Multi-Family Property Owners – Here’s One Simple Secret to Save (Literally) Thousands

If you’re an apartment owner or manage a few duplexes, you may have wondered at some point is there’s an easy way to save thousands on your multi-family property? The answer is YES!

Here’s the secret: Happy tenants. That’s it. When your tenants are happy, they stick around longer, pay rent on time, take better care of the property—and it all adds up to big savings for you. And the best part? It’s easier than you think. We’ll be sharing 10 easy (and free!) ways to keep your tenants smiling. You won’t believe how simple it can be to create a happier, more loyal tenant base!

Still skeptical? Here’s some real data to show why happy tenants are your golden ticket:

Tenant Retention: Happy tenants stay longer. In fact, according to the National Apartment Association, happy tenants tend to stay an average of 3 years, while unhappy tenants pack up after just 1.5 to 2 years. Less turnover? Yes, please!

Turnover Costs: Unhappy tenants will cost you big time. Rentec Direct found that tenant turnover can cost you anywhere from $2,000 to $5,000 per unhappy tenant. That’s money you could spend on… literally anything else.

Rent Payments: When tenants are happy, they pay on time! Buildium found that 85% of satisfied tenants pay rent on time, while only 50% of dissatisfied tenants do. Time to start thinking of them as your personal ATM.

Referrals & Reputation: Happy tenants aren’t just sticking around—they’re spreading the word. Zillow says 70% of happy tenants will recommend your property to others. That means more reliable tenants without the need for costly advertising. Cha-ching!

Maintenance Requests: Happy tenants don’t bug you about every little thing. According to TenantCloud, happy tenants request fewer maintenance services, saving you time and money. Unhappy tenants? Expect a lot of “My faucet is dripping” and “The light bulb blew out!” (eye roll).

Repairs: Unhappy tenants tend to leave you with more than just complaints—they also damage your property. PropertyNest says unhappy tenants cause damage that costs $1,000 to $2,500 per incident. Ouch! Happy tenants are less likely to cause issues, and that means fewer repair bills.

So, now that we know why keeping your tenants happy is so important, let’s talk about how you can make that happen.

Next up: Click here for 10 free & easy ways to keep your tenants smiling—and your bank account brimming.

Effective Strategies for HOA and COA Board Meetings

Running a successful Homeowners Association (HOA) or Condominium Owners Association (COA) requires effective and efficient board meetings. These meetings are crucial for making decisions, setting policies and ensuring the community runs smoothly. Here are some effective strategies to help you conduct productive HOA and COA board meetings.

1. Prepare an Agenda in Advance

An organized and detailed agenda is the foundation of a successful meeting. Ensure that the agenda includes:

  • List of Topics: Clearly outline the topics to be discussed.
  • Time Allocations: Assign specific time slots for each topic to keep the meeting on track.
  • Supporting Documents: Provide necessary documents and reports in advance to allow board members to review them before the meeting.

Providing the agenda ahead of time helps board members come prepared, leading to more efficient discussions and decision-making.

2. Encourage Participation and Engagement

Board meetings are more productive when all members actively participate. To foster engagement:

  • Invite Input: Encourage board members to share their opinions and suggestions.
  • Rotate Roles: Rotate meeting roles such as chairperson, note-taker and timekeeper to involve everyone.
  • Respectful Communication: Promote a respectful and open communication environment where all members feel comfortable expressing their views.

3. Stick to the Agenda

While it’s important to allow open discussion, sticking to the agenda helps ensure that all important topics are covered within the allocated time. To keep the meeting focused:

  • Time Management: Monitor the time spent on each topic and gently steer the conversation back to the agenda if it veers off course.
  • Table Unresolved Issues: If a topic requires more discussion than anticipated, table it for a future meeting to avoid running over time.

4. Use Technology to Facilitate Meetings

Leveraging technology can make meetings more efficient and accessible. Consider using:

  • Video Conferencing: For members who cannot attend in person, use video conferencing tools to facilitate remote participation.
  • Document Sharing: Use cloud-based document sharing platforms to distribute and review documents collaboratively.
  • Meeting Management Software: Utilize software designed for board meetings to streamline scheduling, agenda creation and minute-taking.

5. Keep Minutes and Follow Up

Accurate meeting minutes are essential for maintaining records and ensuring accountability. Ensure that minutes:

  • Document Key Decisions: Record all decisions made, actions to be taken and who is responsible for each action.
  • Summarize Discussions: Provide a brief summary of the discussions that led to each decision.
  • Distribute Promptly: Share the minutes with all board members soon after the meeting.

Follow up on action items at subsequent meetings to ensure accountability and progress.

6. Focus on Transparency and Communication

Transparency is key to building trust within the community. To promote transparency:

  • Share Meeting Outcomes: Communicate key decisions and updates to the broader community through newsletters, emails or community websites.
  • Open Meetings: Allow residents to attend board meetings and provide input during designated times.

7. Foster a Collaborative Environment

Encouraging collaboration among board members leads to more effective decision-making. To foster collaboration:

  • Team-Building Activities: Organize team-building activities to strengthen relationships and build trust.
  • Conflict Resolution: Address conflicts promptly and constructively to maintain a positive working environment.

8. Educate Board Members

Well-informed board members are better equipped to make sound decisions. Provide educational resources and training on:

  • Governance and Legal Requirements: Ensure board members understand their roles, responsibilities and legal obligations.
  • Community Management Best Practices: Share best practices and industry trends to keep the board informed and proactive.

Conclusion

Effective HOA and COA board meetings are essential for the smooth operation and governance of your community. By preparing a detailed agenda, encouraging participation, sticking to the agenda, leveraging technology, keeping accurate minutes, focusing on transparency, fostering collaboration and educating board members, you can conduct productive and efficient meetings.

At Level Property Management Group, we specialize in helping associations run smoothly through our comprehensive property management services. Contact us today at 251.210.1664 to learn more about how we can assist your HOA or COA in achieving its goals.