The focus of the resident retention program is to meet the needs and expectations of the resident. If needs are being met and exceeded, residents are less likely to leave a community.   It is far more cost effective to keep current residents than to find new ones.  Retaining residents saves on marketing expense, turnover costs and lost rent.

 

Every resident expects more for his rental dollar. Management's challenge is to determine new services that can be added that will increase the rental value for renewing residents.   The greatest resource of an apartment community is its current residents.

 

Two components of the retention program are:  (1) an effective and thorough communication process that remains in touch with the residents during their occupancy and (2) showing appreciation or providing incentives to the residents for their long-term relationship with the community.

 

Communication:

  • Once a year each resident is asked to complete a questionnaire to provide feedback on how management is doing.  The questionnaires are mailed to the Bernard/Allison corporate office and by-pass the site staff. Results are then reviewed with the District managers and site staff.
  • When a resident leaves the community, a questionnaire is sent to determine why he left and what we could be doing better.
  • Work orders are reviewed and residents are called to determine the level of satisfaction with the quality of maintenance.
  • Complaints are closely monitored by the Bernard/Allison corporate office staff to ensure successful resolution.
  • Resident demographics are determined to develop programs that meet the residents' needs and provide new services that will increase their rental value.  Examples would be to provide a laundry and dry cleaning pick-up and delivery service, add a video lending library to the on-site recreation room, or establish a new movie critique club and publish the results in the site's newsletter.
  • Residents are personally asked about their satisfaction with their community when they pay rent each month.
  • Our communities develop newsletters that are distributed monthly or quarterly.
  • Theme parties and social activities are held to give residents a sense of community.
  • Suggestion boxes are available.

 

Renewal Incentives:

  • A nominal gift costing approximately $10 to $30, such as a mug with sample coffee or teas, is given to the resident when a new rental agreement is signed.
  • An offer to shampoo the carpet for free, if needed, is made to a resident who has occupied their apartment for at least one year.
  • An offer to repaint the apartment for free, if needed, is made to a resident who has occupied their apartment for at least two years.
  • Depending upon market conditions, a maximum rent raise policy may be adopted or existing residents may be given a $5 or $10 per month discount from new resident rental rates.