Minimizing turnover in your rental units does more than just keep money flowing on a consistent basis. It also helps to reduce the other costs associated with vacancies, including cleaning, repairs, advertising and showings. But renting out your units is only half the battle. It’s finding those good tenants and keeping them for the long term that’s the real key to success. Whether you’ve struggled in this area or would just like to make sure you’re maximizing your efforts, here are five pro tenant retention tips.
Handling evictions can be tough under normal circumstances. Add in a global pandemic and all kinds of new regulations and moratoriums, and you’ve got quite the challenge on your hands. In light of all the COVID shut downs, job losses and subsequent financial impact, legislation was passed preventing landlords from evicting certain tenants.
Customers increasingly want control over managing themselves and their business relationships especially when it comes to their finances. Online payments offer owners and tenants self-service capabilities that are customers want at an increasing rate. Mobile payments alone have grown in popularity as younger generations get older and have more spending power – studies show that 33% of millennials use cash while only 18% of Generation Z relies on cash. The ever-evolving industry can be difficult to keep up with but stay in-sync with trends can offer benefits to customers and property managers, here’s what you need to know about online payments for your owners and tenants.
Property managers have a lot of responsibilities but if they can’t effectively collect fees from their customers then they can’t do much else. While it may be cliché, it’s true – cashflow is the lifeblood of any business, so property managers find effective, efficient, and convenient methods to collect payments to enable growth, enhance customer service, and optimize planning.
Preauthorized payments are a form of payment automation where customers enable companies to withdraw funds for recurring payments directly in their account, typically via the EFT (electronic funds transfers) or ACH (Automated Clearing House) process. Preauthorized payments have been around for a while but have become more popular as the use of cash has declined, the 2016 Federal Reserve Payment study found that over 144 billion payments in the US were non-cash and they totaled over $170 trillion. The shift away from cash persists, 83% of American businesses leverage ACH/EFT payments, here are 5 reasons why you should too.
Referrals, recommendations, and reviews are often not regarded marketing in the traditional sense, but they can deliver high value to companies trying to capture new leads. Forbes confirms that out of a variety of marketing strategies including email campaigns, inbound marketing, and pay per click advertisement, referrals have the highest return on investment because they require minimal capital investments but bring in valuable leads. In Nielsen’s Harris Poll, 82% of people indicated that they would seek out recommendations from their network before making a purchase.
Conversion rates are metric of how many people who receive your marketing material respond to a call to action essentially it measures how well your marketing is getting people to do what your material is asking them to do. Converting a lead can look different depending on your marketing material or advertising, it can be calling a number to request information, signing up for a subscription, opening an email, downloading resources and so much more. In digital marketing, conversion rates allows to closely track the performance of their professional material.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.
When properties have vacancies, the goal is to fill them as fast as possible otherwise cashflow is reduced. To fill vacancies property managers must first attract a pool of good tenants. When you have less options it’s more difficult to find the ideal tenant for your property management company and the lifestyle you provide. In 2015 to 2016, a Venngage study found marketers increased visual content by 130%, integrating strong visual components to vacancy marketing can enhance the effectiveness of advertising and draw in more prospects.
According to Pew Research, millennials have officially eclipsed Baby Boomers as the largest generation. What this means from a business standpoint is that the audience you are marketing to has changed. And given the fact that the younger generation that now wields the strongest buying power also happens to be a relatively fickle group, this can be a challenge.