Paying attention to the human element, and fostering a sense of appreciation and community are crucial for an effective property management strategy. With turnover rates at a staggering 50 percent, sometimes simply saying “thank you” to your residents is not only a sign of respect and gratitude but it can also be a game-changer for your retention rates.
Residents pay attention to the amount of communication from property managers, with a third of them wishing their managers would communicate more, according to a J Turner Research survey. As such, thanking residents at the right time is not only polite but also an effective way to cater to their needs, improve their satisfaction level and build community cohesion.
Here are five situations when saying “thank you” could be beneficial.
1. On move-in day
Besides the tour of the property, the move-in day is the moment when your residents’ journey starts within your community. Move-in day can be stressful and daunting, so this might be just the right moment to showcase how welcoming your community is. By handing them a handwritten note saying “thank you,” you’re already setting the tone for the rest of their stay and establishing a cordial resident-manager relationship.
Move-in day is also a good moment to make your new residents feel valued and appreciated for choosing your community. There are multiple, simple ways to show gratitude to your residents on day one, including a brief note expressing your excitement or a small gift basket. Think about some useful items that they might need in these stressful times, such as snacks, supplie or a welcome guide. Both alternatives can make a great impression upon their arrival.
2. Lease renewals
Lease renewals are more than just a contract, they’re also a sign that residents enjoy their experience with you and trust you. Think about it as a win-win situation for both parties—they get to live in a place they like and you keep your occupancy rate high. Remember that any positive interaction between the two of you can highly contribute to them staying longer at your property. Ignoring resident communication and a lack of attentiveness and responsiveness are among the most common mistakes property managers make.
Lease renewals are a great time to express gratitude to your tenants for their continued support of your property and essentially for being loyal to you. As token of appreciation, you could give them a small gift or a discount on their rent. Another option is sending a handwritten note outlining your appreciation and reminding them of the best community amenities they can enjoy. These simple gestures can foster a sense of community and loyalty among your residents, and also improve their experience.
3. Participation in community events
Hosting events is one of the most common ways to foster a sense of community among your residents. However, you wouldn’t be successful if they didn’t participate, would you? So, don’t overlook the importance of thanking them for actively being a part of the community. Activities such as social gatherings, neighborhood clean-ups or holiday-themed parties promote a sense of togetherness and increase their sense of belonging.
Thanking residents for their engagement not only acknowledges their dedication but also promotes more participation, strengthening the community’s overall cohesion. Sending a follow-up message after a community event can contribute to building positive relationships with your residents, and it can also be the perfect time to ask for feedback.
4. Holiday season
What better time of the year to show appreciation to your residents if not during the holidays?
Festive seasons are a great because you can go beyond “thank-you” notes when it comes to showing gratitude. To create a warm and inviting atmosphere, you can easily decorate communal spaces, host some holiday-themed events or send out holiday greetings to create an enjoyable living experience.
Holidays are also a great opportunity to show your residents that you care about their happiness and well-being. Offering them small treats such as cookies, hot cocoa or a gift card can make their holiday season a little brighter and is a simple yet effective way to build positive relationships, increase resident satisfaction and boost retention rates.
5. Referrals and recommendations
Reviews, referrals and mouth-to-mouth recommendations are pivotal for transparency and business growth in general. Think about it as another form of organic marketing that you can benefit from and that is invaluable for keeping and attracting residents. People who live at your properties are essentially acting as ambassadors for your community, so you should take the chance to thank them when you can.
When residents refer your property or company to friends or family members, it means they value and trust their living experience within your community. Essentially, this is an opportunity for you to expand your potential resident pool. Therefore, don’t hesitate to thank current residents for referring your properties and acknowledge their role in attracting new residents. You can send them a gift card or a note, and make them feel appreciated.
