None of us want to pay more money for the apartment or house we are renting. Most of us have trouble increasing our customers’ prices when we ask for a new renewal commitment. One of the things I’ve learned is that perception is reality. So the key to raising the rents while keeping resident retention high is to help your residents perceive that they are getting a bargain.

The Programs: Three months before their lease renewal date, send them a Rent
increase/ Lease notice. Include an early bird incentive to get them agree to the rent increase and sign immediately, thereby preempting a search for a new place to live. For example, let’s say you are trying to increase your rate by 5 percent on an $800-per-month rental unit, which comes out to $40 per month. Send them a rent increase for 8 percent, but offer them a 3 percent discount if they come and renew the lease within the next two weeks, a 2 percent discount if they come in within four weeks, and a 1 percent discount if they come in within five weeks.

Design the letter to outline the savings for each percentage offer. For example:
·    The 3 percent discount would equal $24 per month or $288 per year.
·    The 2 percent discount would equal $16 per month or $192 per year.
·    The 1 percent discount would equal $8 per month or $96 per year.

The residents perceive that they are saving $288, while you’re increasing revenue by $480 per year. The resident may ask for the full percentage of savings during the course of the three months, but that's okay. You still get the same perception and same revenue.

The keys to success are to design and test different initial rent increase notices, incentive pieces, and reminder cards announcing the end of another discount.

Projected Results: You will be able to test this program on a monthly basis and determine its net effect. The risks are small, but the rewards are large. One community that implemented the idea received a 65 percent early bird signing response rate!

Contributed by Rick Brown

1. When residents pay their rent... every time.
2. When residents compliment you, your company, or community.
3. When residents offer comments or suggestions, tell them that you value their opinion.
4. When residents refer a friend or associate... (and not just when the referral leases either!).
5. When residents complain. Residents who tell you that they are unhappy are giving you a second chance.
6. When residents turn in a service request. They are making life much easier for you. Thank them for it!

Write and tell us your “Quick Tip” or success story. If you have a clever and successful tip, we'd like to hear it. If we select your idea to use as a quick tip, we'll print your idea online or in an upcoming Quick tips calendar or book... Plus we will send you a special gift.

Make Your Community a Stop on the Tour Route

"If you're marketing to families, why not host field trips to your community from the local schools. This can be an educational opportunity for children to see how a community runs. Have your head service technician explain maintenance. Let the grounds people show off their work and explain their positions. Your office staff can talk about job skills and career opportunities ..." Read More

A Tiny Apartment Transforms Into 24 Rooms

"Our good friend and top Brainstorming Facilitator, Tina Cavaco, sent us this AMAZING link! In Hong Kong, because of the space, apartments are small and expensive. Gary Chang, an architect, decided to design a 344 sq. ft. apartment to be able to change into 24 different designs, all by just sliding panels and walls. He calls this the 'Domestic Transformer." ... Watch The Video Here

Social Media Success for Apartment Communities

"I have a few thoughts to share on the topic of social media today, and I should tell you up front that I intend this post to provoke conversation, and I hope you'll participate! You all know how passionate I am about the need to begin using social media now, because I truly do believe it will play a major role in not only our relationship/retention efforts, but also our marketing strategies. I also happen to believe that its value..." Read More

The Power of Place

"If you've had doubts location-based social networking services were going to really catch on, you should know that Foursquare whizzed past the one-million member mark back in April and just passed 1.8 million; and raked in $20 million in venture funding just a couple of weeks ago. That buzzing sound you hear is the Power of Place, about to go mainstream." Read More

Build the Model Organization of the Future

"Before you invest time and money in traditional strategic planning consider this - only 5-10% of strategic plans are ever implemented. The reason most organizations engage in strategic planning is to reduce anxiety. It's like taking a couple of aspirin for a headache. In this case the headache is the future. The aspirin is a couple of days locked in a room putting checkmarks in the appropriate boxes." ... Read More

Partnerships That Work

"I created and facilitated a one-day workshop called 'Partnerships That Work.' This class was designed for Apartment Community Managers and their Assistants and focused on synergy, teamwork, and delegation. Our challenge and reason for needing such a workshop was that Assistants either felt as though they were not being trusted with enough to do while other felt as though the Manager was dumping ..." Read More

Better Training Through Skill Gap Analysis

"One of the best things you can do to improve your team's training plan is to add Skill Gap Analysis. This step helps the trainer to identify gaps in performance and areas for added training and development.The first step in conducting a thorough Skill Gap Analysis is to create a picture of what ideal performance looks like. This step-called Competency Profiling-takes a look at the attitudes ..." Read More

Five Multifamily Training Ideas

"The Idea - As part of our new manager training we have implemented a Manager Mentor Program. After each new manager comes in for a day of training on company policy and procedures, we select a Resident Manager from the Property Manager's portfolio to provide another eight hours of training at their community or at the new managers community. Both managers are provided with an Agenda ...." Read More

Form An Alliance at Brainstorming 2010: Reality Check!

It's not your typical seminar, conference, or workshop. Unlike any other national Multifamily event, only Brainstorming connects you to the vast power of many individuals working together with one goal: to solve your toughest challenges! You'll receive thousands of ideas worth millions to your company, communities, and career, guaranteed to repay your investment and more! Register for Brainstorming Now!

July Door Hanger Special

Stock up now! All our fabulous door hanger designs (except one - the Halloween design) are on special until July 31st! Buy any two packages at our regular low price of only $25 per pack of 100, and get a third pack absolutely FREE ... that's a whopping 33% discount, making NOW the best time of the year to buy and stock your shelves! Call 727-784-9469 with your order or Click Here to Find Out More!

Here's a guaranteed way to get your residents to visit the office when you have trouble getting them to respond to your letters and calls at lease renewal time. Have you ever noticed that when the UPS person leaves a sticker on the resident's door, they come running to the office? A post-it note from you will have the same effect. The message should read: "We have a package for you in the office." Present the resident with a renewal gift upon arrival. My favorite gift is a mailbox filled with candy, and a note reading "Don't change your address. Stay with us. Renew your lease today!" Order mailboxes through Oriental Trading. I love this one so much; I use it on the very first renewal contact!

Write and tell us your “Quick Tip” success story. If you have a clever and successful tip, we'd like to hear it. If we select your idea to use as a quick tip, we'll print your idea online or in an upcoming Quick tips calendar or book Plus we will send you a special gift.

Reduce Vacancy Loss: Step Up Your Move-In Dates
"You have 24  Notice to vacates for the month ending. How do you rent the apartments quickly and get the new resident to move in as soon as possible? I was faced with this situation several years ago when I had just begun as the new Manager of a community and knew that something must be done to get occupancy back up to the level that the community had enjoyed in the past." Read More

Keep It Real, Keep The Faith, Keep The Resident
"Ours is a business of cycles; and believe it or not, the time is going to come again to raise the rent. In case you've forgotten what that's like, let me remind you that just like every great relationship, the one between you and your residents requires a carefully maintained balance of give and take. When they signed the lease..." Read More

Growing Tomatoes Increases Traffic
"Grow your own tomatoes! We used this as a tag line on all our ads, then showed prospects the two community gardens we had prepared for our residents to grow their own tomatoes. It was a big hit! People called to have a look at the community and several said: any landlord that would care enough to have a garden for their residents would care enough about me as a resident." Read More

Going Mobile
"Let's face it, the world runs on lattes and 5-hour energy these days. People constantly en route from one destination to another, and during these transits they are going ... mobile. What once was a sedentary task, web browsing has evolved: users are accessing the internet via phones and mobile devices from the convenience of wherever they happen to be." Read More

Green Is Lean
"Global warming, oil spills and other environment disasters seem to be on everyone's mind. Business magazines write about "green" businesses. Movie stars drive hybrid cars to look "green". But most companies overlook the single biggest opportunity they have to go green by simplifying, streamlining and optimizing their internal operations." Read More

Go For The Dogs
"This simple idea becomes a habit when you have a pet friendly community. Take a small Ziploc bag full of treats in your pocket when you make community inspections. I keep a large container with dog biscuits in my office. I walk around the grounds and stop to visit with the residents and their dog(s) get a treat!" Read More

Six Truths About Marketing With Social Media
"Yeah, I know you've heard it all ... that Social Media Marketing slices and dices, is the answer to world peace, and will make your teeth up to three shades whiter with only one use. But from the sea of hype that we've been sailing-filled with assertions about what social media is and isn't and what it can and can't do-are beginning to arise some proven truths." Read More

Brainstorming Keynote: People Are the Killer App with Geno Church
Even with all the new focus on social media tools, many organizations struggle with how to incorporate these tactics into a results-driven strategy that truly connects a community of brand ambassadors. Don't miss this dynamic storytelling session centered around the theme of stories as the ultimate connector between company and customer. Register for Brainstorming Now!

The BIG Book of Proven Traffic Generation Ideas!
This invaluable book will quickly become one of your very favorite resources with MORE THAN 500 pages of proven ideas to boost your traffic, starting NOW! It's positively JAMMED from cover-to-cover with HUNDREDS of ideas (including LOTS of low-budget ones!), tips, techniques, articles, tools, and more, designed specifically to generate more traffic now! Only $47.50! Call 727-784-9469 or Click Here to Order Now!