As rental property management companies nationwide brace for what could be a volatile year ahead for rental properties, occupancy rates are still a concern for the current year.
As managers struggle to rise above the DFW average 95 percent occupancy, the question is not what’s going to happen in the new year. It’s how can we increase occupancy right now by attracting and keeping great tenants?
Here are two ways we’ve found to increase and maintain occupancy and, more importantly, create relationships with valuable, long-term tenants.
Rental property management in DFW: Attract and retain great tenants with two essential moves
Move 1: Communicate, communicate, communicate
We really can’t say it enough. If you want to build relationships with people, talking to them and listening to them are essential moves.
By providing excellent customer service and building strong tenant relationships, property managers can enhance tenant satisfaction and retention. Satisfied tenants are more likely to renew their leases, recommend the property to others, and contribute to positive word-of-mouth marketing, all of which can lead to better occupancy rates.
It’s a win-win for everyone, but especially for your property revenue. If your rental property management team lacks communication skills, here’s a game plan to help develop them:
- Create a communication culture. Encourage and emphasize the importance of open and transparent communication in the organization. Host regular team meetings, set up feedback channels, and create opportunities for apartment managers and staff to share their thoughts and ideas without fear of reprisals.
- Lead by example. Senior leaders and managers should lead by example and actively demonstrate the value of communication and feedback. By actively listening to their employees, seeking feedback, and acting upon it, leaders can set a precedent for the rest of the organization.
- Provide training. Rental property management company managers sometimes lack the necessary skills for effective communication and feedback. Provide training programs and resources to help apartment office staff develop these skills. This can include workshops on active listening, constructive feedback, and conflict resolution.
- Empower and involve employees to empower tenants. Move away from a command-and-control approach and empower employees to make decisions and take ownership of their job responsibilities. Involve them in decision-making processes and solicit their input. This not only promotes communication but also shows that their opinions and contributions are valued. Respect trickles down into every interaction they have.
- Implement feedback channels that get used! Establish formal feedback options such as regular performance reviews, surveys, and suggestion boxes. This provides employees with a platform to express their opinions and concerns. Also, take action based on feedback to show that it’s valuable and you take it seriously.
Once your team has mastered speaking and listening with an open mind, your next essential tactic is to find prospective tenants.
Move 2: Market your multifamily property in the right places, to the right people
Attracting great tenants is probably the biggest mystery most multifamily properties face, but it doesn’t have to be. What many rental property management companies don’t offer is a thorough market analysis to pinpoint:
- A property’s target audience; and,
- How to most effectively reach them through marketing efforts.
Here’s how you address both in just about any market:
- Online advertising. Utilizing platforms such as Google Ads, social media ads, and targeted display ads can effectively reach potential apartment tenants. Not sure about content? Focus on all your in-demand amenities and services!
- Content marketing. Creating valuable and engaging content, such as blog articles, videos, and virtual tours, can attract and inform potential tenants. Sharing this content through various channels, including social media and email marketing, helps build brand awareness and establish credibility.
- Referral programs. Encouraging current tenants to refer friends or family members can be an effective way to acquire new tenants. Offering incentives, such as discounts or gift cards, can motivate tenants to spread the word about their positive living experience.
- Local partnerships. Collaborating with local businesses, community organizations, or universities can attract new tenants. Offering exclusive discounts or perks to their members or students can increase visibility and referrals.
- Online reviews and reputation management. Monitoring and managing online reviews on platforms like Google, Yelp, or Apartment Ratings is crucial. Positive reviews can greatly influence potential tenants’ decision-making process. Encouraging satisfied tenants to leave reviews and promptly addressing any negative feedback are essential for maintaining a positive online reputation.
Find rental property management companies that do all this, and more
Now that you understand what’s required to attract and keep the best tenants, it’s time to put your plan into action. Whether you’re a property manager, a real estate investor who handles management, or the owner of a rental property management company, we’re here to help.
Class A Management has successfully managed multifamily properties in Texas, Ohio and Oklahoma for more than 40 years, and we’re happy to give back by sharing what we’ve learned. Reach out with any and all questions.