4 Things That Inspire Resident Renewals

Successful communities are communities with happy residents, and happy residents show their satisfaction with renewals. What inspires renewals? Some important factors include:

• Renewal incentives -- All too often, community management teams focus their incentives on new residents while seemingly forgetting about those loyal to their community. These are the neighbors that create the authentic community feel and breathe life into your community personality, and they deserve to be incentivized as well. Incentives like small gifts, practical perks, and upgrades can go a long way in retaining residents and keeping your community familiar and happy.
• Learn expectations and meet or exceed them -- Feedback is important, and it's even more important when it comes to community management. Your residents create the atmosphere of your community, and in order to have a happy one, you first need to have happy residents. Soliciting feedback from your community members and truly listening to this feedback in an actionable way is key to ensuring expectations are always met. When expectations are met, residents know that their community management team is one that will go the extra mile to ensure they're taken care of.
• Invest in safety -- Safety is one of the single most important factors in resident retention. Many residents can overlook an amenity here and there, they can overlook a parking situation, or they can overlook certain upgrades if they know they can go home to a safe space each night. When investing in your community in ways that inspire resident renewals and retention, prioritize safety features first.
• Convenient technology upgrades -- Like safety, convenience can be a real make or break feature for residents. While some residents are still perfectly content "putting a check in the mail", others will be looking for more technologically focused solutions when it comes to paying their monthly bills or reaching out to communicate. You can still accept phone calls and paper checks from those who prefer the tried and true but also offer more advanced options for those looking for technologically convenient avenues.