Coronavirus. Just the word alone is enough to make property owners and managers frustrated or anxious. The world has changed a lot since this virus first hit and became a global pandemic. Nobody knows this better than property owners and managers who are trying to keep their buildings filled. Many residents of NYC (and beyond) are facing issues paying their rent or they want more room to spread out while they wait for a vaccine to arrive and allow life to get back to a sense of normal. This has led to an exodus of New Yorkers from the city. It has also given a new entry to people who have always wanted to live here and now have an opportunity to do so. The best way to find these new New Yorkers and others who want to live somewhere new in the city, is to utilize Cityhive’s resident referral platform.
Implementing new ways to bring in residents is a must for property owners who are currently struggling. Residents are having problems related to COVID-19, but the same applies to those who offer people long-term places to live. While some renters have been able to make use of new rules around rental freezes and reductions, most landlords haven’t received a lot of help.
One of the best options right now for those who own dwellings for multiple people is implementing resident referrals. This article will look into why this might be something you want to take advantage of and how it might work for your specific situation. We’ll share the benefits of referrals in this new world we’re living in and how to make your program start without a hitch.
What Resident Referrals Are All About
In the most basic terms, resident referrals are typically a program provided by property owners. This type of program incentivizes referring coworkers, friends, and family members to move into the same apartment building. The resident is provided with a perk for bringing in new residents, but the landlord also gets the benefit of having empty units fill faster than if they were using traditional marketing methods.
What kind of incentives are provided? It depends entirely on the individual or company that is offering it. Some of the most common referral benefits include rent discounts, prizes, and cash bonuses for referring new tenants. These programs capitalize on the fact that word of mouth marketing is one of the best ways to make others aware of who you are and what you do.
Not sure how true that is? According to the experts at Nielsen, more than 90% of people trust recommendations by their family members and friends over those of a company or brand itself. That makes a referral program one of the best things you can implement for your housing during the pandemic to prevent financial issues.
Top Benefits of Resident Referrals in NYC During COVID-19
One of the major benefits of choosing resident referrals as a marketing option is that it cuts down on your workload. Residents who already live in your buildings and enjoy the community can seek out others who might be in the market for a new home and recommend you. The residents already know these people on a personal level and have mutual trust, which makes it more likely they will consider the option. They build their hive by referring people in their network and these new residents are likely to stay longer because they are happier overall with their new home.
Another benefit of referrals is that they help build connections. With many people dealing with precarious life situations, feeling connected matters more now than ever. Referrals are a way to connect property owners with residents to ensure a property stays at its best. In addition, when people refer others to their property, the ties between them can make the space feel happier and more vibrant.
What other benefits can you take advantage of? Referral programs can help you drop unit turnover rates, which can be expensive, especially when they are occurring a lot. This type of marketing also has a lower cost than most forms of advertisement, which lets you save cash for other things that need your attention.
How to Make Resident Referrals Work for You
There are tons of perks to resident referral programs that can help you stay afloat during coronavirus and into the future. However, it’s important to note that these programs work best when your current renters are happy with their experience. Someone is unlikely to recommend someone move into your property if they don’t feel as if they are having their needs met.
When creating a referral program while COVID-19 is a concern, make sure you offer the right incentives, educate your staff, and make the incentives as straight forward as possible. Try being creative to make your building stand out. You might offer items like extra amenities, home tech gadgets, gift cards, or appliances for tenants who bring in a new referral.
Another thing to keep in mind is that you should show appreciation to residents who bring in referrals, whether they end up moving in or not. Even a short thank you note can go a long way toward showing your appreciation and might mean a tenant refers you again in the future. Make sure you communicate to keep your residents from feeling like their time and effort isn’t being acknowledged.
Consider Resident Referrals for Your NYC Property
Having residents refer new potential renters can offer a ton of benefits, especially while the novel coronavirus is still a concern. New residents can add to the diversity and vibrancy of an apartment building or condominium property. Keep your current residents happy and let them help mold the property into a place they would never want to leave. It’s a win-win situation for everyone involved.
As the greatest city in the world, New York City has a lot going for it. Things may be tough now, but the city always bounces back. Help your building bounce back quicker by using Cityhive’s resident referral program. Reach out to us today for more information.
Sources:Back to Blog