I’m sure you all have heard of the left vs. right brain approach when it comes to decision making.  Have you ever wondered which hemisphere your resident uses when it comes to renewing?  Many factors go into this determination and most important could simply rest on what type of thinker your resident is.

Left-brain decision makers tend to be logical, analytical and objective in their thought process.  These are the people who weigh the pros and cons and look at the outcome from a variety of angles.  Then there are those who are more intuitive, subjective and emotional about deciding to renew.  Left-brainers ask themselves, “Is it worth it?” and right-brainers also question “Is it worth it?”; only this common question comes from two totally different perspectives.  The lefties dissect their living experience while the righties look at the overall year as a whole.

Okay, so is it worth it?  According to the 2012 SatisFacts Insite Index, residents 120 days out from lease expiration rated their overall satisfaction a 3.99 out of a 5.00, and only 32% said they were “very likely” to renew their lease.  An even bigger question – the value received for the rent asked was scored a 3.64 out of a possible 5.00.  Value, plus a high level of satisfaction, equals to more residents being “very likely” to renew.  So once again, is it worth it?

Determining whether or not a resident considers your community to be a worthy option begins with how you frame your renewal invitation.  Gone are the days where computer-generated, stale form letters are sent to the doors.  Also long gone are those little candy-filled bags with smiley faces gently pleading for residents to give you another shot and another year of their hard earned money.  These approaches do not effectively communicate your community’s worth.  It’s time to cater to both types of decision makers.  This means a reboot of your renewal announcement.

Giving left-brainers clearly defined options, along with the dollar and percent amount of the increase is always helpful.  If you are able to include some competitive analysis of the surrounding communities, that’s even better.  For residents who consider renewing as more of an emotionall decision, highlighting some community achievements from the past year, along with a visually compelling layout is sure to capture their attention.  With both types of residents, extending an offer to contact the office (via email/phone for the lefties and in-person for the righties) will round out the letter nicely.

Does this mean that you have to create two different announcements and how do you know which one to give to each resident?  The answer is "one and done".  You can painlessly craft one announcement and combine all of these suggestions.  A one-page, newsletter style format should do and there are already templates set up in Microsoft Word to assist you.  Give it a try and you will be sure to see a faster response to your initial announcement.