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.

 

What Not To Do When Staging Residences For The Holidays

While spring and summertime are usually the prime times for attracting new prospective residents, there are plenty that will be looking for communities around the holidays as well. Staging residences for tours around the holidays can be a fun and creative experience, and while you will enjoy getting into the spirit, it’s important not to go too far. A few things not to do when staging your residences for the holidays include:

4 Tips For Asking Prospective Residents All The Right Questions

Typically, at some point during the prospect leasing process, you’ll sit down with prospects and interview them. They’ve learned about your community, they’ve toured your residences, and they’ve gotten to know you – so now it’s your turn. This interview process can go very well, but it can also go very poorly, and you want to make sure you get all the information you need without turning off prospects and sending them off to another community.

How Can I Make My Follow Up More Effective?

When a prospective resident inquires about a tour, your effort doesn’t stop there. Leases have not been signed yet, the prospect may be looking at other communities along with yours, and this is your real opportunity to stick out. The way to hook their memory back is to nail the follow-up process, and we at OccupancySolutions.com are prepared to help you with just that.

Make Your Prospective Resident Tours More Memorable

Touring your residents presents to you a unique opportunity. You’re able to frame and provide the first impression, and the impression that is likely to last throughout the tour, the interviews, the application process, and the lease. Naturally, because this is such an important moment, it’s one that community management teams should prioritize getting right. Making prospective resident tours more memorable will ensure that you stick out in their minds, and in a positive way that puts you ahead of the competition in your general area.

Four Festive Holiday Party Ideas Your Residents Will Love

With the holiday season right around the corner, it’s a great time to start planning an event for your residents. A holiday party can help you connect your community, help increase resident satisfaction, and increase retention. However, throwing a holiday party people actually want to attend can be tricky.

The Tips For Showing The Best Side Of Your Residence

Photography and videography are two of your most important marketing and advertising tools for your residences. When done well, great photos and video will make visitors want to come to your complex, they’ll make them want to be part of your community. When not done well, it can lead those who would love your residences in person to turn away assuming a lack of quality or an ill-fit for their needs. A few tips can ensure you experience the former with interested residents, rather than the latter with potential residents being pushed away from what you could offer them. A few tips for showing the best side of your residences are:

5 Tips For Throwing The Very Best Block Party

Block parties improve resident morale, they bring people together, and they work wonders to form that important community loyalty and spirit. For this reason, we at OccupancySolutions.com fully support residents joining together to celebrate a great community party. For community management teams, however, the thought of throwing or organizing a block party can be overwhelming, but it doesn’t need to be. 5 tips for throwing the very best block party are:

Promoting Your Community Brand With Snapchat

Snapchat is one of the single highest growing social media platforms right now, with the millennial generation pushing in full force much of the 150 million daily active users. If this younger market is who you’d like to reach with your community marketing, Snapchat is a platform you can’t afford to avoid. This isn’t to say that it’s only those in their 20’s using Snapchat, as more and more active users in their 30’s, 40’s, and beyond have begun showing daily interest in the platform as well. At OccupancySolutions.com, we want to show you how to fully embrace this massive trend for your community brand as well.

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?