• Billy L.

Simple Tips to Improve Resident Retention

Driving new residents to a property is important, but so is ensuring that those same residents decide to stick around once their lease reaches its end. Resident retention makes the property more attractive, in addition to creating significant, long-lasting relationships within the community. While turnover is inevitable due to reasons such as a renter becoming a homeowner, a few simple tips can help with boosting retention.

Besides easing the move-in process to build trust, how quickly are you responding to resident requests once they’ve settled in? Residents expect a quick response, especially if it’s a major issue such as the A/C only blowing hot air in the middle of a toasty summer day. When receiving requests, ensure that they are acknowledged and provide an educated estimate of when the request will be addressed.

In minimizing resident turnover, building upkeep is fundamental. A safe and well-maintained property keeps the people living there happy, which encourages trust. If you have a history of avoiding even the easiest maintenance responsibilities, even the most beloved citizen will seek better living conditions. Daily maintenance indicates that you respect your residents' protection and comfort.

If you aren’t already doing so, adopt technology that makes life simpler for the resident. For example, smart devices such as a thermostat can ensure that someone living by themselves comes home to a cool home at their preferred temperature after working outdoors in the heat all day.

Simple kindness, transparency, a friendly building staff, making it easy to pay rent online, all of these can play heavier roles in improving retention.

This update is by Livo, a rental optimization platform aimed at providing you with a robust revenue enhancement tool. With Livo, you can maximize rental yields, accept and manage multiple offers and offers, and enjoy better retention. Livo targets rentals with the greatest odds of receiving a multitude of offers, and those with the best locations, features, configurations, and more. Please call 833.333.5486 today to learn more.

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