Tenant satisfaction is one of the most important things as a basis for building and maintaining successful and thriving properties. However, many property owners and operators easily neglect this area. One reason might be, that measuring its ROI can be much more complex than in many other areas of property management.
We want to help you understand how improving tenant satisfaction can help improve ROI in a sustainable way, with a long-term positive outcome. In fact, focusing on customer satisfaction and thus customer retention will bring much more sustainable results than traditional, directly money-related methods.
The ROI of happy tenants is the ROI you should care about.
The three most commonly used methods by property owners to improve the return on investment are:
Yes, they can bring fast results, but not long-term benefits. In fact, they can be detrimental to good future development and tenant retention, because the most important is forgotten: the customer – your tenant.
We want to approach improving ROI from a completely different direction. Not from the obvious, money-first-direction, but from the point of view of tenant satisfaction & retention.
When you invest in tenant satisfaction and listen to your tenants, you're doing important work to lay the foundations for long-term customer satisfaction. You will turn your tenants into loyal customers.
Some important measures include:
Happy tenants want to take care of their property, they recommend it to others, and they are more willing to accept compulsory rent increases if they feel that living in your home is of high enough value to them.
Above all, they don't want to move out. And by getting your tenants to stay instead of leaving, you'll save yourself many months' worth of rent and hassle, which is certainly reflected in the bottom line.
We firmly believe that happier tenants are better and long-lasting tenants. We even published a whole guide about it recently. It is called Guide to Happy Tenants 1: Measuring Tenant Satisfaction. The guide will teach you why it is so important, how to get started in the process of measuring tenant satisfaction, and to build a continuous circle of success.
The first guide was very well received. As the topic is important to us and we want to change the way real estate professionals engage, operate and nurture resident relationships, we will soon publish the second part of the guide. It will be called: Guide to Happy Tenants Part 2: ROI of Tenant Satisfaction
In this guide we will:
The guide will come out in January 2023. If you want to start growing your ROI sustainably over the long term, based on tenant satisfaction – subscribe to our email list already today! This will ensure that you are among the first to receive the guide in your inbox.