30% will move… 30% will renew… No matter what you do!
It is a fact: Some of your residents are going to move!
If you have 10 lease expirations in a given month, 3 are gonna move no matter what you do or say. Even if they would grade your customer service an A+ Excellent, they are gonna move. Job transfer, home purchase, relationship change, whatever…they are gone! There is nothing you can do to make them renew.
In the same month, 3 of the 10 residents with lease expirations are gonna stay and renew. There is almost nothing you can do to drive them out! They will even put up with less than superior service and indifference from the staff. They don’t care about service, they don’t have the money to move, they hate to move, their friends live here, whatever. 3 are gonna stay and renew. You can’t even take credit for those stayers (renewals)!
So where should you center your lease renewal efforts?
Focus on those 4 residents who are still not sure “Should I stay or should I go”? The Clash – Click it! (Had to add this!)
Don’t get caught up on the example here. My point is that about 30% of your residents are not going to renew and 30% are going stay no matter what. That leaves 40% of your residents who can be influenced to renew and stay longer. But how do you know who is who, which is which? Aww, that’s the million-dollar question.
Next week I will propose a Lease Renewal Strategy that maximizes the personal touch combined with technology and research. Please join me!