How to Get Creative with Your Retention Plans

cmitchell Blog

A property’s success depends on its ability to sweep residents off their feet, especially after they sign the lease. Before you know it, another year will have gone by and residents have a big decision to make: to move or stay. Here are three of P.B. Bell’s top tips to get creative with your retention plans:

 

Did Someone Say Contest? 

Contests are a fun way to get residents involved and give them an extra reason to re-sign their lease. For your competitive residents, hosting a creative contest is the way to their hearts. For starters, make sure the contest is worthwhile, and something that will appeal to most of the residents. One quick and easy way to host a contest is through social media. The onsite team can promote a “Love My Apartment” contest where residents post a picture of their favorite space in their apartment and explain why they love it. Make sure to create a fun hashtag to go along with it. The top three photos with the most likes can receive a renewal gift when they sign a lease for an additional year. There are a ton of ideas for this type of retention plan, no matter the budget. From a house cleaning service, fresh painted accent wall, or new appliances, to a smart thermostat, free 6 months of cable and internet, or even a gift card to a home goods store. There are many options to go along with any budget and all types of residents. We recommend letting residents choose from a few different options so they win something they’re actually interested in.

 

Money Talks 

Residents can’t turn down a good promotion for lease renewal, as it saves them money and takes away the stress of searching for a new place to call home. Make sure the promotion is in your property’s budget and valuable for the residents as well. One good tactic for quick renewals is to only offer the promotion for a short period of time. An example of this could be “Receive $300 off your first month on your lease renewal if you sign by 3/31/20.” You’ve given them an incentive to stay and a deadline to take advantage of the offer which is important. Be sure to advertise the promotion by sending out texts and emails. If you want to go the extra mile, you can even give out easy-to-make goody bags that highlight the upcoming deal to keep it on the top of residents’ minds. There is plenty of competition in the apartment business and it’s much cheaper to keep a current resident than it is to find a new one, so keep this in mind when budgeting for any resident retention plans. 

 

Easy… Breezy… Giveaway 

Are your residents swamped with work, family or school? Then a simple, fast giveaway might be your best bet to get them excited about a lease renewal. Encourage residents to re-sign their lease during a specific time frame to be entered into a giveaway. The prizes from the giveaway can be dependent on the general demographics and location of your community. For example, some residents may highly value technology, such as a Google Home, while others might want a bundle of spring training tickets. The giveaway approach takes away the hassle and time that a contest may require, but is still a fun way to get residents involved and excited about continuing to live in their community. Giveaways are stress-free for residents and property managers, and they give residents the chance to test their luck!

 

Getting creative with lease renewals makes your residents feel valued, while also encouraging them to re-sign at your community. Is your property struggling with resident retention? P.B. Bell can provide innovative solutions with creative retention plans — check out our services or call (480) 951-2222 for more information.