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Resident Retention Programs

Resident Retention is one of the most important aspects of the management services offered by the company. Resident satisfaction alone can maximize current income and future income through resident referrals. Key is to meet the current and future needs and expectations of the current resident. If needs are being met and exceeded, current residents are less likely to move from a community. Often, retaining current residents saves on marketing expense, turnover costs and lost rent, unless a new resident can be obtained at a higher rental rate with minimal lost rent between occupancy.

We remain committed to resident retention and the maximizing of income through the following programs which incorporate exceptional resident communication and appreciation for residency and the referral of new residents to the community.

Our Resident Appreciation Renewal Programs include the following Components:

Depending upon market rates and local rent growth in the local market, a maximum rent policy may be adopted or existing residents may be given a monthly discount from new resident rental rates. We can offer one of the following four resident Renewal Programs:

  • A renewal gift delivered to the resident after a new rental agreement is signed.

  • Carpet cleaning offered for renewal of a lease (based on market conditions).

  • Painting is offered after the renewal on an apartment occupied by the same resident for a number of years (based on market conditions).

  • Installation of a ceiling fan or other minor enhancement to update the apartment.

Our Resident Communication Programs include the following Components:

We encourage resident communication through questionnaires and suggestions through-out the full occupancy cycle from initial inquiry to following the move-out and return of the security deposit.

  • When a prospective resident visits a community under management by the company they are given a brief survey card to complete. These cards are addressed to our corporate office and by-pass our on-site personnel. These cards are reviewed with our Regional Portfolio Managers and On-Site Personnel in an effort to improve resident service and satisfaction.

  • Service requests are periodically reviewed and selected residents are called following the completion of service to determine the level of satisfaction with the quality and timeliness of maintenance services provided.

  • Complaints (when received) are monitored by the Chase Asset Management Corporate Office personnel to follow-up on a successful resolution.

  • Resident demographics are determined to develop programs that meet the residents' needs and provide new services that will increase their rental value. Examples would be to provide a laundry and dry cleaning pick-up and delivery service, add a video lending library to the on-site recreation room, or establish a new movie critique club and publish the results in the community newsletter.

  • Residents are personally asked about their satisfaction with their apartment home when they visit the on-site office.

  • If specified by our owners, we can send newsletters to residents promoting the community and resident referral incentives.

  • Pool Parties, Summer Cookouts, Holiday Parties and other social activities are held to foster a sense of community and encourage resident interaction.

  • When a resident leaves the community, a questionnaire is sent to determine why he left and what we could be doing better.

 

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