Capturing Renewals

Monique Adair, Regional Leasing and Marketing Manager, states that, throughout the housing industry, the term renewal is often thought of as a low maintenance lease. Operations managers love renewals as they can reduce the cost of a make ready or turn. In reality a renewal is far more than a low maintenance lease. It is a reflection of the customer service and culture of the community. Renewals should be a primary focus to the onsite team, it means that they themselves have created an experience for residents where they live the ultimate college lifestyle unlike any other community. Renewals should be celebrated not only with the resident, but with the entire team. This helps showcase the gratitude to our residents for choosing to stay another year along with congratulating the onsite team for creating a community lifestyle that residents want to be involved in.

When should we stop pushing for renewals?

The answer to this question is NEVER! Renewals are founded on a relationship of trust, service, and experience. It takes one positive interaction to change a resident’s perspective of their apartment home and the management team. Every community has at least one resident that never seems to be satisfied, or has had an issue that may be out of management’s control. They may have vowed that they would never renew, however it could be something as simple as acknowledging a birthday, walking the apartment together, or listening to their concerns that will impact them to renew their lease.

Helpful Hints to Capture Renewals:

  • Create the element of customer service by offering to deliver the renewal to their doorstep.
  • Schedule an appointment to sign their renewal so they can skip the line in the office.
  • Offer breakfast in bed to be delivered with renewals
  • Create a deadline where rates will increase and enforce it
  • Have renewal driven events marketed within the community
  • Offer a referral program
  • Create a lifestyle that is unlike any other community where residents want to be involved. Become “THE” place to live.