You’re Fully Leased Up! Now What?
Congratulations! Your hard work has paid off; you’re fully leased and ready for the next phase of your marketing journey. But what does the next phase look like? After all, the journey doesn’t end here, and you need ways to keep this success going strong. So what’s next? There are a few key steps we recommend to keep lease rates high and set your property up for continued success.
Now that you’re fully leased up, you can shift additional focus to keeping current residents around for years to come. It’s the surest way to ensure that you continue to see high lease rates and avoid stressful periods of high turnover.
In addition to investing in the resident experience (which we’ll talk about in a moment), there are a few ways you can incentivize renewals. Consider offering renewal specials that lock in lower rent rates for residents who renew early or offer a free upgrade or service (e.g. free carpet cleaning) to those who choose to renew.
Another clever way to incentivize renewals is with strategic email marketing. When a resident’s lease is ending soon, send an email with move-out tips that, while helpful, also remind them of all the hassles of moving to a new place. Then let them know that if they want to avoid these hassles, you’d love to get them started on a renewal document so they can stay home and relax instead.
Focus On Reputation Management
With all those heads in beds, this is a great time to focus on reputation management. Encouraging residents to share their positive experiences is a reliable way to improve a prospective resident’s likelihood of signing a lease at your property the next time a spot is available. After all, according to Podium, 93% of consumers say online reviews impact their purchasing decisions.
You can also turn negative or mixed reviews into a boon for your property. Listen to criticism, address concerns, and take the opportunity to showcase that you’re invested in improving poor experiences. Not only will you continuously improve your community this way and ensure it’s an attractive place to live, but you’ll also give prospects a reason to trust you. If a potential resident reads a polite, professional, and thoughtful response your team wrote on one of your negative reviews, you’ll inspire their trust that, even when issues arise, the property management will take genuine steps to address it, and that trust can make all the difference when prospects are making their final leasing decisions.
Invest in the Resident Experience
At its most effective, reputation management goes hand-in-hand with investing in the resident experience. Now is an excellent time to go the extra mile with your current residents to both inspire them to renew and encourage them to share positive experiences through word-of-mouth and online platforms.
There are lots of ways to invest in the resident experience, whether that’s through upgrades to the property, staff trainings, community events, or resident perks. Even the smallest gesture, like a timely email or a personal interaction can make a huge impact on a resident’s experience of your property. Whatever you do, your efforts (and financial investment, if applicable) will pay off in the form of higher renewal rates, better online reviews, and strong word-of-mouth marketing.
How To Get Started
A lot of these tips can be implemented immediately by on-site staff, but Threshold can help you make the most of them with digital marketing, reputation management, email creative, and other services along the way. Reach out to your CSM or contact us here to discuss how we can support your continued success!