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Offer renewal increase with incentive costing property $ZERO
I have been preaching for years to offer a current resident the same thing you would to a new resident�if that�s what it will take to keep them! If you have provided what your residents REALLY want, you will keep more residents and be able to renew their lease even with a good rent bump.
What do residents REALLY want? It is simpler than you think. Read it and believe:
What Our Residents REALLY Want!
- Immaculate Environment
- Fast, Efficient, & Professional Service (That includes friendly communication from the office staff)
- Good Neighbors (translation: safety and security)
- Fair and Equal Treatment
If you do not measure up to these four essentials, you are starting from behind in the resident renewal race.
Renewal Incentives That Cost Property $Zero
Use a well-devised strategy as you plan your lease renewals and a renewal rent increase. Set a rent increase percentage target. Then use some creativity to offer renewal discounts that do not impact the property income.
Let�s say your target rent increase is 8 percent. A resident paying $1500 a month would get a $120 monthly increase. Look at these persuasive and stimulating incentives:
- Early Renewal Discount – Raise the monthly rent by $150 and offer $30 off that monthly increase if the resident renews by a certain early date.
- 1st Month Renewal Discount – The monthly increase is $150 but the resident gets $350 off his renewal the first month on a 12-month renewal.
Want to keep even more residents? Combine these cost-free incentives with a door-to-door approach and you will be amazed at your success. Check the next blog for more!
