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Sense of community: the key to modern property management
Discover the importance of fostering a sense of community for modern property management. Learn how building a strong community can benefit both property managers and residents, and explore practical tips for creating a sense of belonging within your community.
As the world continues to modernise, property management must also adapt to new trends and demands.
In today's world, property management goes beyond simply maintaining the physical structures of a property; it also involves fostering a sense of community within the property.
This sense of community is crucial in maintaining resident satisfaction, improving property values, and increasing tenant retention rates.
In this article, we'll explore the importance of a sense of community in modern property management and ways in which property managers can create and foster community within their properties.
Why a Sense of Community is Essential
In the past, property management was primarily focused on the physical upkeep of buildings and the management of tenant issues.
However, in the modern era, tenants expect more than just a place to live; they want a sense of belonging and community within their building.
A strong sense of community can have a positive impact on various aspects of property management, including resident satisfaction, property values, and tenant retention rates.
In our recent tenant survey of 1,750 tenants across France, UK and the Netherlands, 67% of tenants believe having a sense of community is important, with 27% saying it is very important and 40% saying it is somewhat important.
A sense of community can have a significant impact on resident satisfaction. When tenants feel like they are a part of a community, they are more likely to be happy with their living situation.
Sense of community also does a lot for tenant engagement: satisfied tenants are more likely to participate in events and activities organised by the property manager, which can further strengthen their sense of community.
The results from our study also show that most tenants believe that it is the responsibility of the tenants themselves to create a sense of community, followed by the landlord, community manager, and property manager in descending order of importance.
Residents expect landlords to provide the tools and amenities to create a sense of community, but it's up to the residents to utilise these resources to create a more communal environment.
This finding aligns with the idea that tenants prioritise good communication and responsiveness from landlords in regards to maintenance and repairs.
Properties that have a strong sense of community can also see an increase in property values. When prospective tenants visit a property, they will often look beyond the physical structure and amenities and consider the sense of community as well. A property that has a strong sense of community will be more attractive to potential tenants, which can lead to higher property values.
In addition to attracting new tenants, a sense of community can also improve tenant retention rates. When tenants feel like they are a part of a community, they are more likely to renew their leases and stay at the property long-term.
This can save property managers the costs associated with finding new tenants and can help ensure a stable source of income for the property.
To properly understand the impact of community-feeling on tenant retention, we asked tenants about the value that a sense of community brings to their quality of life and well-being.
The results were illuminating: 39% of those surveyed said that a sense of community makes them feel safe, while 34% said that it creates a vibrant atmosphere within their properties.
Another third stated that a sense of community allows them to make friends. This demonstrates the powerful impact the community can have on the tenant experience.
Creating and Fostering Community
Creating and fostering a sense of community within a property requires effort and dedication on the part of the property manager. Some ways to create and foster community include:
- Organizing events and activities that bring tenants together, such as movie nights, potlucks, and game nights.
- Creating a shared space, such as a community garden or lounge, where tenants can gather and socialise. Shared spaces were listed as one of the top factors motivating tenants to rent a property, with 88% choosing this in our recent survey.
- Encouraging communication and interaction between tenants through tenant communication apps. 57% of the tenants we surveyed said that good communication and responsiveness were desirable traits in a landlord.
- Providing opportunities for tenants to get involved in the management of the property, such as serving on a tenant advisory committee, or taking part in tenant surveys.
In today's modern era, property management goes beyond simply maintaining physical structures. A sense of community is essential in creating a successful property management strategy.
By focusing on resident satisfaction, property values, and tenant retention rates, property managers can create and foster a sense of community within their properties.
This can be achieved through organizing events and activities, creating shared spaces, encouraging communication and interaction, and providing opportunities for tenant involvement.
By prioritizing a sense of community, property managers can create a positive and fulfilling living experience for their tenants, ultimately leading to greater success in the world of property management.