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.

 

5 Tips For The Most Effective Follow-Up Techniques

It’s important for management to never underestimate the follow-up. After a great visit or tour, you want to keep that good impression going, and retain that space in the prospects’ consciousness. With follow-up, you’ll show a caring side and a side that is willing to do whatever it takes to incorporate prospects into your community. 5 tips for the most effective follow-up techniques are:

4 Ideas For Community Building Excursions And Trips

Trips and outings can do a great deal for building that community feeling. It gives community members a reason to get together in the perfect setting for fun and engagement, but where are the best places to go? Monthly or seasonally, hosting a trip sign-up in your community encourages residents to get up, get out, and build that community feeling and loyalty organically, and you’ll want to choose locations that offer a great deal for engagement in an inexpensive way that also promises a memorable time. 4 ideas for community building excursions or trips are:

How To Write Attention Grabbing Listings To Attract Renters

When creating a listing for print or online, it is important that copy accurately describes the property. However, finding ways to come up with intriguing and accurate descriptions can be difficult. Often property managers will just use the same description over and over again with little to no results. Writing a listing takes a little practice, but with the right guidance you’ll easily be able to attract the potential renters you need. Here are some tips to get you inspired:

Four Tips To Avoid Late Rental Payments

Late rental payments can be a burden for property managers. Beyond having to follow-up with your renters, without the income it can be difficult to pay your bills on time. Late rental payments are going to be something you will have to deal with from time to time. However, there are some processes you can implement to help reduce the amount of late payments you receive.

5 Things To Buy For Staging Your Rentals Like A Pro

Staging a residence is incredible important for attracting renters and filling vacancies. When you are ready to list your space and start giving tours, you should stage the space. If you’ve never staged a rental before, there’s a couple thing you’ll need to buy. Here is a basic shopping list to get your started.

What You Need To Know About Creating A Community Newsletter

Creating a community newsletter is a really great way to bring your community together while keeping everyone informed and in the know. Within this newsletter you can list any community events that may be going on, local stores and restaurants running promotions, your contact information, and anything else you want the community to know or feel they would benefit from absorbing. So, how do you go about choosing the best format and content for your newsletter?

Building Better Resident Relationships

The relationship management builds with residents makes a huge impact on resident retention. Of course a resident will not wish to stay within a community where they don’t feel heard, appreciated, or part of a larger whole, and the responsibility of building that feeling largely rests on how management approaches resident rapport. It’s important for management teams to remember that residents can always go elsewhere, and it will take something special to keep them a part of your community.

5 Staging Mistakes That Could Cost You A Resident

When you take a prospective resident on a tour, you’re giving them their first glimpse into life within your community. Because of this, staging your touring residences is incredibly important, and just as the right staging can turn a prospect into a leasing resident, the wrong staging can send them running in the opposite direction. 5 staging mistakes that you may not realize you’re making, and which could cost you a resident, are:

5 Ideas To Better Build Your Community Atmosphere

A community atmosphere can be your biggest tool in achieving resident retention, but it’s something that needs to be born organically and in a way that feels natural rather than forced. For management teams, this can be quite the challenge to build the community atmosphere you want, while eliminating the feeling that it is being intentionally built at all. Essentially, you want this atmosphere to appear as if it has grown on its own, while you’re actually watering and tending to it like a real growing organism. 5 ideas to inspire you to better build your community atmosphere are:

Six Unusual Marketing Strategies To Try In 2018

The market is constantly changing, so it’s always a good idea to revamp your marketing strategies to meet new trends. With the start of the New Year, it’s a great idea to try some different tactics to fill your vacancies. One of the best ways to do this is to think outside of the box and come up with some really creative and unique ways to target your audience. Here are some unusual ideas to inspire you:

Seven Skills To Look For When Hiring An Apartment Manager

When your business grows and it is time to hand over the day to day operations to a new employee, you may not know what to look for in a great apartment manager. When drafting your job listing and interviewing potential candidates, there are some key skills to find. Here are the seven most important skills that any apartment manager should have:

How To Follow Up With A Potential Renter After A Tour

You’ve hooked a potential renter with your great marketing. You’ve given them a tour that went really well. You know they’d be an ideal renter and they’d fit right into your community. However, you haven’t heard back from them about the space. What do you do? Many property managers will just wait and hope to hear back, but we recommend following up with the potential renter to keep the relationship going and fill your vacancy. Here’s how to follow up with a potential renter.

A Beginner’s Guide To Property Management Software

Whether you are first starting out as a property manager or are just looking for a way to improve your business operations, a great investment to consider is property management software. Property management software offers a range of features and benefits and can really help you improve your business. Here is a basic overview of everything you need to know about property management software to get you started.

Building A Successful Community Management Team

Your management team has a huge impact on the success of your community. Everything from resident retention to overall happiness with the community are all affected by your management, and how residents respond to management and their management style.

What To Do When A Renter Is Not Renewing Their Lease

Renter turnover and new vacancies are very costly. Between finding new occupants, vacant rentals, and taking a risk on a new renter, the costs can quickly stack up. When a reliable renter informs you they are not going to renew their lease, you need to take some steps to see if you can keep them. Here is what to do to ensure you’ve done your best to reduce these costs.

How To Prevent Falls During The Winter

During the winter months, the risk of slipping and falling outdoors is higher than in the warmer months. Between the snow and ice and the harsh winter winds blowing debris, there are increased dangers for anyone walking outside. If a renter or their guest falls on your property, you will be financially liable for any injuries. So it is really important to mitigate these risks and reduce the chance of falls. Here are some tips to help reduce the risk on your property.

Four Easy Ways To Reduce Property Management Expenses

With tax season quickly approaching, you are probably reviewing your finances for the past year. If you find that your profit margins are low because your operational costs are high, there are some ways you can scale back while still offering great service. Here are some simple ways to reduce your property management expenses.

Five Tips To Beat The Winter Rental Slump

Winter is the worst time to find new renters. Most people prefer moving during the summer months when the weather is nice. However, during this slow season, there are some things you can do to help fill your vacant apartments. Here are five tips for beating the winter rental slump: