What does your typical day look like? Of course, you’ll have to take care of important items, first, and then make sure your deadlines are met. Once you’ve done that, what’s next?
No matter what size community you’re in or where you’re located, at least some part of every day should be devoted to marketing and sales – not in securing new rentals, working with prospects or even participating in neighborhood activities, but marketing to your current residents.
That’s right! Selling to current residents is a very important part of making sure your community is always at 100 percent capacity. No matter how loyal you think they may be to you and your community, you can’t take it for granted that your residents are going to stay for the long term. While there could be a number of external factors at play, such as a job relocation or purchasing a property of their own, there are a number of things you can do to retain your residents and even seek qualified referrals from them as well.
According to SmallBizTrends.com, 65 percent or two-thirds of a company’s business comes from existing customers and the probability of selling to an existing customer is 60 to 70 percent versus selling to a new prospect at only 5 to 20 percent. If you somehow were to lessen two-thirds of your renewals, the impact on your bottom line could be truly devastating.
Put yourself in your residents’ shoes and think about what would cause you to stay. How are you treating them – like VIPs or less than important? If you were to segment residents into three buckets – A, B and C – with A being your most loyal and interested group, how can you go about making A feel as if they are special? Remember: You’re not only securing continuous business; you’re also seeking referrals from their friends and family to ensure your pipeline is always full.
Here are some recommendations for your consideration:
How to Secure Great Referrals
Another result that emanates from happy residents is their ability to provide referrals to friends, family and co-workers. It makes sense that if the resident thinks your community is a great place to live, then it must be good for others as well.
However, you can’t rely on them to automatically provide referrals; you have to ask for them, and you have to secure them without putting anyone on the spot or making residents feel subordinate if they don't respond.
Simply asking for a referral is a great way to start. In addition, include this phrase in your signature line: “We reward great referrals – ask us how!” For a reward, consider the Custom Incentives program through Community Rewards powered by Modern Message. In this program, you can opt in to the and deliver to your residents virtual Amazon or MasterCard rewards cards to any resident in denominations as low as $5 to as high as $4,999. Rewards can be delivered instantly online or sent by regular mail. You’ll also have the opportunity to monitor the status of any resident incentive. Find out more, today, on how Custom Incentives can be beneficial to your community.
Come Up With Solutions That Work for You
These are just a few, simple ways to do a bit extra to retain your residents and seek referrals. Every community is different, so you need to come up with a list that makes sense to you. If you have recommendations for other communities, please leave a comment below and share your ideas with others.