Providing creative ways to show your residents that you appreciate their loyalty will prove to be a wise investment that will help increase resident retention and pay dividends in both public and owner relations.
There are many ways to acknowledge and show appreciation for your residents. 'White glove' buildings have incorporated concierge services that offer a list of amenities including reservations to dinner, theater and party events, dry cleaning pickup and drop off which aide in resident retention.
To develop a sense of building community may include hosting a social activity like bingo, providing a box of chocolates and/or floral arrangements to residents following renewal of their leases, providing birthday cards and other greeting cards on momentous occasions—or you could provide a Starbucks gift card or gift certificate to a retailer like Macy's or Target—maybe a gas card, or perhaps complimentary movie tickets.
It is psychologically important to build a sense of community with all residents. Consider acknowledging residents by placing an announcement about them on the property's website, resident newsletter, bulletin board at the property's community room, laundry room or management office. The more creative the idea the better.
Below are other important retention techniques proven to increase retention: