their packages–straight from the resident portal. Stay tuned for all of this and more by signing up for our ManageGo Weekly newsletter and always be the first to know when new updates are available. 

The Space Dilemma

Before you involve PropTech, it’s important that you find a dedicated space to store deliveries–whether it’s a mailroom, extra storage area, or a converted amenity area. Without a proper, dedicated space, your packages will end up scattered throughout your property, and be vulnerable to both misplacement and theft. As packages increase around the holidays and peak moving seasons, it’s even smart to find a space to accommodate any overflow. 

A huge benefit to the automatic notification sent to residents is that it gets packages out of your hands quickly. The sooner your residents know they have a package awaiting them, the sooner they’ll retrieve it. Employing this simple feature from ManageGo’s solution is an easy way to relieve your staff of an abundance of deliveries.

Seamless Security 

A notable pain point for residents and property managers alike is the safety of their packages. Especially in big cities where package management at multifamily properties is limited, theft and misplacement are huge concerns. Having security measures in place creates peace of mind for you and your residents, and will go a long way in resident satisfaction. As soon as your staff scans a package, ManageGo’s software automatically generates a secure pickup code for your residents to use at pickup.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Don’t Let Just Anyone In: How to Successfully Manage Guest Access

The beauty of a multifamily property is the eclectic mix of residents and their guests that come together to create a vibrant community. But with so many different people coming in and out of your buildings, it’s imperative to have systems in place to manage the flow of property guests. In order to successfully manage guest access, you’ll need to understand just why controlling it is important, make your guest policies clear, and make a plan on just how you’ll manage the circulation of visitors.

Why Controlling Guest Access Is Important

Well, you don’t want to let just anyone into your property–especially if you have inviting amenities. Having a log of every authorized guest makes it easy for your staff to know who should be there, and who has no business loitering. Not monitoring visitors is an easy oversight that could be costly. Past the basics of security, controlled guest access increases resident satisfaction–especially when you do it right. Making it simple and convenient for guests to enter makes your residents’ lives easier, and happier. And simply put, residents who enjoy the convenience and a sense of security at your property will want to stay around.

Make Guest Policies Clear

An important part of the successful management of guest access is making your policies clear to residents from the very beginning. From the number of guests allowed in a unit at a time, to how many nights they can stay in a row, to when and how often they can join residents at amenities, lay out your policies in every lease agreement. Whatever rules you decide to set, it’s important to enforce them equally and often to avoid residents abusing your policies and causing problems at your property. 

The Best Way to Give Visitors Access

Once your policies are set in stone and made clear to your residents, it’s time to decide how you’ll give guests access to your residents’ homes. Considering we are in the 21st century, you’d be amiss to not consider a PropTech solution first. Property management software automates and simplifies old processes and makes guest access a breeze.

ManageGo’s software works together with our key safe to allow highly secure, seamless guest access. It’s as easy as residents going online or using our mobile app to submit a request. They can grant any guest access on either a one-time or recurring basis. This flexibility is ideal for the variation in the types of visitors residents have these days–they can give the dog walker recurring key access, or give a friend one-time access for the night. 

One thing you should be looking for when considering software is its security. With ManageGo, keys are pin-protected at pickup and require ID verification from guests, so no keys are falling into the wrong hands. Additionally, residents receive a notification any and every time their keys are handled–via text or email–for maximum peace of mind. Whether you manage a small building or a large multifamily property, our system is a flexible, intuitive solution to the problem of guest access.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Resident Experience Trends to Watch for 2023

For many renters, a key draw to multifamily properties is the experiences that come along with them. From the amenities to the services you offer as a property manager, staying on top of what’s trending among residents is crucial to better serve and enhance their experience renting with you. As the new year quickly approaches, we’ll take a look at the top three trends that will dominate the resident experience in 2023, and how you can implement them to better attract and retain renters at your properties. 

  1. Wellness

The wellness lifestyle trend is projected to continue its growth into 2023, with consumers saying that it’s more important to their daily lives than ever. Wellness encompasses everything from mental health to physical well-being, and it’s no wonder its value has skyrocketed in recent years. Capitalizing on this trend can look different for every property manager, and plans can easily be tailored to account for the size and capabilities of your properties. 

Buildings that provide fitness centers should make sure they’re modern and appealing to their residents. After all, who wants to work out in a gym that feels like it hasn’t seen a soul since the 90s? For tips on how to draw residents back into underused spaces like this, check out our blog on how to increase amenity usage. Another great way to draw wellness seekers back into your amenity spaces is by offering classes and events. Consider adding yoga and meditation classes to your property’s regular schedule, or even host a nutrition-centered event. One wellness amenity that often gets overlooked is outdoor spaces–especially in the city. A little fresh air can do wonders for mental health, so be sure to offer ample space for residents to enjoy the outdoors, equipped with greenery and inviting lounge furniture. 

  1. Convenience

With tech practically enveloping our lives at every turn, the expectation of convenience is more so a pillar of life than a wavering trend. So how can you offer this at your multifamily properties? Investing in smart home technology is going to be the best long-term investment you can make in this regard. From controlling appliances to managing utilities, smart home tech can serve as both unmatched convenience and a valuable way to streamline the management of your properties. 

For properties where smart home tech is still out of reach, consider partnering with local businesses to offer convenience services to your residents. From grocery delivery to laundry services to child and pet care, there are likely tons of businesses in your area that would love to broaden their markets, and with convenience as the new expectation, residents will be fast to buy in. Look out for potential partnership opportunities through your property management software. At ManageGo, we regularly partner with businesses in your cities to bring your residents the best deals on the latest convenience services. 

  1. Sustainability

A growing priority among consumers, sustainability will continue to be a decision-making factor for many renters in 2023. And let’s face it, you’re already behind the times if you haven’t already started the switch. Property managers who prioritize the use of energy-efficient appliances and commit to eco-friendly practices will see both a higher demand at their properties and huge cost savings in the long run. Easy changes you can make today include switching to energy-efficient lighting, committing to a paperless environment with the help of PropTech, and adopting property-wide waste management plans that center on composting, recycling, and donating.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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The Pandemic Changed Property Management Forever (What You Need to Know)

We know, we know. We’re sorry to bring it up. The pandemic has been a life-altering event for much of the world, and we’re finally starting to return to a sense of normalcy. But while the worst of it is in the past, we need to acknowledge the effects it’s had on the real estate industry, and how property management as we once knew it has changed. The bright side is that many of these changes are key to progress, so by adapting your management to cater to these new times, your multifamily property will get the push it needs into the future. Here are the top ways the pandemic has changed property management forever. 

A New Focus on Safety

A significant detail that the pandemic brought to focus across industries is safety preparedness. It was clear immediately that many businesses were simply not prepared with the proper protocols and procedures for such a major public safety concern. This time has had businesses seriously examine their current emergency preparedness plans and reevaluate outdated safety protocols. In property management, the safety of residents encompasses everything from health and wellness to natural disasters and building safety. Our industry is (thankfully) coming out of this time with a new focus on safety, and being prepared for whatever may strike. Discover our top tips on emergency preparedness at your rental properties in our recent blog post.

Changing Lifestyles

Lifestyle changes as a result of the pandemic boil down to one main point critical to property management: people are spending more time at home. According to a recent study done by Ladders, by the end of 2022, 25% of all professional jobs will be operating remotely–a huge leap from pre-pandemic numbers. So what does this mean for property managers? This largely affects your resident experience goals as well as how you navigate amenity management. Adapting your amenities to cater to this rise in work-from-home residents will be crucial to retaining and attracting renters whose lifestyles require co-working spaces. Further, pandemic policies such as capacity limits have changed the way amenity management is handled. Instead of pre-pandemic free-for-all usage, many properties are sticking with a reservation-based model to make the usage of amenities more enjoyable. Additionally, with contactless services here to stay, from laundry to grocery delivery, it’s also important to make sure your guest access systems can keep up.

Community Connection

After months of staying inside, social distancing, and capacity limitations, people are craving connection to their communities like never before–both virtually and in real life. Multifamily properties have a unique opportunity to engage residents in a community setting. Whether it’s amping up the events and classes hosted at your property or providing residents a forum to connect online, it’s important to provide a sense of community to your residents to cater to this newfound desire to connect.   

Embracing Technology

Technology is the new norm in the real estate industry, and the quarantines of the pandemic cemented this fact. Contactless interactions were crucial to getting us through the health emergency, but many of these tech solutions are here to stay. From automatic payments to digital leasing and mobile communications, it’s obvious these systems offer a new convenience and efficiency that were long overdue. All-in-one property management software is the next evolution in the industry, and to compete with other rental properties, you’ll want to get on board. And the best way to cater to both changing lifestyles and a desire for connection? Investing in software that makes these new habits seamless. From amenity reservation systems to guest key access to event management, PropTech gives property managers the tools they’ll need to stay up-to-date with these changing times.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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3 Ways to Increase Amenity Usage at Your Multifamily Property

If you’re in the multifamily property business, chances are you offer some assortment of amenities to your residents. From pools and spas to fitness centers and outdoor spaces, amenities are a huge selling point to new renters shopping for their next home. So why do so many of them sit unused, collecting cobwebs and running your bank account? Maybe they’re outdated. Maybe residents find the reservation process to be a hassle. Or maybe you just haven’t marketed them properly. Whatever the case, amenities are there to enhance your residents’ experience and you likely charge a premium for units that have access to these spaces, so you want to make sure renters feel like they’re getting their money’s worth. Increasing the amenity usage at your properties comes down to two things: making them appealing and making them simple to use. Here are three ways to accomplish this:

  1. Update Your Amenities to Reflect Changing Lifestyles

Amenities should be practical and add value to the lives of your residents, so it’s important to consider the demographics of your properties. Does your building primarily house students looking for study rooms, families who seek playrooms and pools, or retirees wanting entertainment centers? Examine also residents’ shifting lifestyles. Work-from-home has quickly become the new norm, and co-working spaces are on an upward trend. And what about the rise in online shopping and next-day package delivery? Expect a boost in amenity engagement when you start catering to these changes and offering spaces and services that fit in with major lifestyle shifts. By failing to consider the lifestyles of your residents, you’re bound to lose prospective renters and even the retention of current ones, to properties that do. 

  1. Make Reservations Easy

Don’t kid yourself–no matter how great they are, if your amenities are a hassle to book, your residents may just forget about them. The simpler you make the reservation process, the better. Use a property management software to let residents check availability and book amenities straight from their mobile devices. With an intuitive and engaging interface like ManageGo’s concierge platform, amenity management has never been easier, and your residents will be more inclined to enjoy the spaces you offer.

  1. Leverage Marketing

Combine modern amenities with intuitive booking…but it still may not be enough to boost amenity usage. The lethal factor? Your lack of marketing. After all, how do you expect residents to use amenities they don’t even know are available to them? Brochures and leasing tours are a good starting point, but don’t discount the overwhelming nature of a new move. Regularly remind residents of all that your properties have to offer, whether through social media posts, hosting new classes and events in amenity spaces, or through a concierge service. By utilizing a modern platform for scheduling and booking, residents can see all of your available amenities in one place, and they’ll be more likely to reserve something new. Bonus: by leveraging an amenity booking software, you’ll be able to track just what amenities are popular, and be better informed on what exactly your residents want.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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3 Ways to Make Your Multifamily Property More Accessible

Looking out for the needs of your residents is one of the most important things you can do as a property manager–but you already know that. One detail that often gets overlooked, however, is accessibility. Hopefully, when your property was built, all ADA requirements were met, so you’re already off to a solid start. But the reality is: these requirements often aren’t enough for people with disabilities to live as comfortably as they could be. If you’re not already sold on going above the standard ADA requirements at your property (we hope that’s not the case, but alas), let’s look into why it’s not only important but a win-win for everyone.

Why Accessibility is Important

1) It makes your property more broadly appealing

According to the CDC, 1 in 4 adults live with a disability in the United States. That’s roughly 61 million people that you could be alienating from your property if you’re only doing the bare minimum. With the upgrades we’ll be suggesting, it’ll be too easy to turn down that huge demographic you could be welcoming into your property.  

2) It sends a message

Taking the time to make your property as accessible as it can be sends an important message to your residents: you care. You already know why this matters. A property manager who cares is more likely to foster better relationships with their residents, which will result in higher tenant retention and more property recommendations. Need we say more? 

3) It helps you avoid problems

Failing to make your property properly accessible can lead to complaints, serious injuries, and possible legal issues. By upgrading your property to address inaccessibility, you’re getting ahead of the curve and keeping yourself in the clear.

3 Easy Accessibility Upgrades

As great as it would be if every property manager completely redesigned their properties to allow for optimal accessibility, we understand that’s not realistic for everyone. Instead, here are three easy upgrades you can make at your multifamily property to increase accessibility.

1) Install smart technology

Installing smart home tech can be game-changing for a person living with a disability. Depending on the software you go with, smart home tech can allow a user to control their entire home from one place, offering a new independence and ease for people who may struggle with everyday tasks. 

2) Renovate your floors

Making your property more accessible can be as simple as renovating your floors. Features like carpets can make it difficult or even impossible for those using a mobility device to get around their own home. Consider replacing carpets with hardwood floors or tile. And let’s face it, carpet is out of style anyways!

3) Upgrade your pathways

Both the addition of lighting and tactile floor strips are simple but powerful upgrades you can make to the pathways on your property. These both serve to make navigation easier for the residents who need it. 

At the end of the day, it’s important to remember that disabilities look different to each person experiencing them. Make sure you consult with your residents before making upgrades to ensure their needs are met first. Living with a disability can be an exhausting experience when the world we live in constantly falls short of being entirely accessible. As a property manager, it benefits everyone to offer the accessibility your residents deserve. Happy upgrading! 

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Generation Z: How to Appeal to a New Generation as a Property Manager

A new generation of renters has officially emerged as the eldest of Gen Z turn 26 in 2023. It’s okay to admit that as a property manager, you may be a little out of touch with this generation. According to the National Multifamily Housing Council, they take up nearly half of the rental market, and their influence will only continue to grow. So how can you adapt your properties to appeal to this new generation of renters? First, it’s important to understand what defines Gen Z, past the stereotypes. 

What defines Gen Z?

The generation roughly born between 1997 and 2012, Gen Z has captured the world’s attention as they begin to enter adulthood. With distinct values and fresh perspectives, it’s clear this generation has been shaped by a new world. Here are the top three characteristics of Gen Z that property managers should consider.

1) Technology

Perhaps the most defining and unwavering quality of the bunch is their technology fluency. Known as digital natives, Gen Z is the first generation to have been born into a world dominated by technology. For better or worse, they have made tech a fundamental part of their lifestyles–from how they shop, to how they socialize, to how they carry out everyday tasks.

2) Experience-Focused

Arguably rooted in their notoriously short attention spans, Gen Z tends to value experiences over physical possessions that offer only momentary fulfillment. You’ll likely find them spending their income on events and activities instead of the latest material items. 

3) Individuality

Expressing individuality is at the core of the Gen Z zeitgeist. With a constant overload of information and influences from the internet, it’s no surprise they’re an experimental group. An emphasis on individuality simply means that communication requires personalization–a critical detail for anyone trying to market to this demographic.

How to Appeal to Gen Z

The key to appealing to this new generation of renters is adapting your property management style to cater to these qualities distinct to Gen Z. The simplest way to optimize this adaptation is utilizing a property management software like ManageGo to give you the tools you’ll need. 

With technology being so integral to their lifestyle, digitizing your residents’ entire experience is going to be key to capturing the Gen Z market. Having an online concierge that lets your residents do everything from booking amenities to managing their packages will give you a major leg up on other properties that aren’t taking into consideration this major lifestyle characteristic. 

You should also be taking advantage of Gen Z’s preference for experiences. Resident events are a fantastic way to cater to this proclivity. Plan events around significant holidays, new seasons, or even just because. If you’re not so creative in this department, check out our recent blog post with event ideas for the fall. 

Finally, we briefly touched on the idea of personalized communication as a way to recognize Gen Z’s inclination towards individuality, but what does this look like? With property management software, it’s never been easier to stay in contact with your residents and deliver on this value.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Apartment Life Sucks (And Why It Doesn’t Have To)

Sometimes, apartment life sucks. You know its advantages – think awesome amenities, lifestyle flexibility, and affordability – but there are no doubt drawbacks that leave residents frustrated. Understanding what might cause their dissatisfaction is key to retaining them, which is important to keep your units filled and cash flow stable. So what are the most common frustrations, and how can you minimize them as a property manager?

1) Unreliable maintenance

The only thing worse than a broken appliance is waiting for it to be fixed…only for the property manager to push it back, make excuses, and run in circles over something that seems to be straightforward. Not having to worry about maintenance repairs and costs is a huge reason people decide to rent over buy, so why is it still so complicated? Well, it may be how you manage your maintenance system.

Utilizing a property management software can help you streamline the entire maintenance process. Instead of exchanging emails back and forth only for them to inevitably get mixed up, use ManageGo’s leading maintenance platform to improve communication and get tasks done efficiently. Residents can easily submit maintenance requests and send photos or videos of the issue from our mobile app or website. Property managers can reply in an instant and assign tasks to their staff so everyone is always on the same page. Long gone are forgotten requests, lost updates, and frustrated residents.

2) Inconvenient administrative tasks

If convenience is a fundamental selling point of renting, make sure you’re offering it every chance you get. Don’t burden potential renters with hefty paperwork during the leasing and renewal processes, or burden current residents with old-school payment systems and inefficient communication. The headaches associated with this could be overwhelming your residents or even turning away potential renters. 

All-in-one systems are the ultimate fix for this common frustration. With our newly released leasing solution, you can digitize your leasing and renewal processes and get rid of the hassle that comes with traditional paperwork. All-in-one software is also great for automatic payments and seamless communication between residents and property managers. 

3) Inadequate resident support

Multifamily properties have the unique challenge of supporting a multitude of residents at once. This can present a frustration for residents if staff can’t keep up with the endless support they require. Property management software is also a great way to tackle this issue to optimize communication and automate routine tasks. ManageGo offers residents multiple outlets to get support depending on where they need it – whether it’s a maintenance request, package management, or guest access request. We also offer live phone support for our website and app to take one more thing off your staff’s plate. Really, what’s not to love?

If it’s not already clear, investing in property management software could be the most efficient solution to solving these common frustrations that plague residents. At the end of the day, the easier you make a resident’s life by offering convenience and reliability, the more likely you are to foster a valuable resident-management relationship, and keep them renting with you long-term.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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The Value of Resident Retention and How to Achieve It Easily

Attracting prospective renters is no doubt an important task for a property manager, but what are you doing to keep the ones you already have? Of course, resident turnover can’t be entirely avoided as it’s typically a result of factors outside of your control. But that doesn‘t mean you should discount retention altogether. Here are three reasons why resident retention is essential to your success, and the best ways you can achieve higher retention rates at your properties. 

Why Resident Retention Is Valuable

The value of resident retention boils down to one main thing: improving your bottom line. Think about all you do to bring in new residents. From marketing costs to offering concessions such as a free month’s rent, it can add up and seriously affect your margins. The more residents you’re able to keep renewing their leases year after year, the more you’ll save in these areas. If that’s not convincing enough, consider the fact that long-term renters are more likely to take better care of your property than residents who are in and out. Not to mention, high resident turnover rates are disruptive to your cash flow. Renewed leases mean more predictable cash flow and fewer interruptions to your income stream. 

How To Keep Your Residents Around Long-Term

Now if you’ve found yourself here, there’s a chance you’ve been feverishly googling “how to retain residents,” which turned into “ideas for resident appreciation,” and subsequently you’ve encountered hundreds of Pinterest boards on the topic. Don’t panic–we’ll break it down into two main takeaways you should focus on to increase resident retention at your properties.

1) Prioritize attentiveness and communication

Being attentive to the needs of your residents is a small but meaningful way to show them they’re valued. Inattentiveness and poor communication is a significant way you could be sabotaging your relationship with your residents. When they reach out to you with questions or concerns, make sure you or your staff respond promptly. An easy way to maintain this is through a management software. Another noticeable way you can demonstrate attentiveness is through your preventative maintenance. Not only does it resolve concerns before they turn into real issues, but it also shows your residents that you care. 

2) Create a community they love living in

Due to its flexible nature, renting can often leave residents lacking that special feeling of “home.” Creating a community your residents love being a part of is a great way to give them this and keep them around for the long-term. This can look like countless different things (bring out those Pinterest boards), but the main idea is to bring residents together and make them feel appreciated. Bring in teachers to hold regular classes, whether it’s a group workout class or art lessons. Make sure you have a place for residents to engage with each other virtually, like an online discussion board. Host events around holidays to get residents excited, or even consider weekly experiences such as a happy hour or food truck Friday. However you decide to bring residents together, give them a reason to love their home with you–and convince them to stick around!

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!