GB Properties Tips for Tenant Retention

gbpmboston • January 29, 2020

With the rental market hitting its winter slow down, now is the time for landlords to take a moment and look at their tenant retention numbers and if not in place set up a tenant retention plan. With more inventory coming onto the market, often with new resident specials, it is imperative that landlords retain quality residents. When factoring in painting, cleaning, and leasing commissions average turnovers costs can be over $3700 per unit.

GB Property Management has created this quick list of tried and true ways to retain tenants. Using these tips the team at GB keep their tenant retention rates near 75%, well above the national average of just around 50%.

Customer Service & Communication

Many landlords and property management companies tout five-star service but what does that really mean? For residents the ability to easily communicate with the property management team whether is a question on their lease or a maintenance request is crucial. Prompt, courteous, and accurate answers and service are a sure way to keep residents happy. It is also imperative that all members of your staff have the right attitude, from the person taking the call (even if its an answering service) to the maintenance technician. Communication, even when a clear answer is not at the ready, also fosters good landlord/tenant relationships. Don’t keep tenants guessing and be sure to be proactive!

Community Building

Residents that feel invested in the community are more likely to renew and will also take better care of your property. Landlords can foster community through events, a community newsletter, or virtual portal. There are several new apps and property management software options that promote tenant engagement.

Renewal Incentives

In some cases, landlords may offer small concessions or a bit of an apartment facelift to retain a long term tenant. It is far less expensive to give an existing tenant a new appliance than it would be to renovate the full kitchen if they vacated.

Know Your Market

Knowing what your competition is offering is key when negotiating renewals. Perhaps even a “secret shopping” trip is in order to check out similar units and amenities. This knowledge will allow you to outbid the competition to keep your best tenants. Look for boston properties tenant services.

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PropTech: A Property Management Point of View

By gbpmboston • April 29, 2020

The world of proptech is vast and can be overwhelming for many property owners. According to the MIT Center for Real Estate, there are over 3,000 companies reinventing how the real estate industry operates. As more residents come to expect this technology, landlords will have no choice but to jump on the technology bandwagon.

GB Properties: Resident Portals

By gbpmboston • February 19, 2020

Last month we touched on the ever-expanding world of proptech and discussed a few of the different apps we have our eye on. Today we want to highlight what we have found to be the most important specific feature improving the residential tenant experience and also that of the property owner; the resident portal. In the past few years, resident portals have made streamlined the property management process from application, to rent collection and maintenance. For the property owner, portals allow for easily accessed data and transparent accounting.

Boston’s Multi-Family Developments of the Decade

By gbpmboston • February 17, 2020

As we approach the close of this decade let’s take a look back at some of the largest and significant residential & mixed-use developments in Boston. As a property management and brokerage firm, we are constantly monitoring the residential market and these projects have had a major impact on Boston’s neighborhoods, sales and rental pricing, and in many cases the skyline. We will also highlight a few upcoming projects sure to make an impact in the coming decade as the city works to reach Mayor Walsh’s goal of creating 69,000 new units of housing by the year 2030.