The Importance of Service in Tenant Retention and Gaining a Positive Online Reputation
Browse through any number of reviews for apartments and you will see a trend in both the coveted 5-star reviews and the opposite end of the spectrum, the dreaded 1 star. Many include commentary on property or concierge staff. While apartment quality and other issues come into play, these interactions with staff can really make or break the tenant experience. As these reviews are also a major factor in leasing decisions for prospective residents they are of high importance to your communities online brand.
When looking for a new apartment almost ALL renters read online reviews. In an Apartments.com survey, 98% of respondents stated they do read reviews of a rental property when on the hunt for a new home and most importantly these reviews are making an impact on decisions. 96% of surveyed renters find reviews influential and 79% find them HIGHLY influential. Positive reviews will help to bring in additional leasing traffic and can make your property stand out in a crowd.
While much of the leasing and property management experience has gone online, personal interaction with residents is key so property staff must be engaged and valued residents. Property Managers hiding behind a desk or email are never going to solve a problem like a personal phone call or visit can. This high level of service can take a potentially negative experience and turn it into a positive interaction. Many buildings also utilize a concierge service as their main face to the residents. This, in turn, raises the question is your concierge accurately representing your brand and providing the quality interactions with tenants needed to form good relationships or are they just a doorman who accepts and distributes packages? A quality concierge service will get to know your residents, names, likes, dislikes and provide that personal touch for the management team.
Industry average tenant retention is around 50-55% however with this philosophy of offering high-level service GB Property Management is averaging a retention rate of around 87%. Consider the increase in NOI a building could realize with just a small jump in retention let alone a 20-25% jump. With numerous new construction projects coming online in and around Boston, many offering rental concessions, it will be imperative for property managers and owners to ensure resident satisfaction to both retain current residents and attract new tenants by fostering a positive online presence.
GB Property Management is a full-service property management company with over 17 years of experience in the property management field. Their diverse portfolio includes condos, multi and single family homes, apartment buildings and commercial properties. GB Property Management has developed a client base by caring for both landlord and resident and treating them with integrity & respect. Their number one goal is to protect the owner's real estate investment while maximizing its potential.GB Property Management Group >>