3 Tips and Tricks for Resident Retention
One goal of any community association is high resident retention. Just like a business wants long-term employees who become loyal to the company, a neighborhood wants long-term homeowners because they are more likely to celebrate and care for the community. Check out these three tips to help increase resident retention.
Create a Place People Want to Live
No one is going to stay in a community that isn’t inviting, so create a place people want to live. One of the easiest ways to do this is to stay up to date on the basic maintenance of the property. The association may not be able to afford a new pool, park or clubhouse, but that probably won’t make current residents move. What will make current residents move is if the community starts to look shabby, such as peeling paint, neglected landscaping, broken features, etc. Keep the community looking fresh and clean.
It’s always important to reward residents, so they know you appreciate them. For long-term residents, show you care that they stayed by rewarding them. Perhaps your governing documents allow for you to waive a month of assessments. If you manage an apartment complex, consider remodeling the apartments of longtime residents with new paint, flooring or new appliances. Don’t forget to also reward the small things. When residents pay their monthly dues or vote on a new rule, reward them with a thank you note.
Foster a Feeling of Community
People will find it easier to move if they feel alone in the neighborhood. They aren’t attached to the community or anyone in the community, so they have nothing to tying them there. The more people who move, the more this weakens the feeling of community. You can foster a feeling of community with events and gatherings, such as block parties. Post pictures and discuss the event on the association’s social media accounts to get people excited. The more people know each other and feel like they are part of something bigger, the more likely they are to stay.
When people feel like they are appreciated and they love where they live, they are less likely to move. If you practice these tips within your community, you will see fewer homeowners selling or renters leaving, and more long-term residents.
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