Explore the simple and effective ways to reward your tenants
Rewarding tenants for their referrals is a great way to promote word-of-mouth marketing and attract new tenants to your multifamily property without worrying about breaking the bank.
Join us and continue reading to learn about creative and low-cost ideas to reward your tenants for referrals.
Host movie nights:
Movie nights are an effective way to not only bring your tenants together but also to express your appreciation by providing them with entertainment. A movie night hosted in a common area can be a fun way to bring your tenants together and build community.
Award gift cards:
Gift cards can be a simple way to show your appreciation to your tenants. Try choosing a gift card from popular local businesses or online retailers. This tenant reward can show that you care about what they value. People love gift cards, so this choice can be practical and a simple gift of gratitude.
Give gym memberships:
Another great gift for active tenants could be to offer a 3-month long membership to a local gym. You can work with a gym manager to figure out the best deal, as this is a way for the gym to gain new members.
Throw tenant parties:
Hosting a celebration party or event and inviting all of your tenants and their referred friends who have become new residents can be a great way to thank them for their referrals. Bringing people together helps build a better sense of community, and this can show your tenants that you value them.
Offer rent discounts:
Offering a rent discount is one of the most effective and simple ways to reward your tenants for a referral. Depending on your budget and policy, you can offer them a percentage off their next month’s rent, a flat fee, or a free week.
Write thank you notes:
Although this option is more traditional, writing a handwritten letter or card expressing appreciation to your tenants can go a long way. You can also send a digital thank you card, but a handwritten note can be more effective.
Top five tips to boost tenant retention for multifamily investment success
It’s important to remember the key to a successful tenant referral program is to make the rewards personable and relevant to your tenants’ interests and needs. These rewards aim to encourage tenants to participate and potentially bring in new residents for your multifamily property.
How we can help multifamily owners
Do you own multifamily property in Central Florida with vacant units? In today’s climate, renting them out as soon as possible is essential.
At 100Units, our skilled and passionate team of individuals will meet all of your multifamily property needs by analyzing trends, market conditions, and local competition to ensure your investment success.
Learn more at 100Units.com or give us a call at 866.GO.UNITS.