In the dynamic world of property management, reducing resident turnover is a constant challenge. High turnover not only disrupts cash flow but also increases operational costs and diminishes the overall resident experience. Fortunately, there are strategies property managers can employ to mitigate turnover rates and foster long-term tenant relationships.
In this article, we’ll delve into four effective methods, leveraging digital solutions, resident screening, preventative maintenance, and resident benefits packages, all aimed at enhancing resident retention.
1. Go Digital with Property Management Software
In today’s digital age, convenience is key for renters. Property managers should embrace technology to streamline operations and enhance the tenant experience. Investing in property management software can significantly improve efficiency and satisfaction.
According to a recent study from Forbes, “60% of U.S. renters pay their rent online, but 69% would prefer to.” Another study from Buildium’s 2024 State of the Industry Report suggests that “70% of renters say that it’s important to them that their property manager or landlord provide access to an online resident portal where they can pay rent, submit maintenance requests, and complete other rental processes.”
Leveraging a property management maintenance platform like Latchel can significantly help improve the resident experience, allowing residents to quickly and easily submit maintenance issues and get them resolved faster. In fact, Latchel takes maintenance calls in 60 seconds or less, guaranteed and is able to resolve 30% of maintenance issues through troubleshooting.
Investing in the right property management software is going to make your tenants’ living experience much more convenient and enjoyable. If you’re new to the industry and don’t know where to start, click here to check out our blog of some of the top property management automation software and tools.
2. Prioritize Resident Screening
Thorough tenant screening is fundamental to selecting reliable residents who uphold lease agreements and contribute positively to the community. By meticulously vetting prospective tenants, property managers can mitigate the risk of late payments, property damage, and evictions. Prioritizing resident screening not only safeguards assets but also cultivates a harmonious living environment conducive to long-term occupancy.
3. Implement Preventative Maintenance Practices
Proactive maintenance is paramount in preserving property value and enhancing resident satisfaction. Property managers should adopt a preventative maintenance approach to address issues before they escalate, minimizing disruptions and maximizing resident comfort.
If you don’t have a preventative maintenance plan in place, check out our free eBook: Building a Robust Preventative Maintenance Plan to get the tools and insights needed to safeguard properties and optimize asset performance.
4. Introduce a Resident Benefits Package
Elevate the tenant experience by offering a comprehensive resident benefits package tailored to their needs and preferences. Offering a bundle of financial and lifestyle perks enhances the overall value proposition for residents while providing a competitive edge for property managers.
Latchel offers customizable resident benefits packages that residents can opt into, boasting an impressive 40% opt-in rate. By offering desirable amenities and services, property managers can foster resident loyalty, differentiate their properties in the market, and create new revenue streams for their business.
In conclusion, reducing resident turnover requires a multifaceted approach encompassing digital innovation, stringent screening processes, proactive maintenance strategies, and enticing resident benefits packages. By leveraging the power of property management software like Latchel, property managers can streamline operations, enhance resident satisfaction, and ultimately, decrease turnover rates.
To learn more about how Latchel can revolutionize your property management experience and drive resident retention, schedule a demo today. Together, we can transform challenges into opportunities and cultivate thriving communities for years to come.
