With spring around the corner, renewal season will soon be upon us. Although your resident retention tactics should be employed throughout the year, it might be a good idea to boost your efforts before spring arrives.
So how can you let your residents know how much their business means to you? We’ve put together some easy ways to help property managers land those renewals.
Top Tips for Renewal Season
Communicate Your Growth
Put together a summary of the previous year at your property. Similar to an annual report (minus the financial information), this is a great way to highlight the positive changes in your community. You can include your occupancy rate, any property updates or exciting milestones reached, and future goals you hope to see met within the coming year. Giving your residents a snapshot of your property’s success is a great way to lift their spirits and know they’ve settled in a good place.
Celebrate Your Community
Has winter’s cold kept your community boarded up? With warmer weather on its way, now might be a good time to start planning a spring event, just in time for the flood of lease expirations. Host a cookout, a spring cleaning event, or your annual Memorial Day reflections. With any community-wide function, you’ll need at least a few weeks to arrange and prepare. Consider what this spring may have in store and the return on investment you’ll see by reminding your tenants how fun it is to call your space home.
If a resident’s lease renewal is fast approaching, the key to their signature might be as simple as reaching out to them personally. Every tenant wants to feel appreciated and acknowledged, so take this time to let your renters know how much they really mean to you. Send a simple note, make a quick call, or just invite them to stop by the clubhouse for a coffee and to offer feedback about the property. Your renters are sure to appreciate the personal attention, which may just be enough to convince them to sign once again.
Resident retention doesn’t have to be an endless battle. Simple actions can lead to big rewards if you just take a few moments to prepare for those strategic spring months.
Have you found a fun and engaging way to keep your residents signing on the dotted line during renewal season? Tell us how you’ve mastered the art of resident retention on our Facebook page.