Property management can be a demanding and stressful field of work. Tenants have high expectations and a diverse array of wants and needs. Using tenant surveys is an extremely valuable property management tool to gain feedback and more accurately gauge the needs and wants of your tenants.
Identify Your Focus
Tenant surveys allow property managers to identify what their areas of focus should be. By using the feedback provided directly by tenants, property managers can learn where they should focus their efforts, resources, funding and how to refine their condo laws. The feedback gained will help to ensure changes and initiatives will please the majority of residents. By doing a statistical analysis of these results, areas for improvement can be quickly identified, therefore eliminating any guesswork.
By providing tenants with an opportunity to have their voices heard through a platform for feedback, property managers are sending a message that they value and appreciate their tenants. This creates a more positive community and indicates a cohesive relationship between the tenant and property managers. Tenants will be more satisfied with their experience and living conditions, especially when their feedback is used to bring about change.
Retain Good Tenants
Ideally, property managers like to keep tenants for multiple lease terms. It eliminates the stress of empty units, the cost of a high tenant turnover rate, and the risk of getting undesirable new tenants. Property managers who provide a platform for feedback and take survey evaluations into consideration will have tenants who are more likely to renew their lease agreements. This creates more consistency and stronger relationships in each property.
Improve Your Reputation
When tenants are happy they will likely share these feelings with their family, friends, and coworkers. Tenants that feel valued and see their property managers actively using their feedback to enhance their living conditions are more likely to recommend their property management company to other prospective tenants. As a result, using tenant surveys is not only important for keeping current tenants happy, it is also important for drawing in more business, networking, and creating opportunities for growth.
Above anything else, your tenants need to be happy. Through the development of condo law and property management priorities, your tenants remain of the utmost importance, which is why their feedback is so valuable. Ultimately, tenants have a large proportion of control over the financial success of your property management business.
What to Ask
When creating a survey, think about questions you may ask your tenants about their experience if you were having a one-on-one conversation with them. You will likely want to include questions about your company and staff, maintenance, and leases/contracts.
After gathering the survey responses, run a statistical analysis to identify common trends and focus areas. This information can then be used to create changes or initiate a follow-up meeting to discuss specific points of interest.
Tenant surveys are a simple, efficient and conclusive way to gather valuable information. Don’t wait, stay committed and engaged with your tenants and continue to do so at least on an annual basis. The benefits will pay dividends in the long run.