For property owners, fostering trust and building loyalty with renters is critical to the enduring success of a property. Earned loyalty is how short-term renters transform into long-term, reliable residents.
Renters are 98% more likely to renew their leases if they make connections and feel a sense of community where they live, but that feeling can be hard to create. From nearly 15 years of experience in the real estate sector, I’ve seen firsthand how vital it is for property owners to foster engagement and sustain loyalty among residents throughout the entirety of the rental relationship.
Below, find four key ways to sustain renter loyalty for the long haul.
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1. Cultivate community knowledge
Property owners with in-depth community knowledge are more likely to understand and meet their residents’ needs, which helps to increase satisfaction and build renter loyalty. I’ve found that you don’t have to look very hard to discover what makes your community tick – the best community knowledge comes from current residents!
For example, Staker Kelilah shared with us that she loves to go out to Deep Ellum on the weekends. Getting to know what current renters at your property value most about where they live can be extremely useful for tailoring community offerings – like organizing a partnership with a favorite Deep Ellum local business. What’s more, property owners can share this kind of community knowledge to resonate with and entice prospects.
2. Create rewarding experiences
Once a prospective renter signs a lease and becomes a resident, the loyalty-building relationship is just beginning. Loyalty and trust only continue to grow when renters feel a sense of social belonging in their new homes. Property owners can create rewarding resident experiences to keep renters feeling engaged and loyal – workshops, luncheons, cookouts, movie nights, and cocktail hours are just a few examples.
Here’s a tip: I’ve found that asking residents to sign up to host events and classes for their fellow community members works amazingly well. It gives residents a chance to show off their talents and skills, and offers a perfect opportunity for community bonding and socializing!
3. Make use of strong incentives
When renters receive strong reward incentives – like they do with Stake’s Cash Back – property owners are able to successfully leverage consumer satisfaction and build community loyalty. Stakers renew their leases up to 30% more often than non-Stakers do, and that’s because strong incentive programs give residents straightforward, no-hassle benefits and increase their desire to stay put.
4. Tap into data
Finally, tapping to data analytics and client relationship management software can help property owners get to know their renters on a whole new level. Data about renter behavior and preferences can help owners to identify areas for improvement and to tailor customer services and amenities to better meet renters’ needs, helping to reinforce a feeling of loyalty.
A great example is the community spending data that can be collected from Stake’s Loyalty Cloud. By knowing where and how your residents are spending money in the wider community, owners can learn what’s important to them, create enriching community partnerships, or even identify potential marketing opportunities for vacant units.
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In order to succeed, property owners need to find creative ways to sustain loyalty. Building loyalty takes effort, but with community knowledge, strong incentive programs, and tailored offerings for renters, owners can create deep levels of engagement for the long haul, ultimately turning short-term renters into long-term residents.
