As a property manager, half of your job is getting new residents to move into your apartment community; the other half is to continually create a great environment that will make residents renew and stay at your property. While placing so much focus on advertising to prospects, don’t forget to put the same effort into your renewal campaigns. Keep reading to discover some tips and tricks to help your renewal rates increase.
Think About Renewals All Year Long
Don’t wait until your residents’ leases are about to end to start thinking about renewals. Work on your renewal campaign all year long by providing impeccable service at all times. Every time you respond to a work order quickly or answer the phone with a friendly greeting, you are doing your part to encourage residents to stay in your community. Consistency is key, so show the same level of care all year round!
One of the best ways to ensure that your residents renew is to offer incentives. These don’t have to be substantial financial rewards, but something as simple as a Starbucks gift card can go a long way in showing your appreciation. When residents renew, it shows their loyalty, and that’s something that should be cherished and valued.
Continue to Update and Upgrade
Change is a natural part of life, and people want to feel like their environment is growing and changing too. No one wants to live in a community that feels like it’s stuck in ages past. If you don’t update your gym equipment or appliances, modern people won’t want to stay in your community; it’s that simple. Plus, your rent is sure to increase each year, and so should the apartment’s value. You can’t justify charging more for an outdated apartment.
As you continue to adapt your marketing plan for the year, remember to keep renewals in mind. Do you have any questions about the aforementioned tips? Share them with us in the comments below.