February is Resident Appreciation Month! Fewer people are buying homes, so while staying in a community is the path of least resistance—it should be more than that. Residents renewing their lease should be filled with comfort! Multifamily communities everywhere should be preparing for this (and have some portion of their budget to dedicate to it, as well.)

The truth? Without your residents, you'd be an empty building—so it's time to bolster your resident experience and boost your resident referral program. And give a few gifts while you're at it! Have fun with it and make this a month to remember, and set the tone for the way you appreciate residents the rest of the year.

You might be thinking: They live here, we fix what needs fixing, we have an easy-to-use online portal—why do we have to do more for them? Remember—your resident appreciation costs are marketing expenses! This is because it's all part of your big genius marketing ploy to retain residents and attract new ones. Still want some ideas? We got you:

This is home for your residents—not just a unit! You were the community of choice for some reason or another. The hope is that your multifamily brand attracted them and your customer service (rooted in your brand's mission and vision) kept them there. This is an opportunity to help them remember why they chose to live at your community, and you can sweeten their "remembering" when it comes time to renew the lease.

You can also remind your resident of you who are at your core. Your brand is gentle, eco-conscious, and modern? That zero-waste-experimenting resident will appreciate being reminded that your "Fix It Group" is gathering in the clubhouse later that week.

How to Show Your Residents Appreciation

GIVE A GIFT

This doesn't have to be something exorbitant. But thoughtfulness is great. You can communicate appreciation for your residents through gifts. Get creative, but try to give them something they would want. From a gift card to a local coffee shop to a little treat, here are some simple and effective ideas:

#1 Locals Only - Gift Card to Local Spot

A gift card to the coffee shop around the corner? Perfect. It helps you nurture your neighborhood relationships, and spotlights the best things in your community.

#2 Sweet Things - Grab-and-go Goodies
Valentine's Day is also in February, so put out a self-serve candy bar with cute bags in the lobby. Brand the bag with your logo, and add a note that says, "Having You Here Sure is Sweet!"

#3 Taking Care of Business - Small Plant
And taking care of a small succulent or little plant in a pot is an adorable way to add life to an apartment for your residents, and remind them that you hope they'll thrive in your community, too.

It's not a like-for-like comparison, but wouldn't you rather do business with a brand that is well-known for its responsiveness and outstanding customer service? Taking your residents into account when you make updates and launch initiatives is going to create a kind of "gift that keeps on giving". Consider a few value adds:

• Streamlining a maintenance system, creating an option that's less intrusive
• Retrofitting the apartments for energy efficiency (great for eco-conscious and budget-conscious residents alike)
• Upgrading to smart home tech with doorbell cameras and touchless key entry systems
• Adding or upgrading the dog park (if Fido's happy, everyone's happy)

Everything we listed above can and likely will be added to the "Pros" side of the pro-con list they may be making when deciding to renew! Tilt it in your favor.

A couple of pathways here for resident reward referral programs.

1: You have a resident referral program and it's working well.
Nice! Keep it up. And remind your residents what they can get from you when they refer a friend successfully.

2: You have a resident referral program and it's not really working.

Time to revamp. Offer something a little better and market the rewards with branded materials. Include plugs for the program in your emails to residents, and in flyers for welcome packets.

3: You don't have a resident referral program.
This is a perfect opportunity for you. Hone your brand message and try kicking off the referral program with an event. "Bring a Friend for a Barbecue!" or "Happier Hour With Friends." (The trick is to plan an event that residents and their friends would want to attend.)

When you have events or advertise your program, ensure there's enough reason to support the resident's referral (they must love it there and/or the reward must be great!) and there must be reason enough for the referred friend to want to live there, too. Referral programs aren't one-size-fits-all, but you can check our blog for more detailed ideas behind expanding your word-of-mouth.

Equal parts brand consistency and clarity will get you to the next level with your resident appreciation. This means that everything—giveaways, events, and reward flyers must be branded and tell the same story of how your community has solved the problems of its residents and it will continue to do so. And when your research leads you to a specific IRP you can get that much more specific with your branding and your messaging.