6 Ways Apartment Management Can Transform a Complex
Tenant satisfaction and retention can make or break the success of an apartment complex. Property managers can use these six strategies to appease renters and transform a complex.
1. Offer Better Amenities
Property management can transform an apartment complex by offering better amenities. When tenants look at or move into a complex, they typically want to enjoy amenities that will make their lives easier and more fun. Some of the amenities managers could add include fitness rooms or gyms, swimming pools, clubhouses, business centers, dog parks, and picnic and barbecue areas. If the complex is located along a bus line, it could also provide a covered bus stop for tenants.
2. Upgrade to Smart Technology
Smart technology appeals to renters and also streamlines property management tasks. Some of the smart technology available to property managers today include virtual rent payment and maintenance tasks portals, email newsletters, and virtual tours
Managers can also include technology like smart lighting and security systems in buildings and apartments. Smart technology not only streamlines management operations. It also reduces maintenance costs.
3. Introduce Sustainability Initiatives
With more people becoming eco-conscious today, they may appreciate moving into and renting apartments in a complex with sustainability programs. Property managers can introduce green initiatives like recycling programs for tenants to use.
They can also include environmentally-friendly resources like energy-efficient appliances and water-saving bathroom fixtures in apartments. These initiatives appeal to eco-minded renters and also help apartment complexes obtain green certificates, which can enhance their marketability.
4. Host Community-Building Events
Community building events serve to enhance tenant retention and can readily transform apartment complexes. These events can include community-wide cookouts and holiday parties. They can also include fitness classes and art workshops. They help increase tenant satisfaction and lower turnover rates.
5. Make Aesthetic Improvements
Aesthetic improvements likewise significantly improve apartment complexes. Managers can have buildings remodeled to bring them up to code and improve their safety. They can also remodel apartments, adding new lights, carpeting or flooring, appliances, locks, and other important fixtures.
Painting the outside of buildings, as well as fixtures like playground equipment and parking bumpers, can enhance the look of a complex and make it look more updated. Renovations increase the satisfaction tenants may have to live in their complex. These improvements can also lower tenant turnover rates and attract more applicants for apartment vacancies.
6. Enhance Apartment Applicant Screenings
Finally, apartment managers can upgrade the look, function, and appeal of a complex by thoroughly screening applicants. The screening process can include checking tenants’ backgrounds for criminal histories or offender registrations.
It can also include a credit and income check to maintain or improve tenant retention. Tenants who already live there may feel more secure knowing that management has thoroughly vetted their neighbors. They may have fewer fears about new tenants robbing or assaulting them.
These six tips can help property managers transform apartment complexes by enhancing the look and function of these properties. These strategies also increase the satisfaction of tenants living there, attract applicants for vacancies, and costly reduce turnover rates.