Happy residents stay longer, take better care of the rental home, and provide Owners with better long-term financial stability and return on investment.
Minimizing residential rental turnover is a property owner and manager’s ultimate goal.
Residents are driven by instant gratification. They expect immediate communication, results, and benefits.’
Because of this, Rice Real Estate & Property Management has increased our communication speed and set high expectations to “under promise and over deliver”—one of our Rice Real Estate & Property Management’s core values!
Satisfied Tenants are usually friendlier, resulting in a better living experience and a long-term tenancy.
Happy residents also spread the good word locally and help attract more highly qualified Tenants via 5-star Yelp and Google reviews.
Keeping Tenants longer reduces the long-terms costs of Rental Turnovers.
5 Tips for Minimizing Residential Rental Turnover
Here are 5 tips for improving resident experience to minimize residential rental turnover:
Create an excellent move-in process: Set clear expectations from the beginning to ensure everyone understands their responsibilities. From a smooth application process to a quick and easy lease signing process, onboarding a Resident should set the stage for a positive experience moving forward.
Timely Communication: Learn each resident’s preferred communication method and offer multiple communication styles, whether it’s phone, text, or an online Resident Center. Multiple communication channels help create seamless Tenant communication for ongoing success. More importantly, customizing communication makes a Resident feel valued.
Be Accessible: Like any business, a property manager should always respond to tenants and owners in a timely manner. Being reachable for general maintenance an true emergencies is essential.
Resolve maintenance issues promptly: The best property managers make it easy for residents to report maintenance requests. The ultimate goal is to address minor maintenance items quickly before they become a larger issue.
Prioritize clear and professional communication: Clear expectations, timely responses, and respectful interactions distinguish a professional property management company from a self-managing Owner who is less versed in the day-to-day management of a rental home.
A Resident Benefits Package is a key component to minimize residential rental turnover.
Resident Benefits Package
One of the best tools we use for Resident Retention is our Resident Benefits Package (RBP):
Rice Real Estate & Property Management’s Resident Benefits Package offers an elevated Resident experience unique to Rice Real Estate & Property Management managed homes.
We hope Resident’s feel at home while renting from us. Our goal is to provide all Residents with a top-rated renting experience by offering quality services and solutions for your life. The Resident Benefits Package provides amenities, savings, and convenience through the following professional services for all residents:
Preventative Maintenance → Complimentary air filter replacement during Quality Assurance visits to help reduce your HVAC maintenance issues and keep your home and HVAC system in tip-top condition.
24/7 Repair Portal → It always seems like things happen after hours. This makes reporting those pesky maintenance issues easy & fast via our Resident Center…let us know about that leaky faucet, even after hours!
ACH/dishonored check fee waiver → Things happen! We’ll forgive one ACH/dishonored check fee per lease term for eligible residents.
Credit Reporting Availability (opt-in via Resident Center) → Let your hard-earned rent payments jumpstart your credit. Building good credit is the key to getting the big-ticket items you want: better loans, lower interest rates, and more. By reporting your online rent payments with Boom, you can start building credit today to the three major credit bureaus – Equifax®, Experian®, and TransUnion® – every month.
Renter’s Insurance Concierge Services → We’re here to help make purchasing renter’s insurance a breeze. With a few clicks, our Resident Center provides an affordable option. Renters Insurance, powered by MSI, provides $100,000 in liability insurance. Residents can choose $10,000, $15,000 or $30,000 personal property coverage.
Mobile app → Via our iPhone and Android mobile app, access your account and documents, report maintenance concerns, and submit questions 24/7 easily through your online portal.
Utility Concierge Services → We’re here to help ensure that connection is a breeze. Just a click away to access electric, gas, and water start service requests!
Our Resident Benefits Package (RBP) has revolutionized the way we manage and enhance the rental experience, effectively addressing real needs and serving a clear purpose. This comprehensive RBP package has significantly contributed to reducing residential rental turnover by providing residents with a range of valuable benefits and services that make their living experience more convenient and enjoyable.
Happy Residents stay longer, which leads to happy owners, and this positive dynamic creates a better overall experience for everyone involved—a triple win!
At Rice Real Estate & Property Management, we are dedicated to building experiences that residents will want to stay for, knowing that their satisfaction directly enhances the ownership experience.
We strive to create a community where residents feel valued and at home, which in turn fosters long-term tenancies and increases the stability and profitability of our properties.
By prioritizing resident satisfaction through our innovative Resident Benefits Package, we ensure that both residents and owners reap the rewards of a well-managed and harmonious living environment.
At Rice Real Estate & Property Management, we firmly believe that every team member plays a crucial role in shaping an exceptional client and resident experience. Our commitment to reducing residential rental turnover is driven by a collective responsibility where each individual’s efforts are integral to our success.
We adopt an inclusive approach that values and encourages diverse ideas and perspectives, recognizing that innovation and improvement often come from a variety of viewpoints. By fostering an environment where every teammate feels empowered and valued, we ensure that their contributions are both impactful and fulfilling.
This collaborative spirit not only enhances the quality of our service but also creates a work culture where satisfaction and engagement are paramount. Each teammate’s dedication to excellence directly contributes to our mission of providing a superior living experience, leading to higher resident retention and overall satisfaction.
Getting started with us is easy!
Let Us Help You Rent Your Home.
If you already have a property manager, did you know changing property managers mid-lease is surprisingly easy?
