Back in 2011, a study by SatisFacts estimated that the average cost of turnover for a rental property was as high as $3,900. When you take into account days lost to repairs, vacancy, professional cleaning, standard maintenance, and marketing, the cost of turnover can leap to several months of income if the property was being rented. Working for lease renewal is a great option and something all corporate housing managers should have strategies in place for. We have three that can help you on that path.
Customer Service is Important
While it might seem silly to mention customer service, it’s important. Another study shows that over half of corporate rental property turnover occurs due to an avoidable circumstance. Some residents leave because they find management isn’t responsive in regard to maintenance requests while others leave because customer service isn’t adequate. Marketing matters, but only if the customer service is in place to offer an exceptional experience for renters.
Focus on Value
While value has a relation to money, it goes beyond saving in terms of a number of dollars. Value can also be attributed to how easy it is to be a resident at your corporate housing. A resident is going to think about how easy it is to be comfortable and do the things they want to do without going to any trouble. By taking time to think about how to make your residents lives easier, you gain loyalty which can lead to keeping residents for a longer period of time.
Thoughtfulness in Gestures and Perks
There are many ways to incorporate perks that will impress those staying your corporate rental property. For instance, Gables Residential offers rewards for residents who stay longer. They also offer social events which can make a location feel more like a community to those who stay there. In addition, some properties are pet-friends and others have charging stations for electronic vehicles.
You don’t have to go to this extent but think about what matters to the tenants and offer it before they have to ask for it. Get creative in your thinking and make the place somewhere people want to keep coming back to.
Showing a commitment to a property and your residents will provide an impression to those who stay at your Furnished housing. Even something as simple as offering coffee and newspapers in the morning can go a long way toward increasing retention.
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