This is meant to be a conversational blog post, so please chime in with your thoughts in the comments below!

When a resident decides to turn in their notice to vacate, does that mean they suddenly don’t have any value to their community?  For most communities, once they receive that NTV, that resident isn’t really a primary concern anymore, as they fall through the cracks between the status of a prospect who needs to be sold, and a resident who needs to be retained.  But even though they are moving out, they are still a dedicated audience, and my question to you is this:  Are you getting any residual value from that relationship?

I met someone about two weeks ago who worked in the home buying sector, where his company helped home buyers get a discounted rate for their real estate agent.  Although we are not in the exact same space, our industries deal with the same clients, just at different points in their timelines.  Oftentimes, our residents become their prospects, so the question came up about whether multifamily properties, who had received a notice to vacate, could actually be a referral source.  For many of us, the idea doesn’t sound quite right – it’s like breaking up with someone and then introducing your ex to a future boyfriend/girlfriend.  Although we would like to feel we are all mature adults, the idea doesn’t necessarily sit well.  But if we could get away from that feeling and look at things in a completely logical manner, it might make a lot of sense.

When a resident gives a notice to vacate, they are essentially finished with our relationship.  Except for random circumstances, they will be leaving, so it might be beneficial to switch into another mode of monetizing that remaining relationship based upon their needs.  And in this situation, they actually have quite a few needs as they are making a big life change.  If they are looking to buy a home, maybe a referral to a real estate agent makes sense.  Since they are moving, a referral to a moving company, truck rental, or box supplier might make sense.  They will also be looking to set up new utilities and other services.  All of these processes could be helped by the leasing staff, even though we are losing that relationship.

So I’d like to hear from you all.  Do you have plans in place to monetize exiting resident relationships, or what do you think about that concept?