Any landlord, investor or property manager knows that one of the most vital parts of their job is attracting tenants and filling vacancies. However, what happens after the vacancy is filled? Retaining tenants may be an even more important part of the puzzle.
Developing a sense of community and providing your tenants with amenities in an office building, apartment complex, and everything in between is proven to make them feel more comfortable and valued. Tenants are also more likely to stick around and renew leases with an environment they enjoy. So, let’s take a look at some ways you can develop a sense of community for your tenants, t ensure their happiness and longevity in your property.
#1. Retain Proactive Management
It is important to retain good management to keep your property running like a well-oiled machine and keep your tenants happy. A proactive management team is better than a reactive management team, which only reaches out to tenants when something goes awry. Management that facilitates conversation, suggestion, and delivery of positive or negative news, makes tenants feel comfortable. It also makes them more likely to engage in other property events.
#2. Use Technology to Your Advantage
It’s no secret that we live in an extremely technologically-advanced age. Using tech resources to your advantage can not only help create a community-based atmosphere, but assist in providing property maintenance, and gauging data to ensure the best tenant experience possible.
Aside from the obvious such as providing technology-based amenities like Wi-Fi or electric car charging stations that tenants can physically use, you can also use technology to your benefit. Community apps such as Nextdoor have become popular. Some buildings have developed apps where tenants can contact management, report a problem and interact with other tenants. Moreover, technology can be used to conduct surveys to allow landlords and management to make property improvements tenants actually want.
#3. Collaboration is Key
Collaboration is a hot topic lately. Creating an environment where everyone can participate in different ways creates community and enjoyment. Involving tenants in the planning of property events and happenings makes them feel engaged. They are more likely to share experiences with other tenants, neighbors, and friends, which leads to a more social environment.
#4. Provide Interactive Amenities
Providing amenity options that are custom to your tenants can help with retention. Including collaborative workspaces, meeting areas, green spaces, dog parks and pools are all great ways to promote a tenant-oriented environment. Adding additional options such as restaurants, dry cleaning, retail, fitness studios, and other services amp up the appeal further. These amenities give tenants a place to interact.
Overall, it is common knowledge that happier tenants create a more tight-knit community, one that forms over time. However, to begin developing this tenant retention is very important. Providing your tenants with superior amenities, facilities and management all assist in the ultimate goal of long-term tenants who care and enjoy the property where they reside.