Four Ways To Increase Lease Renewals

When a resident moves out, it can be pretty costly for a property manager. You have an empty space that costs you money every month, you have to invest in marketing and lead generation, and spend a lot of time trying to find a new resident. You are much better off if you can retain your residents. Here are four tips to increase lease renewals so you can avoid the costs and energy of finding new residents for your property.

1. Offer Discounts

You can build a discount into a lease renewal. A popular way is to offer exponentially discounted rent for longer lease terms. For example, lease agreements for six month rents will be more expensive than lease agreements for five years’ rent. You can also offer a discount like a lower payment on their first month of renewal or even wave a month’s worth of fees for parking. If residents are going to save money, not just from the costs associated with moving, but on their rents, they are much more likely to renew their lease agreement.

2. Upgrade Your Property

Adding new amenities to the property, upgrading the appliances in their apartment or condo, or simply painting the building, can be extremely attractive to current residents. If you invest in your property to keep it updated and competitive with newer properties, your residents will be inspired to stay to enjoy all the newest features.

3. Come Up With Clever Incentives

If you can’t upgrade your property features this year or afford to offer big discounts for lease renewals, there are smaller ways to encourage your residents to stay. Resident appreciation days, gifts, and events can make your residents feel like they are valued by your company and will be more inclined to renew their rental agreement.

4. Develop A Relationship

It sounds very simple, but if you develop a relationship with your residents beyond just only talking to them when it’s payment time or there is an issue, they are more likely to stay. People want to live somewhere where they feel like a part of a community. If they have a relationship with you beyond just property manager and resident, they’ll feel more at home on your property and will be more inclined to stay for the long term.
 
These four tips will help ensure that your residents renew their leases. So make sure that you don’t just focus on attracting new residents, but you also incorporate ways in your marketing strategy to keep your current residents.

 

How Important Is Mobile Friendliness For My Community Website?

One thing we see overlooked often at OccupancySolutions.com is mobile accessibility. Once considered a secondary aspect of marketing your community brand, mobile availability is more important today than ever and this importance is only expected to grow as time goes on. Nearly 60% of all website traffic comes through mobile devices, more than half of all organic visitors, and you want a website that will cater to those you want to experience it most.

How To Convert Calls Into Property Tours

One of the biggest challenges property managers face is how to take qualified leads and turn them into occupants. One of the most common qualified lead is when a potential occupant calls you to learn about your rental. This is a huge opportunity and you have to use some clever sales expertise to convert that call into a property tour then ultimately to fill a vacancy. Here are some tips on how to convert your calls into a tour.

Four Fall Marketing Ideas To Increase Occupancy

Fall is the beginning of the slow season in real estate. However, there are still plenty of potential residents that are looking for a new home. So it’s a great time to review your marketing strategy and add some seasonal marketing. Seasonal marketing is a perfect way to showcase your community’s unique personality and attract your ideal renters. Here are five fall marketing ideas to get you started.

Fostering Communication Among Your Team

The key to any successful business is communication. Improving your team’s communication and developing a sense of teamwork can help you improve processes, tap expertise, and streamline your workload. Here are some ways to develop good communication among your staff.

Five Simple Ways To Make New Occupants Feel Welcome

Forming a lasting relationship with your new occupant means both parties will have a vested interest in each other’s success. What this means for the landlord is that an occupant is less likely to avoid making their monthly payment, maintain the property, and is more willing to come forward in as soon as possible to warn about developing issues. One of the best ways to establish a good relationship from the start is with a welcome package. Here are five simple things to include:

5 Ways To Market Your Community In A Digital World

In today’s digital world, people are more likely to take to the internet to find their next residence than they are to pick up a brochure or search in a newspaper. What this means for community management teams is a need to go where the trends go, and a way to market your community in today’s world of all things digital. 5 ways to market your community in a digital world are:

Using Facebook To Build A Sense Of Community

For community management teams, Facebook is a tool you cannot afford to let go. While some may be wary of taking to social media, this tech savvy modern age we’re living in disallows ignoring social media if you don’t wish to fall behind the competition. Facebook is well known for its marketing power, but did you know that it’s just as powerful for building a sense of community as well?

Creating A Community Newsletter They’ll Want To Read

At OccupancySolutions.com, we know that a newsletter is a pretty great simple way to connect with your community. However, only a newsletter they’ll want to read is going to have the effect you’re looking for. So, how do you go about creating a newsletter that does what you want it to do? One option is asking around the community and gauging the interest of residents, seeing what they’re interested in and what you can incorporate into a newsletter format. A few other content pieces you may wish to include for an interesting newsletter include:

4 Ways To Stand Out From Competition

A big part of community management is establishing your personality as a community and using that personality to help you in standing out from the competition. Community management is a highly competitive industry in most areas, and you want your prospective residents to lease with you rather than checking out the other guy. 4 ways to stand out from your competition are:

4 Steps To Better Resident Relationships

One of the most important parts of resident retention is the relationship you hold with your residents. If residents don’t get along with or feel good about management, they’re less likely to feel loyal or content with their current living situation. Building this type of rapport not only keeps residents renewing their leases, but it also makes them more likely to tell others about your community and market for you as a first hand experience resource. 4 steps to building better resident relationships are:

Photography Tips For Instagram Ready Residence Marketing

When it comes to community marketing and branding, Instagram is becoming something of a big deal. Instagram is quickly becoming one of the fastest growing social media platforms, and this means that if you want to place your community where the people are, you’ll want to consider placing it front and center on Instagram. Instagram is a photograph based social media platform, and where you’re going to be placing most of the meat, in terms of your content, will be in your pictures. So, how do you ensure the photos you’re taking are Instagram worthy?

5 Low Cost Marketing Ideas For Your Community

Marketing outreach for your community doesn’t need to be particularly expensive or excessively time consuming. Getting the word out there really just takes a little creative and out-of-the-box thinking. 5 low-cost marketing ideas for your community are:

5 Low Cost Ideas For Staging A Touring Residence

When you stage a touring residence, you’re providing a space that will allow touring prospects a way to see your residence as their new home. For this reason, staging is important in showing visitors the potential of a space, and staging a residence doesn’t need to be difficult or expensive. 5 low cost ideas for staging a touring residence are:

4 Fall Staging Tips For Autumn Leases

Residence staging presents a really unique opportunity. The prospects you’re touring around your community have most likely toured other communities within the area, carefully picking and choosing before they choose the option that is best for them. With residence staging, you can give your residence the benefit of bringing the big “wow”, and looking like a place that is easy to call home. Staging can be accomplished in all sorts of ways, with plenty of low-cost options available, and one way to make a big impression is to stage along with the season.

Staging Residences For The Summer Visits

When prospective community members come for a visit or tour, your sample or show residence is what is really going to make the final call. When they see this residence, they’ll know right away whether they’re seriously interested in leasing with you, or whether your community may not be for them. For summer tours and visits, these residences should be staged for the season, and there are a few ways to stage specifically for the hot weather months.

5 Tips For Community Marketing With Instagram

Social media is a resource that should never go to waste when it comes to marketing your community. When deciding on what platforms to prioritize, look to where the people go, and one of the biggest platforms on the rise right now is Instagram. A photo says a thousand words, which gives you a lot to communicate with the photo-based platform. 5 tips for community marketing with Instagram are:

4 Tips For Managing A Work Life Balance In Community Management

Community management teams are in a unique position. It’s not your usual 9 to 5 job, and many community managers live on the same properties they’re in charge of. Frequent phones buzzing, emails coming in, and employees with this question or that can begin to take its toll on even the most seasoned team leader. What you don’t want to experience is burnout, and 4 tips for managing a work life balance in community management are:

3 Simple Tips For Resolving Community Conflicts

In just about any community, you’re bound to have those of many different lifestyles living within close proximity to one another in their residences. What this means is that conflicts are bound to come up from time to time, and those managing the community should know how to diffuse this tension and practice healthy conflict resolution. In an ideal scenario, you will walk away with a satisfying answer for both parties experiencing conflict, as well as for you and your management team. 3 simple tips for resolving community conflicts are:

Why Your Leases Need A Subletting Clause

During the busy season, it’s a good idea to review your lease agreements. One clause that has become more important in recent years is a clause about subletting. With the growing popularity of crowd sourced vacation rentals through websites like AirBnb, FlipKey, and VBRO, property managers need to make sure they are protected.