A good friend of mine recently sent shockwaves through our circle of friends by changing the relationship status of his social networking page from “it’s complicated” to “in a relationship”. Now, you’d have to know him in order to understand why this was such big news to all of us. He is the epitome of a “non-committer” – the kind of person who floats from one thing to another; whether it be career, relationships – you name it. This man, my dear friend, is usually all over the place – jack of all trades, master of none. So, to affirm to the world that he had finally committed to something, or in this case someone, was truly phenomenal – and refreshing.

For whatever reason, I tend to apply general life experiences to the property management industry. And this one is no exception. Imagine if your residents had to publicly declare their renewal status. Let’s say they were required to post a sign on their front door, choosing from the following options: “Weighing My Options”, “It’s Complicated” or “In a Relationship”. What percentage of your residents would commit with confidence, another year at your community? Would there be more residents on the fence?

It’s no secret that residents are a fickle bunch. Some have no problem moving year after year, searching for the next deal or newest community in the area, despite the pain of moving. And with so many options available to renters these days, residents are hesitant to commit to another 12 months. Some even wait until they receive that all important renewal letter. The renewal letter is akin to the proverbial ribbon around the finger-the catalyst which creates a flashback of memories. In my opinion, residents ignore all of the warm and fuzzy verbiage of the renewal letter and zoom in on the terms. I should know-I’m one of them.

And while they are reading the terms, they are mentally assessing the level of performance of the management team, the speed/quality/completion of their service requests and all sorts of other areas that impact their overall satisfaction. This mental “year in review” results in the resident deciding if the rental increase reflected on the letter is in step with how happy they are to be living at your community.

If you’ve ever had to meet privately with a resident to debate a $10 rent increase, and I have done just that; just know it’s rarely about the dollar amount. A $10 increase can feel like $100 when a resident’s needs are not being met. As with any relationship, it’s all about the partnership, and striking that confident balance. I often ask in my training sessions, “Is living at your community worry-free or worrisome?” I can also rephrase that by asking, “Are your retention efforts worry-free or worrisome?”

Look out for your residents’ best interests, be their steady go-to partner and they just may reward you with a long term commitment.