The US Department of Housing (HUD) oversees housing laws, but there is no such law regarding resident retention. However, there are several laws that require landlords and property managers to maintain a high level of hygiene and cleanliness in public housing and take care of the proper functionality of the housing area. Through HUD, people receive affordable, healthy, and equal treatment regardless of their race, colour, gender, religion, etc.

Tenant retention is the ability of a property management company to retain residents and avoid resident turnover rates, which can ultimately result in unwanted costs associated with the advertisement, tenant screening, and all documentation requirements. Having a higher resident retention rate helps property managers ensure financial stability, avoid the costs associated with attracting new residents, and build better relationships and reputations.

Here are some of the ways to improve resident retention in property management:

1. Offer quality services: By providing quality services to all your residents without discrimination, you can keep them longer. Residents who feel their needs are met, their concerns are heard, and their concerns are addressed in a timely manner are more likely to be satisfied with the property managers and their living experience.

The following can help you provide quality service:

• Well-trained staff: Offer the best services by employing well-trained staff who are empathetic and professional. Ideally, they should listen actively to the residents’ problems and be able to resolve conflicts effectively.
  
• Empathetic approach: Management staff and property managers should be empathetic towards residents and address their concerns as soon as possible.
  
• Responsive to the needs: Being responsive to residents’ needs is essential to ensuring they are taken care of and feel secure at the property.

2. Address maintenance issues promptly: Everyone wants to live in an environment that is clean, safe, and well-maintained. Property managers should ensure a clean and hygienic environment for all residents and they need to address the concerns and problems of tenants promptly, whether they are small repairs or big safety or cleanliness concerns. A failure to address the issue in a timely manner would lead to dissatisfaction among residents.

Here are some ways to improve addressing the maintenance issues promptly: 

• Regular inspections: You should inspect your rental property regularly and address any maintenance issues that arise.
  
• Prioritize urgent repairs: When a resident reports urgent or emergency repairs such as a broken pipe or a malfunctioning heating system, you should prioritize those repairs.
  
• Follow up: Once the repairs are complete, follow up with the residents and ask if they are satisfied with the repairs and keep a record for future reference. If there are any further issues, this will assist in identifying them.

3. Create a sense of community: In order to create a sense of community among residents, it is important to create a sense of belonging. The residents will likely stay longer in the property if they feel part of the community and are satisfied with their social lives as well.

Here are some of the few ways through which you can ensure that the residents feel a part of the community:

• Organize community events: To encourage residents to socialize and feel connected, you can organize events such as holiday events, movie nights, food parties, and Christmas get-togethers.
  
• Create common spaces: Creating areas where residents can interact with each other, such as community rooms, outdoor seating areas, etc., will make residents feel closer together.
  
• Social events: Planning social events, like planting trees around the property, crafting classes, book club events, fitness classes, etc. can encourage residents to socialize based on their shared interests.

4. Offer amenities: Amenities are another important factor in resident retention. Assisting residents with amenities can add value to their living experience.

Here are some amenities that you can provide:

• Laundry facilities: The provision of laundry facilities on-site can make it easier for residents to take care of themselves. In order to provide residents with a comfortable and clean laundry area, property managers can invest in modern and efficient laundry machines.
  
• Fitness centers: Because health is a major concern for everyone, fitness centers and good trainers can help residents become healthier.
  
• Pool: Pool facilities are one of the most popular amenities in warmer climates or during the summer months. It is important to maintain a clean pool, along with lounge chairs, umbrellas, towels, etc.

5. Consider rent increase carefully: Be mindful of household incomes when increasing rent. You should consider households’ incomes when increasing rent. You shouldn’t increase the rents so much that the renters can’t afford them. You can offset the rent increment by offering additional benefits.

The following tips should be kept in mind before increasing the rent:

• Evaluate market conditions: As a property manager, you should first evaluate market conditions, including the rental rates, vacancy rates, and demand for rental housing in the same location. You should also consider inflation rates and the cost of living.
  
• Communicate clearly: Make sure the residents are informed clearly about the increase in rental rates and give them ample time to consider whether to accept it or not. It is also a good idea to be open to negotiating the rent with your tenants. Explain the reasons for the increase and what you can offer to ease the burden.
  
• Improve amenities: To justify an increase in rent, you should consider improving existing amenities and adding additional ones if possible.

Respond to feedback: Your first priority should be asking for feedback and responding to any concerns that arise. Residents should be able to voice their concerns or suggestions so that their living standards can be improved and their overall experience at the property can be improved.

You can take the following measures:

• Regular surveys: Property managers should conduct regular surveys to gather feedback from residents about their experience with the house, maintenance, communication, and amenities.
  
• Transparency: Property managers should be transparent about how they are implementing their suggestions or improving the living conditions of their tenants.
  
• Record the feedback and follow up: You should record all the feedback and the steps you have taken to address any concerns. Follow up to make sure they are satisfied with the repairs so that you can gain their trust.

Final words: By implementing these strategies, you can improve resident retention and create a positive living experience for your tenants. A happy tenant is a loyal tenant, and a loyal tenant is key to long-term success as a property manager. If you want to master the art of property management then check out the website of Compliance Prime.