I am curious what we have going on out there as a community in terms of resident loyalty programs.
I ran across some advertisements today that got me thinking about the subject. I married it up with pay for performance and thought about the following.
On lease signing day what if we described a pay for performance metric that enticed residents to pay on time. That is a rewards based system that paid them a concession at the end of their lease term. For instance, for every month that they paid on time they received a $10 credit to use toward an extension of their lease term. That’s just one idea, the possibilities are endless.
What are some of the organic things that you are doing as an organization to create loyalty?
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I like your idea Mike. Possibilities are endless. We’re constantly surveying our residents, and looking to improve that process right now as well. It’s all about open communication. We need to ask for the feedback. Sometimes just listening and asking for our customer’s opinion can be enough to create loyalty.
It all relates to what we’ve learned from social media using blogs, Twitter, facebook, Yelp, etc. It’s not about necessarily giving something away every time, but just being part of the conversation and helping to create conversation.
A couple weeks ago someone I follow on Twitter mentioned that the Pizza restaurant delivering their company lunch called her back an hour later to ask if they enjoyed the pizza. She was blown away. Sometimes it doesn’t take $10 or any discount to create loyalty. Just a quick phone call could do the trick.
Resident loyalty programs can definitely help entice renters and give them a reason to be good tenants.
When I was living in my last apartment the rental office offered me a great deal. If I paid my rent on-time every month then I received my last month rent free! It was great.
I’ve also seen other apartment complexes giving away free gas cards to tenants who pay there rent on-time for “x” amount of months.