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What are the best practices for creating a referral policy?

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Referrals are a great way to attract new tenants, reduce vacancies, and increase loyalty among your existing residents. However, to make the most of this strategy, you need to have a clear and effective referral policy that outlines the benefits, rules, and procedures for both parties. In this article, we will share some of the best practices for creating a referral policy that works for your property management business.

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1 Define your goals

Before you start designing your referral policy, you need to have a clear idea of what you want to achieve with it. Do you want to fill a specific type of unit, target a certain demographic, or expand your reach in a new market? How many referrals do you expect to generate per month, and what is your budget for incentives? Having clear and realistic goals will help you craft a policy that aligns with your business objectives and marketing plan.

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Aman D.

Founder & CEO @ Monitize Health Inc | Class 1 Medical Devices
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It’s important that the creator of a referral policy understands that the best practices for a referral program vary depending on the TG and product. And of course, anyone can be an advocate for your business - don't limit your referrals to just existing customers and employees.

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2 Choose your incentives

One of the key elements of a successful referral policy is offering attractive and relevant incentives to both the referrer and the referee. Depending on your goals, budget, and preferences, you can choose from various types of incentives, such as cash, gift cards, rent credits, discounts, or free services. The important thing is to make sure that your incentives are valuable enough to motivate your tenants to refer their friends and family, but not too generous to hurt your bottom line or create legal issues.

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3 Communicate your policy

Once you have your policy in place, you need to communicate it effectively to your tenants and prospects. You can use various channels, such as email, social media, flyers, newsletters, or signage, to inform them about the benefits, eligibility, and steps of your referral program. You should also provide them with easy and convenient ways to submit their referrals, such as online forms, phone calls, or QR codes. Make sure to highlight the value proposition of your policy and create a sense of urgency and exclusivity.

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Aman D.

Founder & CEO @ Monitize Health Inc | Class 1 Medical Devices
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Keep it simple, understanding a referral policy by its reader should be easy. Keep away from technical words/sentences and complicated rules. These invariably confuse the reader. Avoid asking for too much information or requiring customers or employees to jump through too many hoops to make a referral. The rewards should be easy to claim therefore, keep the process straightforward. This includes outlining who is eligible to participate, how referrals will be tracked, how rewards will be given, and any other relevant details.

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4 Track and reward your referrals

Another essential aspect of a good referral policy is having a reliable and transparent system to track and reward your referrals. You need to have a way to verify the source and quality of each referral, as well as to measure the conversion rate and return on investment of your program. You should also have a clear and consistent process to deliver your incentives to both parties, and to acknowledge and thank them for their participation. You can use tools such as CRM software, spreadsheets, or apps to automate and simplify this process.

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5 Evaluate and improve your policy

Finally, you should regularly evaluate and improve your policy based on the feedback and results you receive. You can use surveys, interviews, or reviews to collect input from your tenants and prospects on their satisfaction and suggestions for your program. You can also use data and analytics to assess the performance and impact of your policy on your occupancy, retention, and revenue. Based on this information, you can make adjustments to your policy, such as changing your incentives, criteria, or channels, to optimize your outcomes.

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Elaine Copeland

Consumer Care Team Member
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Consider giving an an added incentive to those who provide multiple referrals that complete the lease period. This motivates those who make great networkers!

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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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What are the best practices for creating a referral policy?

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6

1 Define your goals

2 Choose your incentives

3 Communicate your policy

4 Track and reward your referrals

5 Evaluate and improve your policy

6 Here’s what else to consider

Property Management

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What are the best practices for creating a referral policy?

1

2

3

4

5

6

1 Define your goals

2 Choose your incentives

3 Communicate your policy

4 Track and reward your referrals

5 Evaluate and improve your policy

6 Here’s what else to consider

Property Management

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