The multifamily industry has been lucky with resident turnover rates continuing to fall through the COVID19 pandemic. Unfortunately, turnover rates still hover around 50% on average. A study by the CBRE Group concluded that average turnover costs range from $1,000 to $3,000 per unit. That means for a 150-unit property, turnover costs could top $225,000 per year! Thankfully, strong engagement can help drive up resident renewal and drive down turnover.
The resident renewal process starts at move-in
It’s easy to think that the renewal process starts 90-days before the lease term ends. At this point, though, it’s likely the resident has already found another home! Instead of waiting, begin engaging with residents before they even move-in! Here are some helpful tips:
Send a personalized move-in checklist to kickstart resident renewal
Each property has community guidelines, payment requirements, and other information necessary for a smooth move-in. Residents also have personal needs and desires! Sending a tailored checklist will not only make the move simpler for the onsite team and resident, but it’s also a great way to ensure the resident feels welcome from day one!
Reach out after 30-days to see how things are going
After a move-in, life resumes for your resident. At this point the resident has likely acclimated to their new home and no longer need regular assistance from the onsite team. This is the best time to send a follow up check-in to see how things are going! Sending a follow up message just to let your resident know you are thinking of them can go a long way to that renewal at the end of the lease. Your follow up can let them know about upcoming resident events, ask if they need any maintenance requests (are any lightbulbs out?), or just a general check-in!
Use quarterly check-ins to promote resident action
The next milestone is at 90-days. By now, your resident has embedded themselves into your community making this is the perfect time to ask for a review! Not only can you drive resident engagement and keep them involved but you can also build a better online reputation.
Make resident renewal as simple as possible
Once the lease is near term it’s time to be proactive and not reactive. Sending one more check-in to your resident might be the final push needed to renew. Keeping the communication personal is still the best tactic.
It can be difficult to properly engage with residents.
You have to juggle finding leads, signing new leases, planning events, and 1,000 other things that could come up. How can you stay on top of resident engagement, too? Automation systems like Nurture Boss can help! Leveraging specialized resident nurturing automation will save the onsite team time and keep residents feeling important. Specialized resident communication, like a custom move-in checklist, can be generated and sent from Nurture Boss automatically at those critical times in the resident lifecycle. You don’t have to work so hard to keep your residents engaged and ready to renew with Nurture Boss!
