It’s time to re-program the way your staffs think about spring and what the priorities are. With turnover costs at an all-time high of $4500 per move-out and a continually declining applicant pool because of shifts to roommate and condo/home/shadow market rentals, the status quo of focusing on new leases is not a sound business decision. No one can afford to stand still in regards to existing residents. They are the ones who will enable the property to maintain net operating income and asset value.

That said, we are not entering the “Spring Leasing Season.” We are entering the “Spring Lease Expiration Season,” which begs the question, what matters most to your residents? What is it that makes them satisfied with their home choice? What will encourage them to stay at your community rather than a community down the street that is offering 2 or 3 months’ free rent?

Keep in mind, the things that matter most are not always what you are doing, but what you ARE NOT doing. If you ARE NOT courteous and polite during each and every interaction, the resident takes notice. If you DO NOT return calls and emails within one business day, if you DO NOT follow up on all completed service requests, if you DO NOT complete service requests right the first time, the resident takes notice.

It is in the absence of these service basics when residents begin to question their choice in home, question the value received for the rent they are paying, and begin to look around and see the rent specials and discounts down the street. However, they often won’t tell you that is the reason they are not renewing their lease. The reason they give is, “Rent too high,” or “Better value elsewhere.”

Do me a favor. Don’t bother doing something spectacular and crazy to try and recapture your existing residents’ attention. Throwing another pizza party and karaoke night will not make them fall in love with your community all over again. Instead, do something that works.

• Check your voice mail every hour and return any missed calls immediately – responding first to your rent paying residents.
• Check your email every hour and respond immediately to residents (before responding to prospects), even if it’s just to say, “I’m looking into your concern and should have more information for you by tomorrow afternoon.”
• Smile and greet every resident who you come across, even that annoying guy who stops by the office 3 times a day.

The Spring Lease Expiration Season is about keeping the residents who have made their home with you already, and assuring them they made the right choice on move-in day, whether that was last year or 7 years ago. The more you focus on what matters most to your residents, communication and service, the more you can reduce the 60+% of turnover that is controllable. The more you do that, the burdens of the “Spring Leasing Season” becomes less and less! Fewer move-ins to deal with, fewer specials to run, fewer ads, fewer tours…they all are reduced when you focus on service to your residents and renewals.

Doug Miller - President, Satisfacts Research