Property managers are focused on driving value in apartment buildings through tenant retention and tenant services, and in this booming market, property owners are looking for management companies that will take the reigns. However, property owners have different needs and end goals, and want to partner with property managers to create a co-strategy.
"Property owners hire a property management company to manage every aspect of their multifamily investment and this often includes creating and executing a successful resident retention strategy for their community," Debbie D. Willis, president and designated broker for P.B. Bell, tells GlobeSt.com. "Some property owners are very hands on and want to be a part of creating the strategy, while others would rather their management company take the lead."
Whether property managers have a more hands on or hands off client, they are always focused on meeting tenant needs as a way to ultimately drive value at the property. "It's the ability to adapt to the wants and needs of both types of owners in which you'll find success," explains Willis. "Property owners expect you to take great care of their property, and ultimately, that means taking care of the residents within the community as well."
Capital investment in tenant services can also be an area of disconnect between managers and owners, however, Willis says that there are a number of low-cost ways to serve tenants. "Keeping residents long term can cost as much or as little as your budget allows," says Willis. "There are many things you can to do keep your residents happy and living at your community longer without spending any money. Residents want and expect their leasing staff to provide excellent and responsive customer service. They want maintenance requests to be completed promptly and accurately, grounds surrounding their apartment to be maintained, and the amenity spaces within the community to be kept clean. They want to be communicated with, listened to, and they want to feel like you care about their well being."
Sometimes, tenant service also overlaps with customer service at the day-to-day property level, and a friendly staff can also drive tenant retention. "Even just remembering someone's name and saying it when you see them can make a huge impact in the success of retaining residents," says Willis. "You can have luxury amenities, fancy resident events, and renewal gifts, but at the end of the day, residents just want to be treated with common courtesy."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
