Geneva McHenry essay
In the Multifamily Housing Industry and Property Management, creative marketing solutions can make or break your bottom line. I have worked in the Apartment Property Management field for over 6 years now and we are constantly looking for better ideas for marketing and resident retention so that we can keep our occupancy higher, therefore keeping our bottom line on the budget in the black instead of the red. You not only have to market to the community to bring new residents in, but you also have to make sure that In 2016 my community won the Marketing Team of the Year award for our company.
There are many components to successful marketing for an apartment community that raffling could tremendously help. Our community works closely with Apartment Locators, who are licensed real estate brokers, to help fill our community by paying them a commission for each client that leased and moved in. In 2016 we used a raffle system to help drive locators to send their clients to our community. We would give them one ticket for each client that toured our community and five tickets for each client that leased with us. At the end of the month we drew the winning ticket and gave the winner an extra $250 bonus with their next commission. With this contest we found that our locator traffic increased by about 20% and we were able to lease to about 50% of the clients they sent to us. This helped us increase our occupancy and be able to maintain our operating budget.
When working with current residents we want them to renew their lease when it’s over. Turning an apartment is very costly and affects our budget and operating costs. During the summer months we tend to have a much higher turnover rate so we decided to use a raffle system for each person who renewed their lease. Whenever they would renew for 7 months they would get one raffle ticket and whenever they renewed for 13 months they would receive two raffle tickets. At the end of the summer we drew a raffle ticket at our end of summer pool party and that resident received $250 off one month’s rent as a prize. When the DJ was announcing the raffle drawing was near, everyone started to gather around with their raffle tickets with anticipation, hoping that they were the winner. This excitement was a fun way to entice our current residents to renew their lease and attend our resident pool party where they can meet their neighbors. Creating a sense of community where people get to know their neighbors is vitally important to retaining residents and keeping up morale. When we analyzed the data of residents who came in to renew their lease during the raffle and we determined that we were able to retain about 20% more residents that the year previously.
Although we are not always able to offer a raffle for every occasion, we have talked about different ways to incorporate a raffle in years to come. We have had ideas about using a raffle for resident referrals, working with local businesses to have a raffle for residents who pay their rent online, and continuing to have a raffle for each summer when leases are ending. Creating people who are excited to be home and excited to be a part of their community has lead to a much better relationship with our clients and helped maintain our occupancy, and raffles have made a tremendous impact in our efforts.Place An Order