This article is to expose you to the concept of offering a “Loyalty Program” to your residents. For any person not familiar with a residential commitment program, let me say that it is a “resident retention” concept, which can be an excellent way to encourage occupants to stay with you for a minimum of 36 months.
This concept is similar to frequent hazard programs with airlines or perhaps frequent buyer programs together with grocery stores. At one air travel, they call some of their consumers a “Gold Medallion” fellow member. At one grocery store string, they call customers “MVP” members. Why do these businesses encourage customers to be involved in their free programs? To generate customer loyalty.
Guess what, functions! When customers go to acquire airline tickets or buy groceries, not having thought they are likely to purchase from the firms that give them a few incentives (small discounts or upgrades) because they see themselves as being an MVP or Gold Medallion member.
Likewise, there are many property owners who have initiated a customer commitment program with their residents for a similar reason. And it works.
Generate Customer Loyalty
You can produce a customer loyalty program starting by giving your program any name. For example, “Preferred Homeowner Program”, or “3-Star Program”. Secondly, you can offer occupants a perk of some sort (ie. minor property betterment or upgrade) on each lease anniversary for their first four years of residency. This way citizens see the benefits of staying in your personal rentals longer, a minimum of four years. Of course, the residents can certainly legally terminate the lease agreement at any time (with the right advance notice) and in order to another rental, just like individuals can start shopping at several stores or fly along with a different airline.
However, individuals most often voluntarily keep soaring with or shopping with whom they’ve regularly been mentioned to that they are a valued purchaser and receive perks. Often the airline or the grocery store will not ask consumers each year whether they want to renew their health club in the program or if they want to keep flying as well as shopping with them. They may easily send them a notification or advertisement on occasion (along with perks, upgrades or-store discounts) thanking them to get continuing to be a valued purchaser in their program and revealing to them what they can count on as a continual customer.
This can be the same way a resident dedication program can work that you develop. These analogies are provided so that you can see that while your current “resident loyalty program” might be a new concept for the local rental industry, it is a time-tested thought used and adapted simply by other industries. Your homeowner program, like the Gold Medallion or MVP program, generates customer loyalty. Residents always stay year after year without twelve-monthly decisions about whether they would like to stay in or renew this system.
As far as rental customers move, it can be helpful and to your current advantage to talk with your occupants once a year BEFORE their house warming date (end of the lease contract term). It is recommended that 59 to ninety days before their particular anniversary date you send out an “Anniversary Agenda Checklist” along with a Thank You letter regarding participating in the FIRST year of this resident loyalty program. The particular Agenda Checklist informs occupants that they have an opportunity to discuss virtually any concerns and new solutions during the next year of their lease contract.
The Anniversary Agenda Directory asks residents to select the particular topics from the agenda regarding what they would like to talk about. Each and every topic a resident picks gives you, the landlord, the opportunity to satisfy the changing needs of your homeowner. Equally important, as you offer choices to meet the resident’s requirements and concerns, each subject on the agenda will also provide you with the opportunity to increase your cash flow in addition increase the customer satisfaction level of the actual resident. Remember, let your inhabitants pick the topics for the conversation and use the agenda to really have a mutually beneficial conversation.
Sample Anniversary Agenda Register
Dear Resident:
As one of our own Star Residents, we would like to satisfy you at least once each year to assist ensure that we continue to fulfill your housing needs and ensure you are aware of all the real estate options that are available to you. We would like YOU to select the agenda for your meeting. Tell us what you would prefer to talk about. We can discuss on the list of following topics, or we are able to discuss as many of the subjects as you select. Or, in case you prefer not to meet at the moment, just let us know.
The actual meeting will take place at the residence on one of the subsequent two dates. Please inform us which date and period are most convenient for you to meet around. Return this checklist in order to us within the next 3 times so we can schedule the actual meeting. Mail or provide it to the following tackle: Landlord, 123 Main Street, Anytown, USA, 12345.
Which often meeting date and time period is best for you?
________________ or maybe _______________
Select which matters you would like to discuss at the getting-together.
_____Different rent payment ideas available. Some residents would prefer to pay every two weeks as an alternative to monthly. It is possible to change the settlement terms in your rental commitment.
____Any concerns about your latest rental home?
____Receive a 10% total annual refund of your security put in for passing semiannual reports.
____New upgrades and assistance options are available for the next year within your resident loyalty program.
____Transfer location options if you want to look at moving to another size rental.
____Prices and rental guidelines of other homes in the neighborhood.
____Negotiate new rental volume for the upcoming year.
____Tell-A-Friend Referral bonus for locals. (How to get a free book or cash)
____Your review or comments about each of our maintenance guarantee programs.
____Special services and advantages of each of our “VIP” Resident Programs.
____Other topic___________________________________________
____ I prefer not to ever meet at this time. Everything is usually satisfactory. No topics I want to discuss.
Author’s Note: Whichever topics the resident really wants to discuss, it is to BOTH EQUALLY party’s (landlord and resident) advantage to discuss and satisfy their concerns and seek out a win-win solution to proceed with the relationship far beyond the actual anniversary date.
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