Episode #91: Resident Retention Secrets with Robert Ritzenthaler

One of the biggest costs in multifamily real estate is a high turnover of residents, which can be particularly tricky to manage when you’re taking over a new property. This week on the show we welcome Robert Ritzenthaler to discuss his resident retention secrets, as well as the biggest obstacles he’s had to overcome when taking over from previous asset managers. Robert has both an MBA and a CPA, and grew up in the construction business, making him uniquely qualified to excel at real estate and asset management. In our conversation, Robert shares how resident retention typically plays out for him, depending on the building and its occupants, and why he is always willing to negotiate with good tenants in order to retain them. He also expands on the methods that have served him best when it comes to retention and why he considers his ability to get involved with the less glamorous aspects of real estate to be his superpower. To learn more about retention, exceptional management, and more, make sure you tune in today!Key Points From This Episode:Get to know today’s guest, Robert Ritzenhaler.How Robert’s background in construction set him up for success in real estate.The demographic that was being underserved in real estate and how Robert is helping them.How resident retention typically plays out for Robert.Why Robert believes it’s worthwhile making exceptions for good tenants.Some of the most effective methods Robert has used to increase retention on his properties.How Robert trains his workers to think like customer service representatives.The most challenging obstacle Robert has had to overcome to fix a retention problem.Robert shares what he believes is his asset management superpower.Tweetables:“We always kind of make an exception for really good folks because, at the end of the day, we all know turnovers are our number one cost.” — Robert Ritzenthaler [0:06:19]“There’s a whole host of issues that get pushed out of the way when you communicate well.” — Robert Ritzenthaler [0:09:31]“I feel like probably the biggest superpower is just really digging into the operations and not being intimidated by, for lack of a better term, the toilets and you know, things like that.” — Robert Ritzenthaler [0:12:52]Links Mentioned in Today’s Episode:REM CapitalRobert Ritzenthaler EmailAsset Management Mastery Facebook GroupBreak of Day CapitalBreak of Day Capital InstagramBreak of Day Capital YoutubeGary Lipsky on LinkedInGarzella Group