Purpose (Why we do this):

Resident retention is an important factor of Fiscal Responsibility at Horizon. By giving our residents superior customer service throughout their living and renewal experience, we can achieve higher resident retention that allows us to save money on vacancy loss and turn costs. Another perk is that we get to retain residents we already know and have a rapport with. 

Policy (What you're supposed to do):

Having a renewal plan in place will allow your team to stay organized and optimize renewal rates. It is also important to follow proper documentation and Notice to Vacate state guidelines. Because these guidelines vary by region, teams need to do research and stay up-to-date on these laws. 

Procedure (HRA Way!):

Follow the below recommendations for renewal strategy and feel free to reach out to your Conventional Regional Leasing Strategist (RLS) for additional guidance. 

Entrata Renewal Reports:

• Expiring Leases - Pull this report to review your upcoming lease expirations. This report is how you will create your Yes/No/Maybe communication tracker. (See attached examples)
• Resident Retention - This report shows your community's renewal percentage by month and breaks down transfers, month-to-month, etc. 
• Renewals & Offers - Pull this report to view active Renewal Offers for your property and to quickly review where each resident is at in the renewal stage. 

Renewal Communication Timeline:

• 6 Months Out From Lease Expiration
  • Customer Service Check-In Email
    • Introduce your team, Ask if they need a service request or help with their apartment, and ask how you can improve their experience. 
• 4 Months Out
  • Heads Up on Expiration Call
    • Give them a heads-up on their upcoming lease expiration. Offer to set a time for them to come to the office and ask questions about the renewal process. 
• 3 Months Out
  • Approve Renewal Rates in Entrata Revenue Management Dashboard (Roughly 75 days in advance. Reach out to Atticus Sicking, Ben Neisz, and Collin Marshall if you have questions regarding Entrata Revenue Management)
  • Generate Renewal Offers
  • Text Residents letting them know they have active renewal offers in their portal
  • Door Notices of Renewal Offers/Flyers to Renew in the Portal (Include Portal QR Code)
  • Get Maintenance Involved
    • Give your maintenance teams a list of residents with active offers. When they complete service requests for them, have them prepped to ask about the resident's renewal plans or leave a renewal goody bag in the apartment with a QR code to direct them to their Resident Portal. 
  • Reasons Why To Renew
    • Send Message Center email to all active offers.
    • Refresh POP in common areas (Fitness Center, Mail Kiosks, Bandit Signs, Banners, Etc.)
• 2 Months Out
  • YNM (Yes/No/Maybe) Calls
    • Ask them if they have questions about their offer, invite them to the office to discuss options, and/or identify if they are interested in renewal transfers.
  • Call/Text/Email Bi-Weekly about renewal offers.
    • The goal of your YNM Communication Tracker is to get your residents marked as either a YES for renewal or a NO with a reason why they aren't renewing. Be sure to include notes in the YNM tracker and the resident's Activity Log regarding your communication. (Include renewal incentives, deadlines, any reasons why they are on the fence, etc.)
• 1 Month Out
  • Call/Text/Email/Walk & Knock Weekly
    • Each week you should change up your communication method and try to get an answer about their renewal status. 
    • Walk & Knocks are a great tactic to get ahold of residents you haven't been able to reach. Take treats with you so that you have a friendly reason to stop by and ask about their renewal plans!
    • Create urgency with deadlines in every communication.
    • Hot Residents! Residents who have expressed interest in renewing should be communicated with every 24 hours until they have completed their necessary paperwork.

Renewal Communication Ideas:

• Upcoming Capital Projects - Keep your residents updated on exciting community updates!
• Renewal FAQ - Send residents a commonly asked questions email. Include info on transfer options, deadlines for their lease expiration, and easy steps for how they can sign their renewal.
• Don't Lose These Perks - Send a reminder to your residents with your community's amenities list.
• Be A Part of Something Bigger - Let your residents know about philanthropic initiatives that Horizon or your property is involved in. People want to be a part of businesses that have aligned values. (EX: Turkey Trot and Feeding America, Food Drives, Blood Drives, Toy Drives, Donation Bins)

* Find pre-typed renewal communication templates in Entrata ready for use! Just follow these steps and make changes specific to your property. 

Common Renewal Mistakes:

• Communicating too late. Make your residents feel special by showing them you want them to renew and don't risk them signing elsewhere because you didn't reach out sooner.
• Only following up with the Primary resident on the account. These aren't always the decision makers, just the first person who completed the application when they signed with you. Make sure to do YNM communication with all residents in the apartment and their guarantors if they have one. 
• Residents accept their offers and think that they've renewed. Use your Renewals & Offers report to see where each resident is at in their renewal stage and be diligent with letting them know what they need to do to finalize the processes and lock in their renewal rate. Rates can go up at any time; be sure they know that too.
• Not Incentivizing Renewals. It doesn't have to be much, but if you have a high expiration month or if your property is struggling with high NTR, have a renewal incentive ready. These can be anything from a Cashback credit, apartment fixture upgrades, complimentary carpet cleaning, or enter anyone who renews into a raffle for a prize. 
• Not asking why a resident won't renew their lease. This information provides an opportunity to create a better community and allows the residents to feel heard. Most often their reasons for not renewing are something that can easily be remedied.

Resources:

• YNM Apex Example
• AWH Jan 24 YNM Example
• Convention Renewal Communication Infographic