Even in some of the most uncertain times, residents have stayed with their communities and renewed leases on a national scale. While this may seem surprising, there are a few simple factors that help residents determine whether they will renew. The challenges of 2020 and onward make understanding these renewal drivers more important than ever.
In the third Power Panels webinar, Lia brings guest panelists Charles David, Patrice Duke, and Kimberly J. Taylor in for “Why Should Your Residents Renew?”
The third webinar in this series explores what drives renters to renew and how management and onsite teams can work to make the resident experience one worth returning to.
Experience is Everything
In a pre-renewal survey in 2020 by SatisFacts, 54% of respondents made up a moveable middle. They responded as unsure about whether they would renew their leases. With such a large portion of renters on the fence, how do you make the necessary changes to secure their renewal?
Over the years, SatisFacts has tracked the top drivers for renewals. Over time, some resident priorities have shifted, but there are clear trends in all responses. Over everything, residents most identify community as a driving force for whether or not they renew. Residents might value amenities, but their experience is the most important factor.
Each guest in this episode stressed the importance of building trust with residents. Setting expectations for residents, such as a 24-hour response to maintenance requests guarantee, establishes a goal for residents and allows you to demonstrate reliability when meeting or exceeding expectations. Establishing policies that are easy for residents to navigate and then upholding them can show consistency and reliability.
While the need to be socially distant persists, residents are more understanding of adjustments that need to be made for community events, maintenance work, and other details of day-to-day life. But going out of your way to send property emails and keep residents informed can prove you’re willing to take extra steps to ensure residents are never in the dark.
Fostering a sense of community and excellence provides management with the opportunity to make the resident experience consistently positive. Residents are more likely to stay somewhere their experience has been positive; how a community makes them feel will determine whether they’re willing to renew and continue paying for the same experience.
The Neighborhood
Community isn’t just about management or onsite teams. Neighbors can also impact whether a resident is willing to renew, and what a resident’s daily life is like. Disputes can occur, and the way they are handled can make or break a resident’s decision to renew.
Think about ways to peacefully resolve situations, and uphold policies so that you can circumvent any issues before they develop into an uncomfortable situation. Be consistent in upholding community rules; invite residents to the office or visit their residence to discuss any issues that have occurred. Your community is unique and full of a variety of residents; showing them you care about keeping the experience positive for everyone will prove how much you care.
Renewing Happiness
Residents have hopes and expectations when it comes to their experience in a community. While some of those expectations involve simple things like maintenance requests, others are more complex and relate to community rules and policies. A resident’s perception of their community and their experience is based on a combination of all these factors. How management and onsite teams foster a positive experience is crucial in securing renewals. Even during the pandemic, you can ensure that residents are comfortable and willing to renew by doing everything you can to make the resident experience a good one.
Watch The Recording Now!
Want more info about this topic? Watch the webinar recording and learn even more about the top drivers for value and how to ensure your community stands out from the rest!
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