3 Improvements To Help With Renter Retention

Whether you’re at full capacity at your multifamily property or not, the age old question is always how do you keep your residents happy so they continually renew their lease? This isn’t something to start thinking about right before the renewal process either. This should be an ongoing process that starts with the initial lease signing and should be on the forefront of the management staff’s mind. Here are three improvements you can focus on to help with renter retention:

Tailor Amenities to Renters’ Needs

Each property in your portfolio is different and most likely requires different amenities to cater to your residents’ needs. A lot of this will depend on your property’s location, resident demographics, and culture but adding niche amenities could be key to not only attracting new residents but maintaining renter retention. When the amenities satisfy your tenant’s needs, then they are less likely to look elsewhere when their leases end. Some examples of niche amenities you might want to consider include:

Modern Gem Design :: 3 Improvements to Help With Renter Retention
  • Pet washing and grooming stations
  • Community garden
  • Bike share or bike room
  • Rooftop lounge
  • Yoga space

Build a Community

Your community is just that… a community. Helping to build that community for your residents will make their apartments feel more like homes instead of just a temporary rental. When residents feel at home and like they belong in your community, they will tend to stay much longer. You can provide this sense of community both in-person and online for your residents.

A great way to do this is by utilizing your social media accounts. By doing so, you can share property information, provide customer service for residents, and give your current and potential tenants a sense of what is happening around the community in real time. It also provides the opportunity for residents to share their own photos, stories, and experiences which helps them connect with other residents and provides valuable feedback for you and future residents.

Hosting monthly events for your residents is also a great idea to help cultivate community in-person as well. You can host holiday gatherings, bring a food truck or another activity to your property to show your appreciation, and invite your residents to bring their friends and family members along to these activities. This not only welcomes your residents to the community and shows your appreciation but it also gives them an opportunity to meet others in the community.

Maintain Your Property

This may seem like a no brainer but your residents want to live in a community that is well cared for all year. This helps provide them with a beautiful, enjoyable environment to live in, which improves their overall quality of life.

If your property is located somewhere with different seasons, make sure the walkways, streets and parking areas are free of ice and snow during the winter months. In the summer, maintain the lawn and other landscaping. This will allow residents to enjoy the shared outdoor spaces as well as their own private patios and balconies if your property has them.

Most importantly, make sure you respond to any maintenance requests in a timely fashion. This is one of the best ways to keep your residents happy with your property. If something breaks or isn’t working properly in a unit, the last thing a resident wants is to wait for it to be fixed. Your residents will be appreciative of a timely response and help set you apart from other properties.

These improvements are fairly easy to start implementing in your community if you haven’t already but the biggest thing to remember is to ask for and listen to any feedback you receive from residents. If there is a continued trend in feedback it might be time to really consider some changes to keep residents happy.

If you need help implementing these changes or renovating your property, contact us today!

4 Things to Consider When Choosing a Design Renovation Firm

Renovating or rebranding can be a major undertaking but hiring a design renovation firm can make the process much easier. They can help by taking the lead on the project, managing the logistics and coming to you only when they need feedback or final decisions on the design and other details. Not only will they handle creating the design for you, but they’ll also help with the coordination of contractors and vendors and keeping the project on time and on budget. Everything you need to make sure your renovation runs smoothly! But not all design renovation firms are created equal.

Here are a few things you’ll want to consider when it comes to choose the design renovation firm you hire:

Their Design Style

Every designer has a different design style so you want to make sure you find a firm that either matches your style or matches the vision you have for your property. Their portfolio will highlight the past work they’ve done so you can see what their style is and if it fits with your overall vision for your property.

The next step you’d take is having a conversation with potential firms. This is your opportunity to share what you are looking for and then you’ll be able to see if they’re a good fit. Do you mesh well with their team? Do they understand your vision? This conversation will give you a really good idea if they’re the right fit for your property.

Their Capabilities/Role

So you know their design style matches what you’re looking for, but do they offer the services you need? When it comes to renovations for a multifamily property, there are a multitude of projects that can be done. Some properties just need a fresh coat of exterior paint while some need staging for a model unit and others need a full renovation of the rental units. Most firms will offer all of these but make sure they actually have experience with each facet of your renovation.

Connections with Contractors and Vendors

One of the biggest benefits of hiring a design renovation firm is their connections. Design renovation firms often have a list of trusted contractors and vendors they work with on a regular basis. We suggest asking about the contractors and vendors they work with in your area. This way you can start to get a better idea of how this process will work and you can do a little research into these connections prior to hiring a firm. This way you can ensure that your property is in the best hands possible throughout the entire renovation process.

References

Always ask for references. Their portfolio should not be enough in selling you on any given firm. Their work may be beautiful but it may be very difficult to work with him or they may have gone over the timeline, etc. Digging into references can help offset any of these concerns. You can ask for references from past properties and/or contractors or vendors to get a well-rounded idea of what it would be like to work with that firm.

And there you have it! Four things to consider in your search for a renovation design firm for your multifamily property. Taking your time to vet prospective firms and building a trusting relationship will help ensure a successful renovation process for your property.

Looking for some assistance with your renovations? Contact us today to learn more.

Tips for a Smooth Multifamily Property Renovation

Renovating your multifamily property can not only allow you to increase the value of your property but can also increase your rental rates, which is always an attractive idea for property owners. Not only that but it can also help you attract your ideal tenants, and improve renter retention. That being said, renovation projects are not a small feat and it can be easy to get in over your head quickly with projects if you aren’t careful. There is a lot of planning involved and you want to make sure your project goes as smoothly as possible. This will not only help stay on budget but will also keep from disturbing current residents. Here is some advice to consider:

Focus on Renovations with High Return on Investment

When it comes to renovations, getting a high return on your investment is often top of mind. Depending on your per unit renovation budget, you will want to be selective of the upgrades that you make. For example, gut-renovations and changing the layout of apartments is much more costly than changing paint colors and upgrading the finishes throughout. It’s important to identify renovations that will have a high impact for your tenants while staying within your budget.

Another important piece of advice is to make sure that you don’t over-renovate. Before you begin any renovation project it is very important to be aware of your market and comparable units in the area. A costly mistake can be investing more into a property than you will be able to get back through rental rates.

Plan for the Unexpected

As with any renovation project, when you begin construction there is always the chance that something will go wrong. Whether that is unexpected expenses or a drawn-out timeline, it’s best to have a plan in effect to account for different scenarios. It is also very important that you do your research on the contractors and companies you work with on the renovation so that you are very clear on who is responsible if any issues should come up.

Don’t Forget Amenities, Curb Appeal, and Model Unit Renovations

Beyond unit renovations, don’t forget about renovations to your leasing office, clubhouse, property maintenance and amenities. This is especially important if you will be doing your renovations in phases while tenants are living on property. During construction, it is important to try and keep current tenants happy and excited about the improvements, while also capturing the interest of new tenants. Improving the curb appeal of your property with exterior paint and landscaping can be a great way to improve your property. Upgrading the amenities you offer or adding new ones can also be a big selling point for tenants.

Hire a Professional

Renovation projects can easily become overwhelming and hiring an expert, like Modern Gem, who specializes in multifamily properties can put your mind at ease. They can take most of the project off your plate coming to you when decisions and details need to be made. They’ll also handle coordination with trusted-contractors so you know your property is in good hands. This way you can make sure your project goes smoothly from beginning to end.

If you’re interested in learning more about our services, please contact us.