Maintaining resident retention and solidifying the likelihood of lease renewal are two valuable goals of most property managers. That said, there’s a distinctive formula that must be in place to capitalize on tenant satisfaction and encourage tenure. And what exactly comprises this formula? Doug Miller, President of SatisFacts Research, explained that each unit turned over at the end of a tenant’s lease, averages a cost of $3900 to the property manager. This turnover cost includes the loss of rental days while vacant, concessions and maintenance. Miller’s research also demonstrates 54-percent of turnovers are, in fact, controllable. Making the effort to avoid controllable turnover is the first step to securing retention.

It all begins with customer service. It seems simple enough, but given the aforementioned figure, more than half of move-outs occur because of dissatisfaction with things like failing to follow-up after maintenance, lack of responsiveness and inattentive customer service. Miller says, “There’s no rocket science behind it. And it doesn’t cost any more to provide great service than mediocre service.” Providing what Miller calls “exceptional service” is the most valuable step in tenant retention.

Once those things are in place, creative and thoughtful strategies can be implemented to further appeal to resident’s perceived value. Lynette Hegeman, the VP of Marketing at Gables Residential, notes, “Integration doesn’t always mean you have to spend a lot of money. It’s about innovation.” Gables extends the Gables Great Rewards Program which rewards tenants for tenure with ‘thank-you’ gifts at the time of lease renewal. These ‘thank-yous’ can range from carpet cleanings to the painting of accent walls. Gables also hosts monthly events, some swanky and some simple, to encourage a sense of community within their residences.

Either way, the investment doesn’t have to be costly one. Hegeman notes, “Integration doesn’t always mean you have to spend a lot of money. It’s about innovation.”

That said, it seems a combination of customer service {first and foremost} and simple innovation will keep your residents around longer. See the original article for more quotes and expert advice from Doug Miller and SatisFact’s VP of Education and Consulting.

By Ashley Halligan, a Property Manager Software Analyst

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Resident Retention Strategies: Three Tips to Kick Off a Strong 2012

Contributed by Kathy Landry

I would like to share a couple of events our property hosts annually to involve our residents during the Christmas season.

Right after Thanskgiving each year, we start promoting our “Door Decorating Contest.”  This contest has seven different categories to challenge the residents.  We give money prizes from $25 to $100, as some categories ahve 1^st, 2^nd, and 3^rd place.  Judges vary from one year to the next, so it is possible to use the same decorations year after year.  We really encourage creative handmade decorating and it is amazing the beautiful, original, various ideas our residents have!  As a person that looks forward to Christmas all year, it is especially pleasing to have our apartment homes decorated on the exterior throughout the property.

Our most reecent annual Christmas function is our “Christmas Carnival Food Drive.”  We set up carnival type games for children of all ages, complete with Christmas type prizes and small gifts.  Admission to the games is canned food, which is collected for our Baton Rouge Food Bank.  They provide the barrels for us.  We also collect raffle prizes such as cash and local gift certificates, donated by our vendors.  At the end of the carnival, we announce the winners of 25 or more raffles.  Residents can purchase raffle tickets with canned food donations.  One food item for each ticket, no limit.  This year residents brought food by the wagon-full, just to enter the raffles.  Our Christmas Carnival also provides a buffet with a wide variety of food and snacks, and residents really enjoy getting to know each other.  This carnival has become very satisfying to our staff because we know it is for a good cause, and each year we have collected more and more food donations.

Please share your Multifamily Holiday Idea with us!

Green Holidays

Planning new landscaping for your apartment community? Here is an idea that you could copy!

For those who are not LA based we need to find away to offer this to our residents this year! Christmas trees are 1) awkward to transport and 2) terribly depressing when they’re discarded in January. Los Angeles landscape architect Scott Martin has his way; he founded The Living Christmas Company, which gives LA residents the chance to temporarily rent a living Christmas tree and have it delivered right to their door. Unlike regular Christmas trees, around 20 million of which are felled each year in the US, living trees are transplanted, roots and all, into pots to be enjoyed over the festive period. After the holidays, Scott and his team pick up the trees, replant them and nurture them until next year.

http://livingchristmas.com/

Deck the Halls!

• Start decorating for December on the day after Thanksgiving. This not only gives you plenty of time to decorate appropriately, but helps you and your staff get into the holiday mood. Break out the eggnog and put on some holiday music to really get the festivities flowing!

• We all know that nothing smells like a real Christmas tree, but few things are more practical than a realistic-looking artificial one (the key word here is realistic… unless you’re going for retro kitsch, silver foil isn’t an option). A little pine-scented potpourri in a pretty bowl can supply the scent, as can a few strategically placed real pine boughs. (Note: spraying pine disinfectant on your artificial tree will not do the trick. I only say this because I actually know someone who tried.)

• Tiered rows of poinsettias make an excellent “tree”! Have your service team assemble a stand made of progressively smaller boxes that stack on top of each other, with a wide enough margin around each to place rows of potted poinsettias. Place a dowel in the center of the top box to attach a star!

• Decorate your tree to complement your décor and atmosphere. You can choose a more sophisticated, coordinated set of decorations; or make it a little more “homey” with hand-made ornaments contributed by your staff and / or residents. Add plenty of brightly wrapped “presents” (empty boxes) under your tree. Use the nicest wrapping papers you can find (red, green, silver, and gold foils look great). Your local fabric or craft store should have an excellent supply of ribbons from which to choose, including wire edged varieties that can be shaped into big elaborate looking bows with little trouble.

• Remember that the holiday season doesn’t mean Christmas alone. Chanukah and Kwanzaa are also celebrations of the season. Decorate for and plancommunity events accordingly. Find out more about the holiday traditions ofall your residents, especially if yours is a multicultural community. I once attended a holiday party where the host’s decorations included a gorgeous Christmas tree decorated in an African theme for Kwanzaa and a lovely Menorah burning in honor of Chanukah. The guests were inspired by the decor to get to know more about each others holiday traditions. We all learned a great deal that evening, and felt as though we had truly experienced the joy of the season.

• Play holiday music in your Leasing Center, clubhouse, and even models! The staff may tire of them, but they’ll really brighten the mood for your visitors.

• Keep a running supply of holiday refreshments (cookies and punch or spiced cider) in the Leasing Center for visitors. A crock-pot full of warm spiced cider makes a great treat for future residents visiting on a cold day.

• Lights are a must. The tiny white outdoor ones are perfect for trimming windows and shrubbery .

• Don’t forget your models! A miniature decorated Christmas tree on the coffee table or counter, a few wrapped “gifts”, and some pine or cinnamon potpourri is all it takes to add a warm holiday touch to a decorated model, or turns a vacant apartment home into a holiday mini-model! Play a little seasonal music in the background, and you’re ready to welcome your new residents home for the holidays!

• Be careful not to overdo it. Simple elegance is best. Plastic figures on the roof or a puny tree can look tacky and convey a tired image. Remember that the holidays can be a stressful time of year for your residents; and are especially trying for future residents who are searching for a new home during the hectic holiday season. Your message of polished professionalism will be well received and appreciated.

Happy Holiday Activities

• Host a tree-trimming party in the clubhouse, and supply all of the materials for residents to make the ornaments!).

• Hold a Christmas tree drawing. Give away a tree, complete with decorations!

• Plant a live tree.

• Hold a door, patio, or balcony-decorating contest. Award the winners with a special wreath on their door, and / or a holiday gift certificate.

• If you community features include fireplaces, deliver firewood on December 23rd with a note offering “Warmest Holiday Wishes.” If you can’t afford to give firewood away, make it available for convenient purchase on-site.

• Promote January and February lease renewals by sending out a stocking cut out of construction paper that reads: “Spend another year with us and we’ll put something extra in your stocking! Renew your lease today!”

• Hang stocking or wreath shaped party reminders on your resident’s doors the day of your holiday party.

• Team up with a local charity to provide a gift-wrapping service to your residents.

• Clear out a storage area and offer it to parents in the community as a “Santa’s Hideaway” for gifts. You may want to have residents sign a release of liability, and allow access to only select staff members.

• Plan a “Twelve Days of Christmas” party count-down.
• Hold a Santa’s storytelling hour in the clubhouse (gives parents a little free time to assemble and wrap presents!).
• If your area allows referral incentives, create and distribute a referral flyer that reads “Let us Give You a Christmas Present!”
• Host a one-day, on-site Christmas tree sale with a local charity that sells trees.
• Print holiday safety tips in your newsletter.
• Plan to offer Christmas tree recycling on-site. It makes great mulch, and is a nice way to get some positive press as well!
• Hold a drawing for front-row tickets to a local performance of The Nutcracker or A Christmas Carol.

Holiday Party Themes

• Toyland – A magical world of giant lollipops, candy canes, ornaments, toys and huge packages wrapped up with colorful ribbons. This fantasy theme will bring out the child in every resident.

• Surfin’ Santa – Tell your residents to leave their heavy coats at thedoor and come out to the beach! Set up a volleyball net with beach balls.Add a “Christmas” palm tree. Hang a bright sun, beach towels, sand pailsand shovels with a sprinkling of Christmas decorations (pink flamingos withholiday wreaths around their necks, beach pails full of Christmas cookies,life preserver Christmas wreaths, etc.)

• Reindeer Round-up – Bring the spirit of the West alive with Country and Western holiday music. Decorate with a cactus done up as a Christmas tree. Use rope around the room like garland, and serve western-style treats.Last But Not Least – Remember to Stay in the Holiday Spirit

• A warm inviting smile from your staff is the perfect crowning glory to your holiday decorating efforts. Greet everyone with a warm welcome, and ensure your faces and attitudes reflect the same joyous message that is presented by your community decor. Nobody wants to lease an apartment from The Grinch!

• Don’t be distracted by the Holidays to the point that you forget your number one mission. It’s more important than ever that our residents andfuture residents receive the full benefit of our commitment to provide quality service.

Lori Konover contributed this idea to us.

Idea/Theme: We implemented complimentary gift wrapping at our primarily single Navy guy property, from Thanksgiving until 2 days before Christmas. They loved it, their families were impressed!!
Estimated Cost: 50.00
Results: Several residents stated that they renewed simply not to have to wrap gifts anymore!

Elsa  from Centra Asset Partners contributed this idea

Category: Management

Idea/Theme: "Candy Cane Treasure Hunt"

Materials needed: Candy Canes, Labels, Vases, Ribbon,

Print specials/concessions on labels and place them on the Candy Cane, insert Candy inside decorative vase. Offer prospects to participate in the treasure hunt for a special/concession.

Same idea can be used for renewals.

Key Visuals: Candy canes, vases, ribbon, decorative tissue.

Media Vehicles: Fliers, direct mail, My Space, Craig List, Facebook.

Estimated Cost: $85.00

Stay tuned to Multifamilypro for more great holiday ideas!