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.
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.
After a thorough analysis of the client’s business, we developed a three-pronged approach to improve tenant retention:
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.
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.