Resident Rewards = Resident Retention
Money saving web sites such as Living Social, Groupon and ShopKick, have spread through the World Wide Web like wild fire. A survey by RedPlum reported, more people are searching for coupon codes prior to making a purchase and most are members of several reward programs. Are you taking advantage of this money saving, coupon clipping, mentality at your property?
This thrifty trend has opened the doors for innovative and relatively inexpensive ways to increase renter retention and resident satisfaction in the multifamily housing industry. Many apartment communities currently offer cash rewards if a resident refers a friend, renews a lease, etc. Although this is a great incentive to a resident, the value of the reward is equivalent to cost to the property, denting your property’s revenue. The latest trend in the multifamily housing industry is to utilize resident rewards programs rather than cash based incentives. These rewards programs can vary from point based systems to simply offering discounts and coupon codes. Points or rewards can be given for anything you choose, like renewing leases, referring friends, or helping around the community. The greatest benefit of resident reward programs is you no longer have to give dollar for dollar incentives. The perceived value of a discount or reward is usually much higher than the actual cost to the property. You can finally reward resident loyalty without “breaking the bank!” Although initiating a resident rewards program can seem like a daunting task, as it could take some planning , it has the ability to set your property or Property Management Company ahead of the competition. You can also reach out to local merchants and companies that would like more business from your residents about coupon and discount offers. You would be surprised how many would jump at the chance to give your residents freebies. Resident rewards can prompt renewals, increase referrals and get your residents more involved at your property; so why not give it a try?
RentPayment is always available to discuss reward programs for your renters, whether it be coupon codes, rebate offers, or gift card giveaways, we are ready to work with your property. If you’re interested in learning more about RentPayment promotions, feel free to contact us at Marketing@RentPayment.com. Want to learn more about Resident Rewards? Read this article by Multifamily Executive.