When it comes to increasing occupancy, your current, happy residents can be one of your most powerful resources. After all, if your residents love living in your community, they’re probably not afraid to tell their family and friends.
Stephanie Graves, Trainer, Motivator and “Crazy Marketing Gal,” joined us for our April edition of Training Series Live! to discuss how a great resident referral program can help you keep your apartments full.
Eliminating Free Rent
When many property managers hear the words “resident referral,” they think of cash incentives. A happy resident tells a family member, friend or coworker that their apartment community is great. That family member, friend or coworker tours the community and decides to rent. Then, the referring resident receives a monetary award, often times free rent. But Stephanie argues that free rent isn’t the answer. Why? Because free rent it’s a “silent” appreciation that:
- Is only experienced by the resident
- Is an internal credit that goes on the renters’ ledger but is not tangible
- May require you to give the renter an I-9 for earnings, depending on how much the incentive is
What can you offer as a referral incentive in lieu of free rent? Here are just a few of the great ideas Stephanie shared.
- Reserved parking
- Housecleaning service
- Preferred resident plaques
- Promotional items, such as branded t-shirts or bags
- Apartment upgrades, like new faucets or ceiling fans
- Contest entries; for example, receive one entry into a drawing for each person you refer to the community
Want to find out what other great tips and tricks Stephanie shared during the webinar? Check out the slides below or watch the full webinar recording.
And don’t miss some of the helpful documents Stephanie referenced during the webinar: