TOPIC: Re:50 Resident Retention Ideas in 50 Hours

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7872

20) Offer services such as free copies and faxes. We keep stamps at the office in case they need one in a pinch. We keep quarters for the laundry and vending machines. We have loaner jumper cables and vacuums. Maintenance will help a resident jump their car.
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Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7873

21. Fail forward. Just because you tried something once and it didn't go as planned, learn from what didn't go right and try again.
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Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7874

22. Also, call them by name! Residents will remember this simple act. By knowing your residents by name, it shows that you care enough to think about them persoanlly throughout the day and it will go a long way in creating that connection that will more than likely put you ahead of the pack at renewal time!
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Last edit: by Brent Williams. Reason: Added number

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7878

23. Have an easy to understand, inexpensive Transfer Policy so Residents can easily relocate within your own community! This has worked for 4 Residents this year (2012) alone.

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7879

24. At my previous property we made Renewal Gift Bag- they LOVED it! :P They didn’t seem concerned about the value of the gift either. It was the fact that we had thought of them to make such a pretty little gift. It definitely made them smile and renewal was more pleasant during signing. They walked out happy and we retained one more renewal. It was just a small gift wrapped in tissue and tied with pretty ribbon. I gave it a personal touch and attached a thank you card that was signed by the staff. The gifts were placed on a table by the front door…pretty little gifts grabbed lots of attention for sure. RENEWAL TIME!!!
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Last edit: by Brent Williams. Reason: Added number

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7881

I find that transfers within a complex/community are a very expensive proposition and typically only permit this to occur if a tenant is at the end of their respective Lease. The reason is simple, The cost of rehabbing a unit regardless of security deposits etc... has skyrocketed in recent years. Just cleaning and painting an average unit can cost about $1500 and that's assuming no damage, problems, or repairs. If a unit requires carpet add an additional $1500 etc... Marketing expense also contributes to this and can be a large number depending on the season.

Also, You shouldn't forget that the unit you are transferring them to was probably just rehabbed so you're essentially incurring twice the cost to obtain one tenant prior to completing their Lease (i.e. before you see profit).

Bottom line is that retaining a tenant by moving them is only beneficial in a very limited circumstance in my opinion. Even if you can increase their monthly rent it may still never outweigh the cost of the move.

My average tenant in a two bedroom apartment resides with us for 23 months. Those who reside in our townhouses that have extra amenities like washer/dryer hookups etc... tend to reside for 60 months or longer.
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Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7883

I agree with Mindy on the transfer policy. Ours is simple; withing the 1st year there is a fee of $500 afterwards is free. I'm not sure where the figure of $1,500 just to paint and clean comes from. I pay less than $200 per unit for paint and $80 to clean. One side of my building is literlly 19' from a busy train track. Often times residents move in to units on that side simply because that's all we have available but the train bothers them. If it means the difference between losing a resident or keeping one.

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7884

Transfers are also very expensive for my community. Our company uses only the lowest price vendors. $1500 for new carpet, $600 to paint, $230 to clean, etc. We had to stop permitting transfers due to the expense. Residents can still move from one unit to another within our community, but they must do so just like they were moving to a new community. They have to give notice, pay for Application/screening/deposits, etc.
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Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7885

Alright everybody - we are about halfway through at 24 Resident Retention ideas! Let's keep going and finish the 50!

Re:50 Resident Retention Ideas in 50 Hours 9 years 8 months ago #7887

25.) Minding Your Manners Pays Off! To stay focused on customer service use positive words and phrases such as: Definitely, Surely, Absolutely, Certainly, Consider It Done!, I am at your service, I would be happy to! And my personal favorite, “It would be my pleasure!”
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