Renewal | CG Sauce

Tag archive: Renewal

COMING SOON: “Yodel Boy” Renewal Campaign

This Renewal Season Cardinal Marketing is preparing to launch one of our BIGGEST campaigns yet!
We hired one of this year’s biggest viral stars, Yodel Boy (aka Mason Ramsey), to yodel in and around one of our apartment communities with the tagline “Yodel Worthy Apartments”.
We had Mason yodel new “songs” that have to do with renewing and signing new leases as well as funny skits throughout the amenity areas to create a series of around 5-7 videos total. This series of videos offers content for everyone (value, location, amenities, etc) and will allow us to extend the campaign for up to three months by releasing a fresh video, eblasts, photos, or gifs every 1-2 weeks.
In addition to the videos, we’d incorporate print versions of each video concept to post around the community, on packages, eblasts, etc.
Keep an eye out for this content coming very soon!!

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.

Good Read! Resident Attitude Towards Renewals and Online Reputation

It’s no secret that having a good online reputation means you’re doing something right at your community. And what comes along with that is renewals! I mean if they love living there and are posting about it online, why wouldn’t they renew? 

But have you ever really thought about what their attitude actually may be when it comes to us asking them for reviews and if they want to renew? Probably not. JTurner recently released a study giving us all that info and more! 

The entire study is linked if you would like to read further in depth, but I summarized some key takeaways and answers to some important questions below!

Renewals: 

We all know renewal season can be a stressful time. But we also know that resident satisfaction is the core driving force behind renewals. Therefore, you want to take the best approach when it comes to contacting residents to renew and making sure they are satisfied in their current lease term. Through JTurner’s research, they have given us some tips on when the best time to renew is, what form of communication residents prefer, and the correlations between resident satisfaction and the desire to renew. 

When is the best time to ask residents to renew?

The majority of residents look for management to contact them 3-5 months prior to their lease expiration. JTurner also stated that the good majority of residents, 57%, start to consider renewing their lease 1-3 months before expiration. 

What is the best form of communication when it comes to renewals?

Email hands down. I think it is pretty common for most of our communities to lean more towards phone calls. While that is a good approach, and definitely something we don’t want to eliminate entirely, let’s start to focus on emails because that’s what they want!

Online Reputation: Our Responses, Facebook, and Getting Reviews

Online reputation is so incredibly important in today’s housing industry. It has even become a deal breaker for prospects when searching for apartments online. Say you have one of the most gorgeous properties with the best amenity offerings in your market but have a bad online reputation. This can definitely deter your prospects before you’ve even said one word to them. 

How are our responses to reviews influencing resident perceptions?

They are influencing them a lot! While we have templates in Ratings Tracker as guidance, I always encourage personalizing each response and staying away from cookie-cutter responses! Residents and prospects are paying attention to our responses. That is why it is important to show that we value what they have said, and have taken the time to address or respond appropriately. According to JTurner, our responses can significantly improve residents perception on the community. So much so that this influence rated a high 8.12 on a 10 point scale. 

Facebook: Is it really that important in the housing industry?

Yes! Facebook is a platform that provides a lot of services and information. Not only can people write reviews, but they can get a first-hand look at the community through pictures, events, etc. JTurner found that Facebook is increasing in popularity as a search medium. However, it is mainly for students. They are looking at your reviews and also your pictures. It is a good idea for all of us to take a look at our community’s page and make sure our pictures are in tip-top shape. 

Getting Reviews: What’s the Best Way to go About It?

Taking a proactive approach is best! Cardinal Group has always encouraged this and why we have our monthly review goals for each community. J Turner found that most residents are more likely to write a review upon being asked. Almost half of residents who posted a review indicated that they were asked. 

Incentivizing reviews is not something we discourage at Cardinal. However, we do not ALWAYS want to rely on this method. Why? (And I think all you know the answer)… It’s because the trust level of reviews that appear to be incentivized is very very low. So next time we offer an incentive, let’s just make sure that’s not the only method we are relying on. We want to be strategic when it comes to asking for reviews because we want the most authentic and also the best reviews!

READ ENTIRE STUDY HERE