Won't you please stay...

Another year has gone by and your resident's lease is coming up for renewal. Is this the only time you have any contact with them? If it is, you may be hurting your chances of retaining that resident.

Letting residents know they are important should be a year around practice, NOT when their lease is up and you need to kiss butt to get them to stay.

If the resident has signed a new lease with you, then consider that new lease a "new lease on life" - life of your complex, and life of your budget. How many of you have a budget? How many of your budgets are based on the rent you get each month? I know mine is, so keeping my residents help keep me in budget. Not to mention, there is a lot less paperwork.

Here are a few ideas that you can do throughout the year to make your resident feel important ALL year long. (HINT: Start this with all new move- ins also)

This example is for a resident (or new move-in) who signed a new lease for January 1:

• Within the first two weeks of the new lease, send them a "Thank you" card and let them know how much you appreciate them re-signing/coming to live at your complex. See if they are settling in okay. Let them know if they need anything you and your staff are there to help. You can send a small inexpensive gift along at this time, if you wish. Something like a magnetic grocery list (you can get these for $1.00 at most big chain stores), two year planner (maybe you could get these done up with your complex information on it), etc.
• Three months into the new lease (April)...call them to say "Hi" and see if there is anything they need.
• Six months into the new lease (July) send them a survey. You can do a pretty standard survey. Make sure all the answers are "yes" or "no" questions and leave room comments. Give them the option to sign their name or not. Ask about their move-in experience, work order experience, cleanliness of the complex, the laundry room/community room (if you have one on site), what do they think of the activities, ask them what types of activities they would be interested in doing in the future, what do they think of you and your staff, etc. Make your questions things that you and your staff can learn from.
• Nine months into the new lease (October) send them a stick of gum with a note that says "Lets stick together for another year" or think of something else just as fun and send it with their re-certification letter. (if you do not have to send them information on their re-certification at least 3 months ahead of time, then wait until your letter about them signing a new lease comes up and then send this out)
• When they sign a new lease with you (this is not for new move-ins), then give them something for doing so. Give them a menu of items to choose from, but make sure these items can benefit you also. Such as a free carpet cleaning, new blinds, or a new bathroom medicine cabinet. Something new for the apartment that they would like and that would help you upgrade. OR you can enter each of their names into a drawing and one person wins something big, like a new kitchen faucet, microwave or vanity for the bath.

Save the "just for them gifts" for the contests. When you give out gift cards, etc. that needs to be done for the fun of it, so they feel like they are really winning something. The "re-cert" gift is a thank you gift and should benefit both of you.

How do you keep track of all this? If you have a huge property, then this can be difficult, but if you get organized BEFORE you start doing this, it will be much easier.

A three ring notebook, tab dividers with the months on them and notebook paper is all you need. Now you can get fancier then this, but honestly, these three items are all you need. Behind each monthly tab, you can do something like this:

• One page per resident, with columns for 1st month, 3rd month, 6th month, and 9th month. This way as you complete each task, you can put a check in the box, so you know it is done.
• One page listing all the residents for that month with columns for each task.

Either of these will work, it really just depends on the number of units you have to keep track of and your personal preference.

Don't forget to change things up each year. You don't want to send the same "thank you" card to a resident every year. It will stop meaning something to them.

Have fun and be creative. Your residents will thank you by staying and/or by sending other applicants your way.