There are so many ways to show your residents that you appreciate them, from building-wide trick-or-treating to Super Bowl parties, every thing you do for your residents helps ensure they’ll stay another year (or longer).
At lease renewal time, you may get a sense for how happy your residents are: Those who immediately renew are probably pretty happy, while those on the fence may be hesitant to stay for another year if they’re unhappy (even if it’s something really small).
So how can you get people off the proverbial fence and into your building for another year? Truth be told: Moving is a lot of work, and it’s expensive. The majority of people would probably much rather stay exactly where they are. That said, it’s not too late to offer incentives to those who might be considering a move because rent is going up or they’re looking for a change in scenery.
Here are a few of the best ideas we’ve heard from our customers:
- Offer discounted rent or fees: This is wildly popular. Afterall, who doesn’t love some extra cash in their pocket? Consider a percentage off one-month’s rent or waiving a month’s worth of fees (parking, pets, gym, etc…)
- Upgrade the appliances: Yes, this is a bigger cost up front. But imagine if you could keep a tenant for another 2 or 3 years? For a renter, there is nothing quite like being the first to use a brand new appliance, so it’s worth the investment.
- Gift cards to local retailers: If you’re not able to buy new appliances or provide significant rent discounts, you may be able to offer gift cards area grocery stores, restaurants, and other amenities. Consider that these are the amenities that make your neighborhood attractive, which may keep a tenant there for longer.
- New paint or flooring: Even the most careful residents cause normal wear-and-tear damage to a unit. Consider new carpets, refinished floors, or a fresh coat of paint to help them really feel at home.
- Have fun with your renewal reminder! Pinterest, of course, is chock full of creative ways to deliver your renewal notice. If you’ve already delivered the letter, it’s not too late! You can send a reminder to tenants who haven’t renewed yet, along with candy, drink mixes, keychains, or, again, gift cards to local shops. Remember, even the smallest of things can make a difference!
Best of luck with your renewal process. Let us know what tactics you’ve used in the past that have been really successful.Read more on Resident Management