How HubSpot can improve tenant retention in Build-to-Rent
Build-to-Rent is an emerging trend in the property industry, which offers rental accommodation specifically designed for long-term tenants. One of the biggest challenges in Build-to-Rent is tenant retention, which is directly linked to profitability. Retaining tenants for longer periods reduces the costs of acquiring new tenants and increases the lifetime value of each customer. In this case study, we will discuss how a digital agency used HubSpot to improve tenant retention for a Build-to-Rent property management company.
Background
Our client is a Build-to-Rent property management company with several properties across the UK. Facing high tenant turnover rates, which resulted in higher operational costs and lower profits, they approached our agency to help them improve tenant retention and increase the lifetime value of their customers.
Strategy
After a thorough analysis of the client’s business, we developed a three-pronged approach to improve tenant retention:
- Personalised Communication
We recommended creating a communication strategy that focused on personalizing communication with tenants. We developed a communication plan that included regular check-ins, personalized messages, and notifications based on tenants’ preferences. Using HubSpot’s marketing automation tools, we automated much of this communication, freeing up the property management team’s time and resources. - Enhancing Tenant Experience
We identified areas where we could improve the tenant experience, such as upgrading common areas, providing better amenities, and organizing community events. By leveraging HubSpot’s CRM tools, we were able to keep track of tenant preferences and feedback, allowing us to tailor the tenant experience to their needs. - Streamlining Maintenance
We streamlined maintenance requests and ensured timely resolution of issues by using HubSpot’s ticketing system. By centralizing maintenance requests, we were able to track issues more efficiently and ensure they were resolved in a timely manner. This resulted in happier tenants and improved tenant retention.
Results
The implementation of our HubSpot-based strategy had a significant impact on our client’s tenant retention rates. Within six months of implementation, our client’s tenant retention rate had increased by 20%. We were also able to reduce operational costs by automating much of the communication and maintenance processes.
Conclusion
In conclusion, by leveraging HubSpot’s marketing automation and CRM tools, we were able to improve tenant retention rates for our Build-to-Rent property management client. Our approach focused on personalized communication, enhancing the tenant experience, and streamlining maintenance. By centralizing these processes using HubSpot’s tools, we were able to improve tenant satisfaction, reduce operational costs, and increase the lifetime value of our client’s customers.
