Do you even think about tenant satisfaction? Well, you honestly should because a tenant is your customer (sadly, many real estate professionals still do not feel this way). When you offer your customers top-notch service to make them happy and satisfied, you get loyal and long-lasting customers.
The above applies to all businesses, and indeed it also applies to the rental property market – now more than ever. Why is that, and what can you concretely do to increase tenant satisfaction and retention? Well, this very topic is our daily bread and butter, so we have a lot to say about it. Read on.
Why are we fussing about the importance of tenant satisfaction and tenant retention, especially now? Firstly, the way we live is dramatically changing. Home, as we traditionally used to know it, has become more of a fusion of home and workplace. We want to live in a more and more sustainable yet urban way. We want to experience rather than possess. We want to be surrounded by like-minded people. All this has created an exploding growth of circular and sharing economies.
At the same time, our lives have gone seriously digital, whether we like it or not. We steer significant parts of our lives online. We are used to getting fast, high-quality and digital service anywhere and anytime we might need it. And we won't settle for anything less anymore.
With these changing living standards and requirements, today’s tenant has become the king. And if the king is unhappy, they find a better place to live. You want to keep them as your customers – so you need to focus on tenant retention.
Without customers, your properties are not homes but just empty, unproductive, echoing walls. Satisfied tenants want to live longer in their rental homes and even recommend their apartment buildings for others to live in. And for you, this means:
You can start from so many places, but the smartest thing to do is to start with finding out the current state of tenant satisfaction and your tenants’ existing needs.
You can start quickly and simply by downloading our tenant satisfaction survey template. You can copy the template and use it as it is, or use it as an inspiration and starting point to edit and create your own survey that serves your property management needs in the best possible way.
In autumn 2022, we are launching a series of guides on how to increase tenant satisfaction. The guides will, among other things, cover in detail how to conduct a customer satisfaction survey, delve deeper into the meaning and implications of tenant satisfaction, introduce the NPS and CSAT scores, and include tools to calculate NPS and CSAT.