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How can you develop a tenant referral program that benefits your tenants and development project?

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A tenant referral program is a marketing strategy that rewards your existing tenants for bringing in new tenants to your development project. It can help you fill vacancies, reduce turnover, increase loyalty, and create a positive community. But how can you design and implement a tenant referral program that benefits both your tenants and your project? Here are some tips to consider.

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Define your objectives:

Clearly outline your goals before launching the program. This helps in planning the budget, incentives, and communication strategies effectively.### *Offer meaningful rewards:Choose attractive and fair incentives like cash or rent discounts. Ensure these rewards align with your project's brand and comply with regulations.

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1 Set clear and realistic goals

Before you launch a tenant referral program, you need to define what you want to achieve and how you will measure it. For example, do you want to increase occupancy, retention, or revenue? How many referrals do you expect per month or quarter? How will you track and verify the referrals? Setting clear and realistic goals will help you plan your budget, incentives, and communication strategy.

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2 Choose appropriate incentives

The incentives you offer to your tenants should be attractive, relevant, and fair. You can choose from different types of incentives, such as cash, rent discounts, gift cards, or services. You can also vary the incentives based on the number or quality of referrals, or the length of the lease signed by the new tenants. Whatever incentives you choose, make sure they are consistent with your project's brand and value proposition, and that they comply with any legal or ethical regulations.

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3 Communicate effectively

To make your tenant referral program successful, you need to communicate it effectively to your existing and potential tenants. You can use various channels, such as email, social media, flyers, signs, or newsletters, to inform your tenants about the program details, benefits, and rules. You can also use testimonials, stories, or images to showcase the positive experiences of your tenants and their referrals. Make sure you communicate regularly, clearly, and creatively, and that you acknowledge and appreciate every referral.

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Richard Priest

Co-Founder / Co-CEO @ Presidio Hill Investments
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Beyond just informing tenants about the program, creating a sense of community and trust is vital. Engaging testimonials and stories from happy tenants can help build credibility, while regular, personalized communication shows appreciation. Remember, it's not just about the incentives; it's about fostering a sense of belonging that motivates tenants to become enthusiastic advocates for your property.

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4 Monitor and evaluate

A tenant referral program is not a one-time event, but an ongoing process that requires monitoring and evaluation. You need to collect and analyze data on the performance and impact of your program, such as the number of referrals, the conversion rate, the retention rate, the satisfaction level, and the return on investment. You also need to solicit feedback from your tenants and their referrals, and use it to improve your program. By monitoring and evaluating your program, you can identify what works and what doesn't, and make adjustments accordingly.

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Stefan Marchal
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In my experience with student rentals, what works best is a referral program. Our referral program has outperformed paying google for sponsored search results. Furthermore, our referral program has shown more successful than zip code targeted snail mail promotion flyers. Lawn signs and signs on houses seem to have better results but still less than our referral program. We have stopped paying google and physical mail flyers services and redirected the funds to increase our referral program payout. If a tenant manages to find a referral and that referral signs a lease then our tenant can earn as much as $800 per referral.

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5 Celebrate and reward

A tenant referral program is not only a marketing tool, but also a relationship-building tool. You want to create a sense of community and loyalty among your tenants and their referrals, and make them feel valued and appreciated. You can do this by celebrating and rewarding their contributions, such as sending thank-you notes, hosting events, featuring them on your website or social media, or offering them exclusive perks or opportunities. By celebrating and rewarding your tenants and their referrals, you can enhance your project's reputation and image, and encourage more referrals in the future.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Matthew May

President @ May Realty Advisors & Centergy Tax
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Integrity and reputation are valuable commodities Soliciting friends and acquaintances to lease space so you can be fiscally rewarded can be a very dangerous path without full disclosure. The concept of sharing a good experience with others for their benefit with full disclosure is the right thing to do. If you can help them negotiate a great deal because you have valuable information on deal terms others have achieved, then all parties win. Without disclosure, trust between friends can disappear. Integrity should be priceless.

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How can you develop a tenant referral program that benefits your tenants and development project?

1

2

3

4

5

6

1 Set clear and realistic goals

2 Choose appropriate incentives

3 Communicate effectively

4 Monitor and evaluate

5 Celebrate and reward

6 Here’s what else to consider

Real Estate Development

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How can you develop a tenant referral program that benefits your tenants and development project?

1

2

3

4

5

6

1 Set clear and realistic goals

2 Choose appropriate incentives

3 Communicate effectively

4 Monitor and evaluate

5 Celebrate and reward

6 Here’s what else to consider

Real Estate Development

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