Early Bird Renewals
Most residents renew their lease at 60 days. But like all buying decisions, people consider first then act. This means that before you send a renewal notice, residents are already considering a new purchase with you by signing a lease. “Should I stay here? Or look across the street at the new building offering a couple months free rent?” Here are your challenges:
- You have no seat at the kitchen table: The reality is, you don’t have any data on that decision process. You aren’t sitting at the kitchen table with your resident hashing out the options. Is the resident leaning towards staying or moving? Perhaps that decision is set — their job is taking them to a new city — perhaps they are weighing their options as they consider an upcoming price hike.
- You snooze, you lose. Finding out late means you lose money. A decision not to stay, especially given at the last minute, leaves property managers with vacancies. A vacancy means lost revenue, and maybe a lease trade out with discounts and incentives, also a drag on revenue.
- It’s all about that price. It’s not just about getting a renewal, but a renewal at the right price. Was your resident scared away by the price increase? Or did it not matter at all? Could you have pushed it higher, or lower?
Enter Stake’s Early Bird Rewards. At zero cost to the property manager, Stake starts rewarding residents 120 days before their lease is up in our beautiful Resident Rewards app. Not only do the rewards create a great experience for your resident, we also get to know what they are looking for, and test your offers to renew. It’s a more elegant, personalized, approach to renewals.
With Early Bird Rewards, you now have a seat at the resident’s kitchen table. Login to Stake’s Loyalty Cloud and here is what you’ll get:
- Will your residents renew
- See early notices of non-renewal so you can list early, avoiding a vacancy.
- How much a resident is willing to pay on a new lease
Best part, Early Bird Rewards are free until the residents renews. You just committed to rewarding the resident on their new lease. This way, you are only paying for results. Results that give you 7-15% better renewals, and 30-75% better lease trade outs.
Start a conversation with Stake’s Rewards Success team so we can give you a detailed plan for renewals so your homes and offices end 2020 and start 2021 occupied.