44% of property managers focus the majority of their time on new tenant acquisition, whereas only 18% of property managers focus their time on tenant retention.
However, the cost of obtaining a new tenant is actually five times more expensive than retaining a current one. With that in mind, it’s becoming more and more vital for property managers to have a tenant retention strategy in place.
When developing your tenant retention strategy, consider these 3 tenant communication tips:
1. Foster your community.
The more tenants forge relationships within your property and the surrounding community, the more your tenant retention rates will increase. Some opportunities to create a strong sense of community at your property include:
- Organizing periodic events that bring all of your tenants together.
- Utilizing tenant communication tools like social media to build an online community presence.
- Starting a property management newsletter or blog to update tenants.
- Partnering with local businesses and organizations to secure tenant incentives.
A recent study showed that tenants who are satisfied with property management are three times more likely to renew their rental agreement. Open lines of tenant communication will set you apart from other property managers. Along with your tenants come varying tenant communication styles and preferences, so also be cognisant of what types of tenant communication methods works best for your community.
3. Make the switch to digital.
Going digital is one of the easiest ways to strengthen tenant communication and make things run smoother. For tenants, the capability to pay rent online and check the status of issues or requests is priceless. For property managers, the ability to send messages or alerts to all tenants at various properties with the push of a button cuts down on both time and cost.
No matter what communication style your tenants have, Alert Solutions can help you reach them easily and effectively through email, voice, and SMS text messaging. To learn more, download our best practice guide today.