Every rental business needs long-term tenants. Tenants who renew their leases year after year guarantee steady revenue and economic security.
However, playing the long game with tenants can feel impossible. Tenants may have very valid reasons for leaving (career changes, relationships, etc.) or may leave for a competitor despite your sincere attempts.
To build a loyal resident community, focus on holistic concerns rather than results with individual tenants. For instance, consider whether the structure of your rental business encourages long-term renting or if you aren’t really doing anything to foster resident community and culture.
Here are a few ideas and tips for building a loyal resident community.
Host Resident Events
Resident events are a great opportunity to build loyalty in your rental business. An informal setting where tenants can talk, eat, or celebrate holidays encourages relationship-building between tenants. Tenants who are friends with their neighbors and feel connected to their community are more inclined to stick around.
Vibrant, healthy friendships also prevent future arguments between tenants. The last thing you want is a minor squabble over noise or parking to convince one or more tenants to find new housing. Tenants who have met and gotten to know each other at resident events are much less likely to cause pick fights.
Some ideas for resident events you could host include community service projects, charity drives, holiday events, outdoor gatherings, or even general drop-in events.
Offer Incentives and Perks
A little generosity goes a long way in real estate. Sometimes all your tenants need to renew their leases is a compelling incentive or attractive perk.
Incentives can be highly affordable for your business while still highly effective. For instance, you could offer a slightly discounted rent for early renewals.
The key to renewal incentives is offering them early. If tenants haven’t had the chance to search for new housing yet, they are more likely to accept your offer.
Engage with Tenants Online
Engaging with tenants online is another great way to build loyalty. Online engagement can take many forms. It’s less important which forms you choose than your level of consistent engagement and networking with tenants.
Be active on your social media accounts and regularly post content. You can also facilitate community engagement by replying to tenant comments, answering questions, and using tags or hashtags.
If your online presence is primarily on your company website, build loyalty there. Reply to any comments on your content and integrate your social media and website with your online property management software.
Engage with Tenants in Person
Engaging with tenants face-to-face is also crucial. Your presence at resident events or simply checking in with tenants is highly effective in sustaining strong tenant-landlord relationships.
When you meet with tenants in person, encourage them to be honest about their experiences with your rentals. Ask your residents what they like and dislike about their housing and what could be improved. If their suggestions are simple and easy enough to implement, doing so shows tenants that you take their concerns seriously and are willing to act on them immediately.
Care for Your Rentals
Regularly addressing maintenance issues and renovations lets tenants know you care not only about your rentals, but also about them.
Demonstrate your care for your residents and rentals alike by frequently inquiring about the state of appliances, utilities, and amenities. When tenants submit maintenance tickets, respond to them as quickly and efficiently as possible. Likewise, don’t postpone a necessary upgrade until the current resident of a unit moves out.
Prioritize your tenants’ quality of living by caring for their homes and living spaces.
Finally, the simplest way to build loyalty is to reward it when you see it. Tenants who attend resident events, consistently pay their rent online, and renew their leases year after year deserve to be rewarded.
There are many ways to reward tenant loyalty. Make sure tenants who have remained loyal to you know that they are appreciated, and they will be more likely to continue to stay.
Create a Loyal Resident Culture and Community
Loyal residents are essential for the continued success of your business. By hosting and attending resident events, rewarding loyal tenants with incentives and perks, taking care of your rentals, and engaging with tenants online, you can build a dedicated resident community in no time.
Also Read: Tips How to Start Real Estate Business in Pakistan 2022.