Topic: Resident Renewal Give Aways Which Improve the Unit?

We want to target our renewal giveaways so that it improves the unit such as
Accent Wall
Carpet Cleaning
etc.

So we are soliciting ideas. Again targeted specifically at upgrading the unit.

thanks,

Our company specializes in flooring replacement to the multifamily industry. Over the past couple of years we have seen fewer and fewer replacement jobs in occupied units. I understand the economy (and) carpet replacement is a big expense, not to mention a big task! I don't know if this has translated in to a retention issue or not, just a thought. We are however, seeing more hard surface replacements in occupied units.

We used to have to replace the vinyl due to a small section of unsightly damage like a burn or hole, but now there is a local company that does vinyl (and other surface) repairs. Now we are paying $69 to repair vinyl damage instead of $800 to replace it. Perhaps adding repair service could get some business back for replacement vendors.

We have done curved shower curtain rods and light kits for ceiling fans.

Thank you Rose! We do offer repair services and come to think of it, we have seen an uptick there. Either way, replace or repair (or clean), I think you are showing the resident you care and that you value their commitment to stay.

I managed a newer LIHTC community where we tried this for about 3 years. I offered a "menu" and let the resident choose. I offered: 1. Accent wall from a choice of 4 colors; 2. Living room ceiling fan light kit; 3. Ceiling fan in a bedroom; 4. New dining room light fixture; 5. Curved shower rod; 6.Strip and polish their VCT kitchen/dining room floor; 7. Carpet Cleaning. Nearly everyone chose carpet cleaning. I had 1 person choose an accent wall and about 4 chose a dining room light fixture. I even painted some of the walls in the clubhouse with the color choices so they could see it. I put the light fixture in the business center so they could see that.

Right now, I'm offering a 5-day programmable thermostat for a 12-month lease if I increase their rent. The price of light fixtures went up 300% compared to what I was paying in 2008.

You've gotten some great ideas already. Not sure what kind of hardware you have throughout, but many older communities still have brass/gold in place. Modernize by replacing door handles, cabinet knobs, light fixtures and faucets with silver/chrome. Makes a big difference for a fairly small cost.

We do the menu concept - starts small, then at about 4 - 6 year mark, you can choose 2 - 3 things. Same as everything else, not everyone takes it, some people don't want the hassle. But it's a super selling tool for new leases as well, creates the perception that you are building a long-term relationship.

Renewals that improve the unit? It all depends on the type of community you have, market conditions and what you target market is. Are you units outdated? I have seen a couple of suggestions that we have used that are cost effective and look great. Upgrade outdated cabinet hardware, update out dated light fixtures and maybe go vertical blinds instead of cheap mini blinds these are just a few ideas. It really depends of the community and current market conditions. When we go in we look at your community and your competition before we make recommendations to upgrade the units. We also look at you current resident profile and try to find out what you short and long term goals are. Good luck. If I can offer any suggestions to help let me know. Don't be cheap but be smart in your planning.

We do all of the above items that are mentioned thermostates, ceiling fans, new light fixtures, faucets etc. Alot of times we have these items tiered based on how long you have been with us.

We have one property that has a door to their patio area instead of a sliding glass door and we have started offering screen doors for those. People have responsed well to that.

i have used a 'Menu for Better Living', with most of the items listed above. Fix a dollar amount to each item. The longer someone lives at the community, the more valuable the upgrade. The resident gets to choose their upgrade from your menu! They become a part of the decision! It is a great marketing tool. And like Steve said 'it creates the perception that you are building a long-term relationship.'

Another useful upgrade, that also improves market value, would be to install faucet water filters for the resident. Possibly even put your logo on it (sticker) - so that they think of you every time they go to the sink!