A renewal signed at the last minute, after one phone call that almost didn’t happen.
The resident who stays after they almost left is your most powerful retention asset, and you almost lost them to silence.
Most resident NTVs are preceded by a period of quiet dissatisfaction that a single proactive conversation would have resolved, if anyone had made the call before the notice arrived.
Renewal strategy in multifamily is always a relationship conversation, and operators who understand this capture renewals at 68%, while others replace residents at rates below in-place rents.
Technology can give you the signal, the expiring lease, the open service request, the delayed response, but it is the human who picks up the phone and makes the call that keeps the resident.
One phone call. She stayed for two more years. The cost of the call was four minutes. The cost of replacing her would have been a month of make-ready and a leasing commission. Make the call.
The resident who almost left and stayed is telling you exactly what your retention strategy should be. Write it down. — Mike Brewer
Identify five residents with leases expiring in the next 90 days who have had zero proactive contact and call them this week.