The benefits of higher retention rates are clear: when a resident stays in their unit, that means reduced turnover costs and marketing expenses. One operator has even shared that strong retention rates mean less stress—and thus increased job satisfaction and better mental health—for onsite teams.
It would be fair to surmise that most operators will elect to automate their renewal processes within the next five years. It is still a new concept in the industry, however, and many properties remain stuck using the cumbersome manual process that often leaves both residents and onsite teams frustrated.
The industry is constantly seeking ways to increase net operating income, make daily tasks more efficient and give valuable time back to team members. It seems only fitting for operators to take the same approach with renewals, considering their pronounced impact on an organization’s bottom line.