Securing renewals in today's competitive rental market is more important than ever. Property managers can no longer afford to focus solely on attracting new residents; instead, they must adopt strategic, technology-driven approaches to renewals. Leveraging automation, personalisation, and robust people skills is essential to maintaining occupancy rates and ensuring resident satisfaction.
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Not long ago, property managers were primarily concerned with new leases, driven by sky-high rent growth across the UK. However, the landscape has shifted dramatically with increased turnover and operational costs. This has led operators to shift their focus to occupancy and cash flow protection, recognising that turnover is more expensive than ever.
With renters, on average, staying for 18 months, ignoring a comprehensive resident renewal strategy comes at a significant cost.
The renewal process has evolved from a simple administrative task to a strategic necessity. It is about more than just getting renewal notices out on time; it requires a blend of technology and a personalised touch to build lasting relationships with residents. It is crucial to engage residents from the day they move in and maintain that connection throughout their tenancy. This approach not only improves renewal rates but also enhances overall resident satisfaction.
Effective communication is key to a successful renewal strategy. Residents prefer to be contacted through their preferred channels, whether it be text messages, in-app, or automated processes. Ensuring that communication is convenient and tailored to their needs increases the likelihood of a positive response. For instance, many residents appreciate self-service renewal options, finding them efficient and straightforward. Think mobile phone contracts and TV packages.
The renewal journey begins the moment a resident moves in. It is vital to remind residents of the value they saw when they first chose your property. At Residently, we combine efficiency with community engagement to achieve this.
Our mobile app creates a lasting first impression, transforming complex, fragmented tasks into a smooth leasing and management experience. We then allow our partners to create community cards that offer "virtual amenities," connecting residents with local businesses and including perks like fitness memberships. This approach enhances the everyday living experience and fosters a sense of belonging.
By leveraging these strategies, we ensure that residents continually see the value in their decision to live in your community, making them more likely to renew their leases. This proactive engagement is key to maintaining high renewal rates and fostering long-term resident satisfaction.
While technology can streamline and automate many aspects of the renewal process, personalisation remains crucial. Understanding and addressing the specific needs of residents at critical moments can make a significant difference. Regularly seeking feedback and addressing issues promptly shows residents that their concerns are heard and valued. For example, timely and effective maintenance can be a powerful retention strategy, as residents are more likely to renew when their living experience is consistently positive.
Residently's platform has revolutionised the renewal management process by leveraging advanced technology to automate previously laborious tasks. With Residently, management teams no longer need to worry about the manual preparation of renewal offers or the subsequent communication, follow-up, and lease signing. This automation ensures consistent communication with all residents, eliminating potential confusion or misunderstandings.
One of the key features of our solution is the early intent-gathering process. Sixty days before the notice period, we send automated communications to residents, asking about their intentions. We've found that 68% of residents freely share their plans more than 30 days before they need to, giving property managers a clear view of upcoming vacancies. This proactive approach reduces the stress of last-minute negotiations and allows managers to prioritise efforts effectively, ensuring better outcomes.
Our platform automates the data collection needed to drive renewals in a personalised way. Key features of the dashboard include:
Looking at the Negotiator Summary, we use AI to generate a personalised renewal offer demonstrating a level of care that will be rewarded with a higher renewal rate. Our technology makes personalisation across portfolios possible.
By freeing up management teams from these manual tasks, Residently creates happier teams and better employee retention. It's rare for a solution to simultaneously improve functions for site teams, operations, and pricing teams, but Residently achieves this. Our automation, consistency, and time-saving capabilities make it essential for enhancing operational efficiency and resident satisfaction.
Operators can achieve transformative results by automating the renewal process. Early and effective communication with residents and timely delivery of renewal offers can increase renewals and spur faster renewal decisions. This reduces vacancy loss, improves occupancy forecasting, and enables better real-time pricing decisions. Higher retention also reduces turnover costs and marketing expenses.
Renewals require more than just a process; they need a strategic approach combining technology, personalisation, and people skills. Property managers can significantly improve renewal rates and reduce void periods by automating routine tasks, engaging residents from day one, and addressing their individual needs.
Residently's platform is designed to support these strategies, offering a seamless, data-driven approach to resident retention that maximises Net Operating Income (NOI) for property owners.
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