Tenant Retention Questionnaire
Which property management metrics are important to you?
See a list of over 100 metrics for categories such as:
- Lead Management Metrics
- Lease Application Metrics
- Unit Turnover Metrics
Use the Handbook for ideas on metrics that will be useful to your company.
Decide which property management metrics should be tracked and used for setting improvement goals.
TENANT RETENTION
Why are tenants leaving? Are the right ones staying? Answer more questions with analytics.
What
- Companies want to have the right mix of tenants across the portfolio
- Tenant Retention is about understanding why some tenants stay and some leave, and what can be done to keep the ones you want to keep
- While tenants can induced to stay by offering financial incentives, Tenant Retention seeks to also understand the non-financial variables that drive tenants away from your properties
- Companies that regularly conduct tenant analysis are in the best position to implement Tenant Retention programs
Benefits of Using Analytics:
- The long-term health of your portfolio depends on having the right leases at the right rents and for the right durations
- By applying analytics for Tenant Retention, you are likely to validate or uncover many of your assumptions about why tenants leave or stay
- Knowledge of the key buttons can be passed to your property managements who can implement best practices at each of the properties
- An understanding of these “buttons” can help you define Key Performance Indicators (KPI) that your company can monitor for retaining the right tenants
Challenges :
- Companies don’t have data on tenant sentiments
- Companies don’t conduct surveys (formal or informal) when tenant give notice to terminate leases
- “Tenant Satisfaction Survey” data is sometimes not easy to get to and analyze (because survey questions can be subjective and incomplete)
Solutions
- We analyze tenant attrition by analyzing your lease data
- By looking at lease start and lease end dates, we create groups, such as “Very Long”, “Long”, “Medium”, “Short”, “Very Short” leases.
- We also look at early terminations and evictions
- By taking these into account, as well as events such as rent increases, macro economic factors impacting the properties, and other inputs, we can build a model that will reveal opportunities for improving Tenant Retention
RentViewer
Our solutions are built on the RentViewer software. RentViewer connects to data sources (such as Property Management Systems, other systems and Excel files), collates the data and enables the creation of Executive Dashboards, Custom Reports and Analytical Solutions
Do you have questions and need detailed explanation of how our product could help your businness?
The Property Management Metrics Handbook
Which property management metrics are important to you?
See a list of over 100 metrics for categories such as:
- Lead Management Metrics
- Lease Application Metrics
- Unit Turnover Metrics
Use the Handbook for ideas on metrics that will be useful to your company.
Decide which property management metrics should be tracked and used for setting improvement goals.