Pub. 4 2019 Issue 6

7 ISSUE 6 2019 to their residents? The friendlier and more approachable you are as a staff member, the easier it will be to build a strong and hopefully lasting relationship with your residents. Note, we are suggesting you be friendly, not friends. Demonstrate value. Proactively contact residents to see if they have any con- cerns and see what maintenance needs attention in their home. Being proactive about maintenance demonstrates the value you bring to their lives. Checking on them makes them feel cared for, in- creases their loyalty and brings you new referral business. Keep your integrity intact. Don’t make things up to satisfy a resident “at the mo- ment.” It is OK to say that you must look up a policy or make a phone call before you get back to them with an answer. Not only does this show you are willing to do the work in finding the correct answer, but it also gives you a great opportunity for follow-up with the prospect or resi- dent. Come back with the right answer, and they will be more likely to respect you for it. Be honest and build trust. Incentivize residents. Reward your residents with a lower rent increase if they renew early instead of waiting. Use progressive deadlines and tiered renewal rates to incentivize residents to renew early and not look elsewhere. Treat the renewal like an anniversary and include, as a gift, improvements, or upgrades to the resident’s apartment. Be organized and professional. En- sure all information and documents are kept in order and are readily available. During the early stages of meeting new residents and touring prospective resi- dents, your organizational and profes- sional skills will be under scrutiny. You want to make sure the first impression you provide is a good one. Create a Resident Retention Plan. Communicate with residents ev- ery month, from before the move-in through the end of their lease instead of waiting until renewal time. Create a plan that provides many opportunities to connect with your residents and fol- low it. We created a seven-step resident retention plan that we share with our clients, also outlined in my new book. Respond quickly. If something stops working, it can lead to serious stress for a resident. Be responsive to their needs and take care of issues as they arise as soon as you can to ensure that you give them another good reason to renew their lease. Survey residents. Many professionals in our industry never check on resi- dents to see if they are happy or ask about their likes and dislikes. Why not survey your residents? Keep your surveys short and focused on one topic. Their answers may surprise you but will assist you in finding ways of keeping them happy. Happy residents turn into long-term residents. Embrace flexibility. You won’t always be able to respond to the resident's needs immediately. A little flexibility will help to make those times a bit eas- ier. Flexibility will allow you to do your best to meet in the middle. Maybe you can’t give them exactly what they want but might come up with a way to supply what they need. Be a problem solver. If your residents are coming to you with a problem, be the one who provides a solution or works with them to come up with one that is acceptable for both of you. Think creatively to make up a plan that satis- fies everyone. If you are willing to work with your residents to get them what they need, they will be more willing to come back to you the next time they need something. Read books, attend training and take online courses to learn new things so that you’ll be ready to deal with whatever comes your way. Looking for more on the subject of resident retention? You’ve come to the right place! We have just released our newest book entitled Close The Back Door: Solutions for Retaining Residents in Multifamily Communities by Elaine M. Simpson, now available on amazon. com. You can also give us a call or visit our website today for a free consulta- tion, and we’ll get you started on the road to making your business the best that it can be.