It’s no secret that the bustle of summertime begins to wind down as we approach the fall and winter months. This is especially true in the property management business, as filling vacant units during the off-season is almost twice as difficult, according to a recent survey.
This slow season - typically October through March - can be a challenge for property managers, with empty units causing frustration and decreasing revenue. But, there are steps a successful property manager can take to improve tenant retention and better offset the slower months.
1. Focus on Tenant Satisfaction Initiatives
Happy tenants are more likely to renew or extend leases, leaving you with less vacancies to fill during those fall and winter months. If your property finds itself vacant often, try revisiting some basic approaches that are likely to increase tenant satisfaction and tenant retention. Consider whether tenant grievances are being followed-up on in a timely manner, if property maintenance is regularly kept up, and if tenant communication is effective.
2. Evaluate Rental Terms and Pricing
Increasing tenant retention may be as simple as re-evaluating the rental agreements you set forth. If new business is consistently non-existent from October - January, than you might consider standardizing longer rental terms, or adjusting them accordingly to last through those harder-to-rent months. Another tenant retention factor to watch is whether your pricing aligns with market value and surrounding competition. If your pricing is substantially higher than the rest, you can offset those slow months with a lower cost offer.
3. Invest in Digital Property Management Tools
Implementing digital property management tools is one of the most effective ways to strengthen tenant communication and improve tenant retention. The importance of capabilities such as paying rent and checking the status of maintenance online is on the rise, and property managers who can accommodate this newer tenant need are more likely to increase tenant retention and keep units full year-round. Not only that, but implementing a digital tenant communication system property management system enables property managers to reach tenants at various properties with the push of a button – reducing both time and cost!
Did You Know? Alert Solutions can help. Download our tenant communication brochure to learn more about improving tenant retention through the use of multiple personalized communication channels.