If you’re looking for a fun way to present renewals to your residents, consider holding a small renewal party every month. By gathering your residents with lease anniversaries in a social atmosphere, you get the advantage of having a little positive social pressure on your side, which can help you get more residents to sign sooner. But don’t just host any party. Throw a party that is fun, memorable and provides an experience that makes residents want to stay around.
Top Renewal Party Tips:
1. Make sure there’s food. And I mean GOOD food, not pizza or tacos. One of the popular ideas out there is holding a “Wine and Sign” event that features wines, cheeses, jazz music, and a wine-tasting class. Check with your lawyer and insurance company before serving alcohol.
2. Offer a discounted lease for anyone who signs their renewal that night. Your goal is to get them to sign with a great deal before they go out and look for a new home.
3. If they’re willing to sign a renewal, don’t forget to ask for a review of your community on ApartmentRatings.com. Odds are, if they’re ready to renew, they feel pretty favorably toward you, so this is a great time to boost your approval score there!
4. Keep the parties exclusive to only residents whose leases are coming up for renewal so that they become a “perk” of residency and not an expected amenity.
5. Host the party 45 to 60 days out from lease expiration, according to the prevailing laws in your city. Host the event either the same week notices go out or the week before, to give them a sneak preview kind of feel. To make the most of the event, have information on what all your comps are renting at and be willing to show the residents.
If you’re looking for some good party pairing ideas, try these:
- Noodle and Canoodle with your Renewal!
- Caffeinate and Commit!
- Wine and Sign!
- Steak Your Claim!