The Lease Renewal is a Sales Presentation, Not an Online Transaction
Sure, we do most of our renewal “paperwork” online, electronically. Just like the initial lease document, all done online. What we fail to remember is that a renewal is a re-leasing of the apartment to the current resident. The most effective renewal program includes a strong aspect of sales and persuasion.
Plenty of residents have already decided to renew. They love your property and the way the staff treats them…virtually as well as in the office. They have also looked around and decided it might be cheaper to stay instead of move. And that is despite the many move-in specials popping up in their market. But what about the ones who have given notice…or don’t respond to your renewal overtures?
• Take advantage of all automated renewal tools available. If your software does not have what you need, check out renewal platforms that will integrate with your current software such as RENEW https://heyrenew.com
• Make it super easy to renew online and offer that opportunity as much as 180 days in advance (depending upon market conditions).
• Automated renewal reminders that are staged throughout the Resident’s lease term will continue to “sell” your community while providing a conduit for resident feedback. Ask for feedback – the residents’ “issues” and concerns – so you can resolve them before renewal time.
• Make it easy and even interesting for residents to renew by sending text and email reminders up to 120 days out that are fun, informative, and provide a quick way to renew RIGHT NOW.
• Offer a reduced rate or special to renew now, maybe 90 days out, rather than wait till the last minute.
• Train the onsite team on how to handle the lease renewal as a sales presentation with ideas to re-sell the community and techniques to get the commitment and the completed lease renewal.
• Last resort: Do whatever will be necessary to get the apartment ready for the next renter, for the current resident!
Finally, motivate your leasing/sales team to dig for renewals. Have the salespeople lead the renewal charge and pay them more than you do for new leases. Watch what happens!
See Rick’s Truth About Lease Renewals here: