Recently I was brainstorming ways to recognize my residents of a large apartment community. I want to let them know we value their role in our community and appreciate everything they do. That’s the human objective. The business objective is to develop more of a sense of community and goodwill which in turn will lower turnover and increase the NOI.
My criteria:
- No rent concessions
- Costs $5 or less per resident
- Minimal coordination required to pull off
For the brainstorm process, I posted on BiggerPockets.com to get some ideas from other landlords. (view post here).
I got a ton of great responses, some of the highlights:
A community garden
- While this takes a bit more time to create (breaks one of my rules above) I love the idea because I could buy in bulk from a local flower shop (helps them get more biz), it would make the property look nicer and could lower turnover because residents who garden want to stay. Plus, it strengthens the community since the residents will likely interact with each other more as a result of the garden
Five crispy dollar bills with a note that says “High Five! Thank you for making 123 Elm St. Apartments Your Home. We really do appreciate you.”
A handwritten thank you card
Some other ideas I had:
Portrait of Family Drawn by Artist
- You could go on Fiverr.com and get that for $5. This is more involved as I’d need to get a picture of them. However, I like how it lasts a long time and is something they might treasure
Give everyone a $1 scratch-off lottery ticket with a nice note
Give everyone a cutting board (or something else that helps keep property looking nice)
- If they have a cutting board they’d be less likely to cut on the counter top therefore our countertops would last longer
Partner with a local restaurant to offer free or discounted food
I’m going to be implementing something in the next couple months and will report back on how it goes.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.
