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.

 

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.

Six Ways To Help Your Residents Reduce Air Conditioning Costs This Summer

Electrical bills in the summertime can be extremely costly. Especially in particularly hot summers, where the air conditioning has to run more often. Helping your residents save money on air conditioning has multiple benefits. It helps maintain lease renewals and keeps them cool and happy. Here are six ways you can help reduce the costs of air conditioning this summer.

How To Hire Summer Contractors For Your Rental Properties

During the summertime, your rental needs a little more maintenance than usual. Between landscaping, pool cleaning, and painting, you’ll probably have to hire some contractors to get all the work done. However, before hiring anyone, you need to make sure that they are qualified, honest, and reasonably priced. If you need to hire contractors this summer, here is how to make sure that you hire the best possible candidates.

Five Easy Landscaping Tips To Save Time And Money

Making a strong first impression is critical to filling vacancies. During the summer months, that means upping your curb appeal with attractive landscaping. However, elaborate landscaping can be an inexpensive upfront investment that requires a lot of costly maintenance. Fortunately, if you plan your landscaping strategy right, you can achieve curb appeal without minimal work and long-term costs. Here are five ways to upgrade your landscaping that will add curb appeal while also saving you time and money:

Developing A High Potential Team

It’s easy to spot high-performing team members, but what about those high-potential team members that tend to fly under the radar? Investing in development for high-potential team members is a great way to ensure the continued positive growth of your community management, and provides team members with the tools they’ll need to really thrive and flourish.

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.