Buildium recently released its 2017 American Renters Survey, and we found some interesting statistics that are important for property management companies to understand. The free survey shares key insights from over 1,100 tenants across the United States on, amongst other items, what keeps tenants happy. For today’s blog, we are going to share our favorite takeaways on how property management companies can create a better experience for tenants and a better reputation among them.
Satisfied Tenants Will Review or Refer a Property
One of the first numbers we found interesting is that 83 percent of tenants, when asked, are likely to refer or review a property. This is interesting because there’s a general idea among property managers and landlords that tenants are unhappy all the time or unsatisfied with their service. But, this shows that this is not the case. When prompted, happy tenants will leave reviews, and since 90 percent of people read reviews before buying a product or service, you need to recognize the signs of a happy tenant and capitalize on that attitude for the sake of your company.
When Are Tenants the Happiest?
What do tenants value the most? Well, according to the same survey, tenants are 12 times more likely to love their property and 3 times more likely to love their property manager if they have a good onboarding process. Ensuring that your renters have a great move-in experience will help for a better experience all throughout the lease and a great opportunity for a review for your property management company.
However, if you ask them about their onboarding experience, only 39 percent of tenants will describe it as being “great.” This is an opportunity for you; if you can increase tenant satisfaction at the move-in point, you’ll have a pool of tenants who are willing to talk about the positive difference you made while they were moving into a new property.
Improving the Onboarding Process for Tenants
How can a property management company turn an okay move-in experience, into a great move-in experience? Again, in that same survey, Buildium asked those tenants, “What did your landlord/PM do when you moved in?” These were the results:
- 7% – Left gift baskets or gift cards.
- 7% – Left a selection of cleaning supplies.
- 12% – Provided information about the community amenities or local things to do.
- 5% – Introduce new tenants to neighbors.
Only a small segment of property management companies are going out of their way to help tenants with their move-in experience. Incorporating any of these items will surely go a long way in the tenant’s eyes that you are a property management company that’s unlike the rest. Pay attention to the kinds of things tenants might need when moving in that they probably didn’t think about. This will help them feel less stressed out during the moving process, and they’ll appreciate you filling in those gaps.
This is just one of the takeaways that we captured from the Buildium survey. If you have any questions or looking for ways to streamline your reputation online, feel free to contact us at Fourandhalf.