Should you market for resident retention too?

Connecting with prospective renters is a job in and of itself. We conduct hours of research to gauge perspective on our target, then develop strategic advertising plans with what we hope is the precise marketing mix that will sway them to sign a lease. Rarely, however, do current renters feel the love from a deliberate, well-planned marketing strategy; instead, they’re counted as residual with your other tactics. But, the problem is, both are audiences and assets, and you need each one to thrive. Setting aside the time, energy, and resources to focus on your current renters could result in higher retention rates, revenue, and referrals. Here are four key areas you’ll need to consider when marketing for retention.

1. Internal team/operations

A significant part of marketing for retention is ensuring you have a high-functioning internal operation. This refers to your leasing agents down to your property management software. You have to invest in people, systems, and amenities that will appease your renters’ evolving and recurring needs. Since your marketing efforts will ultimately lead your prospects into the hands of your internal team, they must hold the exact value of customer service that you do. Similarly, it becomes challenging for residents to overcome frustrating rental procedures and systems–so much so that dissatisfaction with the quality of management was voted the second most common reason residents left a particular community, according to a 2020 NMHC/Kingsley Apartment survey.

2. Engagement

Whether it’s resident programming, social media connections, or mailings, you’ll want to create and sustain a constant connection with your residents. You can get a little creative here without straying from the integrity of your brand. By creating positive two-way connections–be it in person, online, video, or via mailbox, you’ll be able to personalize your marketing and address your renters and their needs on an individual level. You will directly contribute to resident satisfaction and help drive new ambassadors, also known as referrals, in the process.

3. Current amenities

Reinforcing the value of your property is essential for retention. While many residents know about your services, in a nutshell, others will need a timely reminder. While it’s tempting to focus solely on new residents, they mustn’t be your only focus. In addition to serving as a prompting for residents to take advantage of current offerings, marketing your services keeps your name top of mind, which yields more significant benefits for you in the long term. 

4. Cost

Keeping in line with the principal, “If it doesn’t make money, it doesn’t make sense,” when setting your marketing budget, you’ll want to calculate your costs to market to each of your customer segments–new and existing. Spending your dollars efficiently will come down to knowing your resident turnover, retention rates, the acquisition cost for a new lease, and overall ad spend, broken down by tactic. And, while incorporating a retention marketing strategy will never replace your standard acquisition marketing, the results of your retention efforts will likely surprise you.   

Rentbot can help.

The first focus of your retention marketing strategy should be your property’s website. If you’re not hitting the numbers you envisioned, we can help. At Rentbot, we design websites for multifamily properties that attract, convert and retain tenants–guaranteed. And, what’s even better is that Rentbot is committed to building and supporting property management websites specifically for small and mid-sized properties. As a result, we make the process to get started easy, risk-free, and with a 60-day money-back guarantee. In a matter of days, we’ll build a mobile-friendly website tailored to your specific property and begin attracting the leads, conversions, and retention rates you’ve been wanting. And, with 24/7 support, we’ll be along for the entire ride–no matter the day or night. Let’s get started! Set up a call to speak with a Rentbot pro today.    

About the Author

Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising, and copywriting, she has helped many clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.