If you’re a property manager, how can you encourage your tenants to support local businesses? Create a rewards card.
This is the approach taken by LLC Property Management, based in Los Angeles and Dallas. They offer each tenant a card they can use to get discounts at local shops. The tenant saves money and local shop owners get more business.
“Tenants usually save about 5-10% with each purchase. For example, every time they shop at their local markets or grocery stores, they can show their LLC Rewards card and receive the discount,” says Stefanie LaRue of LLC Property Management. “Dollar stores are very popular too. The vendors appreciate us directing local business their way, and the tenant’s savings adds up over time to where they truly value being a part of the program. They never leave home without their cards.”
This is just one of many ways that property managers can add value for their tenants. For example, Gallagher & Lindsey Property Management, based in Alameda and the East San Francisco Bay Area of California, rewards some long-term tenants (12 months or more) with a cash rebate that can be applied when those tenants buy a home through Gallagher & Lindsey REALTORS.
Another example comes from the Barrington Group, which manages properties in Ohio, Michigan, Indiana, Georgia, and Florida. It has created a Residents Reward program in which tenants are rewarded with points for doing things such as paying their rent on time, helping orient new tenants or donating to a local soup kitchen. The points can be exchanged for apartment upgrades such as granite countertops, new carpeting or custom painting. The objective is to increase tenant loyalty, foster a feeling of community and ultimately reduce turnover.
There are numerous other rewards programs offered by property management companies. What programs does your company offer to your tenants?Read more on Resident Management
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