5 Innovative Ways to Attract and Retain High-Quality Residents
Updated: Sep 9, 2019
Ask not what your renters can do for you, but what you can do for them. 🔑 🌟
Successful property managers and owners understand the importance of not only finding optimal prospects, but also keeping the best renters in their communities. The key here is to minimize low-quality leads and maximize high-quality leads to avoid high turnover costs and other expenses.
But how do you find these perfect renters and get them to stay? Well, you’re in luck!
Here are the top 5 ways to showcase your property’s best features and get your optimal prospect to become one of your loyal long-term renters:
1. Take advantage of your online presence 🖥️
Online tools are the #1 way that renters find a new home. Good online presence is a must -- from your listings on Trulia, Zillow, Apartments.com and the like, to your social media platforms such as Facebook, Instagram, and Pinterest -- make sure that all your posts showcase your unit’s amazing features and amenities using HD professional photos and clear descriptions of the community. To kick it up a notch, try 360° panoramic images and videos for virtual tours on your listings and social media posts. The more creative, interactive, and informative your posts are, the higher engagement they get, which can build credibility and pique interest for prospects.
2. Don’t neglect offline presence either 📰
Printing is still relevant in the digital age! In fact, studies show that 55% of customers perceived print marketing as the most trustworthy amongst other avenues of marketing, and 82% of internet users trust print advertising when making a purchasing decision. Take advantage of the low competition for print ads and create newspaper ads, stand-out flyers, and other tangibles. Maximize exposure by printing and dropping off print ads at local businesses in target locations (with permission, of course). The studies also note that brochures, along with maps and travel guides, are the #1 in-market influence, so make sure to include brochures of your property at locations as well.
3. Offer unique and useful amenities 🏙
The next generation of renters want more connectivity and flexibility. To attract and retain these high-quality prospects, consider popular luxury amenities such as pet parks, 24-hour fitness centers, productivity / co-working centers with all-in-one printers, smart home tech, etc. Keeping in mind the sociability and flexibility that your new tech-savvy renters want, also consider high-speed tech, rooftop areas, and other community areas for your tenants to feel at home in your property. It's all about amenities that add value to renters' lives, which brings us to our next point!
4. Add high-tech value 📱
Renters today value technology more than other traditional apartment amenities, so highlight how your property’s high-tech can make life more convenient for them, whether it’s a paperless leasing process and online rent payment, or smart home tech that has keyless locks, automatic lighting, and added security.
That being said, the power of in-person marketing should not be neglected. 85% of recipients of promotional products go on to do business with the advertiser, so move-in checklists at open house, small goodie bags, care packages, etc. are all great treats for potential renters. If it’s really good, they might even post it on social media -- free marketing for you!
5. Celebrate great tenants 🎉
Don’t forget to keep adding value even after leasers sign. Continue building great relationships and make sure your tenants are engaged and happy. Resident holiday events, free grab-n-go breakfast once a month, Taco Tuesdays -- the possibilities are endless!
To show your appreciation for long-time tenants, give them goodie boxes or gift cards to local restaurants to celebrate their anniversary and loyalty to your property.
A little recognition goes a long way in increasing retention! A great relationship with your high-quality tenants can make them advocates for your property. You can even take the opportunity to implement a referral program and publicize it to your tenants. With a good relationship, they’ll be more willing to tell their friends about the great experiences they’ve had at this property, and give a more genuine recommendation and testimonial.
Building good rapport and establishing trust and credibility in relationships with your renters will take a lot of time and effort from property staff. However, it comes with great benefits and is the best way of not only attracting high-quality prospects, but keeping them as long-term advocates of your property.