Do any of you have a compensation program in place to reward tenants who make a referral that results in a new tenant? If so, how does your program work and what type of compensation is offered? I assume free rent for some specified period. I would appreciate you sharing what seems to work the best
Thank you.
We’ve offered a $250 referral bonus - and got nothing from it. I suspect your mileage may vary quite a great deal depending on geography and how ‘with it’ your tenants are. We found we got the same number of referrals - and that our tenants were not even claiming the referral bonus because they had forgotten about it and referred their friends/family anyway.I’d go ahead and try it with your tenant base, but don’t be surprised if you get no results from it. On the other hand, if it works, definitely keep doing it. Market it as a ‘Choose Your Neighbor’ program.My 2 cents worth,-jl-
Tenants do not make any effort to actively find referrals. It is simply a case of someone they know asking about the park. That individual may then contact the manager or not but if they do it rarely has anything to do with your present tenant.The downside of offering a incentive is less than desirable tenants generally have less than desirable friends and these tenants are the most likely the ones to be motivated by a cash incentive to recruit referrals.We do not offer any money for referrals. Residents will be more likely to encourage only those friends they really want as neighbours when not influenced by cash incentives.