In our previous blog post, we discussed the importance of the move-in process to create satisfied residents who are more likely to extend their lease, but that’s just the first step. You need to continue delivering on the expectations of service after they’re in their apartment. An obvious first step is to have an open line of transparent communication between you and the resident. This is one area where you can incorporate AI and automation to deliver quick responses by having chat bots and other programs handle first contact and then route it to the right department. Generative AI has the ability to answer simple questions for your residents in a way that still feels personalized, which is the foundation for building lasting relationships with residents. 

When it comes to amenities you offer at your properties, you don’t need to break the bank. What residents want are basic amenities that significantly improve the quality of their lives. These include, on-site laundry, parking, available storage, outdoor spaces like a patio or balcony, and pet friendly units and spaces. These might seem like small things, but providing them will go a long way toward building loyalty to your property. That being said, higher end amenities like gym and fitness centers, swimming pool, spas, multipurpose sport courts, and co-working spaces can be used as ways to differentiate your properties from the competition. In addition to what has been described above, other value-added services you should evaluate implementing include:

• Partner with local businesses: : Organize social events, fitness classes, or educational workshops to foster a sense of community and engagement.

• Pet Services: Offer dog walking, pet sitting, or grooming services that cater to the needs of pet owners.

• Fitness and Wellness Programs: Partner with local gyms or fitness instructors to offer on-site classes or discounted memberships.

• Co-Working Spaces or Business Centers: Offer dedicated spaces for residents to work or study remotely.

• Bike Sharing or Rental Programs: Promote sustainable transportation options and encourage an active lifestyle.

Incentivizing certain behaviors

There are a number of benefits for incentivizing residents to take certain actions like purchasing renters insurance from you, signing up for automatic payments, and paying rent on time to name a few. 

First, is improved financial performance. As mentioned previously, incentivizing on-time rent payments can significantly decrease late payments and costs to collect delinquent payments, which will contribute to a healthier bottom line. Another financial benefit of offering incentives and gamifying renting at your properties is retaining valuable residents, while avoiding the costs associated with resident turnover, such as vacancy loss, marketing spend, and make-ready expenses. 

Next, incentives will enhance satisfaction and loyalty through positive reinforcement. When you reward desired behaviors, it fosters a sense of appreciation and recognition among residents, while also improving their overall experience and satisfaction. Incentives also increase engagement with the property and encourage participation in community events and activities, helping residents feel like they are at a place they belong and are connected to.

Automated incentive programs reduce administrative burdens for property management teams and allow them to focus on other essential tasks as opposed to spending countless hours administering the program. Other efficiencies properties can realize associated with higher renewal rates and on-time payments is your cash flow is more predictable, and financial planning and budgeting are simplified.

Your incentive program can also act as a competitive advantage in a cutthroat rental market. Offering incentives differentiates your property and helps you attract high-quality residents that are financially responsible because it reinforces positive behaviors like on-time rent payments. If you’re wondering what types of incentives you could offer, here are a few suggestions:

• Rent discounts or credits for on-time payments
• Gift cards or other rewards for lease renewals
• Exclusive access to amenities or community events
• Priority access to parking or storage units
• Referral bonuses for recommending new residents where legal

Learn more

To learn more about how Resident Services from Entrata can improve resident satisfaction and increase renewals, request a demo today.