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Resident Retention: How to Increase Loyalty and Retention for your Properties
- You know the importance of resident retention.
- Keeping a resident is just as, if not more, important as getting one
- Resident retention not only builds long-term relationships within your community but also adds value to the property itself
- It’s great to bring in some new faces, but your recurring residents are an invaluable asset
- WHen you have a high resident retention rate, you know you’re doing something right.
Overview of the webinar
So much money is spent on attracting new tenants that it is more economical to keep the existing residents, You save turnover costs which average $1800 per unit let alone the vacancy loss of at least one month and other advertising expenses. By spending a much smaller amount of money along with some no cost strategies one can keep your current residents.
Who should attend?
- Property Managers
- Property Owners
- Public Housing Authority Staff
- Maintenance Staff
- Compliance staff
Why should you attend?
Historically, we get so focused in our efforts to get new customers that we forget at renewal time about those who have lived with us and paid their rent for a year or more,” she said.
“We spend our money and time on marketing to new residents, even standing on the corner banging our drum, to drive new business. Too often we forget the most important thing—keeping people we’ve got.”
This seminar will cover many ideas which do not cost money but are very effective in keeping existing residents happy so that they will want to continue to wat to live here when their current lease is up.
Faculty - Mr.Paul Flogstad
Paul has been involved in the real estate industry for the past 38 years.He has been involved in sales, construction, project management, appraisal, mortgage consulting and brokerage, property management and property management consulting/training.
Through his consulting company, Property Management Solutions, he provides training and consulting services nationwide to owners, management companies, multi-housing associations, as well as state and federal agencies.
He specializes in fair housing issues and has developed fair housing and outreach programs for governmental agencies as well as conducting seminars which are presented to property management companies, apartment associations and the general public. He also conducts research analysis for impediments to fair housing for grantees of federal CDBG funds.
Most recently, he has been a consultant to the State of South Dakota. In this assignment he has developed a program that is one of the first of its kind in the nation. It involves being an Ombudsman for fair housing issues. In this role he takes calls from anyone who may have a fair housing or landlord tenant question. He attempts to resolve the issue before it has to go to HUD. This has been a successful program and he takes over 900 calls a year.
For over twenty years was involved in appraisal of residential, multi-family, farm and commercial properties throughout the Midwest. Most recently, he was a consultant for affordable, multi-housing properties in 22 different states. This involved properties in HUD, Rural Development, HOME and Tax Credit programs. He is a certified trainer for a national company which specializes in HUD and Tax Credit education.
He holds numerous professional property management designations.Paul has served on numerous boards and commissions that deal with real estate, property management and fair housing issues and is in demand as a speaker in the affordable housing industry.