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Technology offers a better way to “Get Em Done”!
The TRUTH about renewals is they don’t get the same focus and attention we show in the initial marketing and leasing of our apartment homes. Everyone loves a new lease and a happy prospect moving into a freshly turned unit. Plus most leasing professionals get a bonus or some sort of commission for those new residents.
Lease Renewal IS measured and analyzed more than ever before…but we still don’t do a lot to move that turnover dial down. We know what we have to do to get our “fair share” of renewals. Immaculate environment; great service; good neighbors; fair and equal treatment. Check! We are doing the right things to keep residents longer. But how do we get our unfair share? How do we significantly reduce turnover?
RENEW is one of several new apps that automates and optimizes (according to them) the lease renewal process. It is a nifty site that manages a property’s renewal program producing timely reminders, communication, and predicts renewal rates based on resident data. Residents seem to appreciate the way it reminds them of their lease status and makes the renewal easy and even a bit fun.
The app can be used to incentivize and reward residents for their lease renewals. If a resident is moving to another area, RENEW will offer other property options within the company portfolio. The big property management software guys have some of these features, but RENEW seems to have ramped it up while they continue to add features.
So is this a paid promotion for this lease renewal management software? Not at all. In fact, even the best automation will fall short if you are not providing the basics we mentioned in #2 of this series. Read it here. What I want to remind you is that all automation needs the human element. Yes, RENEW will create a better and sometimes resident-preferred method of lease renewals but to get the very most from the program, the intervention of a skilled salesperson is often necessary.
Automation in the lease renewal process removes a lot of human error, procrastination, and sometimes indifference. The series of strategically timed renewal messages and reminders that come to the residents by text and email make an impact that is often impossible for the onsite staff to orchestrate. I’m just suggesting that there are some, if not many, residents who will dismiss the electronic communication overload or just respond better to a call.
Trust Renewal Automation… But Verify
My suggestion, and what we do at our little residential management company, is simple:
- Have a specific team member responsible for specific renewals. It’s called accountability.
- Jump in early with a quick call if it seems a resident is not responding to your automated renewal invitations. “Hi! This is Jimmy from the office. I was just checking in to make sure you received the renewal invitation we texted. We love having you as a resident and want to make sure you know that.”
Next Week – Lease renewal incentives and motivators.
Scratching and clawing to get every renewal possible!
