Tips to Have a Successful Renewal Season! | CG Sauce

Tips to Have a Successful Renewal Season!

This month Cardinal Marketing wanted to provide you all with a list of tips to having a successful renewal season. As we all know renewal season as already here and if it isn’t for you, it’s right around the corner! We want to make this year our best renewal season yet! Making sure you are using these tips as guidance for your community will only further your success this renewal season.

  • Review Resident Surveys in JTurner and Respond Appropriately
    • If someone fills out a survey with poor marks reach out and help resolve their issues. If someone mentions they are likely to renew in the “How likely are you to renew” question reach out to them and ask to get their renewal started.
  • Create Urgency!
    • People will naturally wait to renew and in many markets have been more or less trained to wait until the summer when incentives hit their peak. Combat this by creating urgency through deadlines (dates or amount of leases) for price increases and incentives. Additionally, explore a “best special guarantee” for people that renew ultra early. One community is offering a “golden ticket” special to early renewals. They can exchange this ticket once any time during the year if a better special pops up that they’d like to claim.
  • Offer Group Renewal Incentives
    • For example, if an entire unit renews offer a new TV or other improvements to their unit. Or look at incentives for the entire community. For example, for each person that renews $20 is added to a jackpot. One person that renews during the campaign will win whatever the jackpot is.
  • Overcome Objections
    • You’ll likely hear a plethora of objections on why someone isn’t renewing yet or at all. Look for ways to overcome their objections just like you would with CWoL and a new lease. Below are a few strategies for common objections.
      • Not ready yet: Tell them you are offering the best rates and specials of the year and that they may pay more if they wait. Inform them that if they don’t renew by X date their apartment may be rented out to someone else.
      • I don’t like my roommates: Help them find roommates they would enjoy more and waive their transfer fee if they renew at the same time. Create a Facebook group or an event where people can meet others at the community that may need new roommates. This allows them to choose their roommates rather than you!
      • It’s too expensive. Layout the cost of moving for them. This could include moving supplies, new application fees, utility setup fees, etc. and show that it actually costs more too move.
      • I’m graduating. This one might be hard to overcome but try and leverage them to fill their spot. Offer a special referral incentive to graduating seniors.
  • Fix-It Fridays
    • Every other Friday have the maintenance teams proactively knock on doors asking if they have any maintenance related items needing fixed. If they do fix it on the spot. During this process bring a CI that can introduce current renewal specials and sign leases on iPads.
  • Work Order Call Backs
    • When a work order is completed have a CI call the resident to ensure everything was done to their satisfaction. If not send maintenance back out that day. During this call also ask if they would like to renew.

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