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MARKETING NOVEMBER/DECEMBER 2015 STUDENT HOUSING BUSINESS .COM 56 Retention Challenges For numerous reasons, includ- ing the removal of turn period cleaning and repair sessions, a current tenant signing a lease to continue to live in a property year after year is always going to be a more simple affair than attracting new tenants and facilitating the signing of a lease and move-in come August. Bailey says that Horizon tries to provide students a positive com- munity that makes them want to renew because they like the com- pany and its staff. Horizon does this through budgeting nice ges- tures for residents, such as buying them fowers or pizza, and main- taining a relationship with them. Horizon also maintains that same clear, respectful communica- tion with parents and other guar- antors. Early signees receive bet- ter rates, so getting the entire fam- ily involved early helps to get the best value on a lease. "Students are not looking in their inbox for a renewal notice, so you have to be tenacious and get in their head, but the guarantor is almost more important because they want the best deal and are not wor- ried about student problems like exams." Austin of Grand Campus Liv- ing says that frequent interac- tion with a different focus each time is important to staying in the heads of tenants. The message can't always be about renewing, she says, because that becomes old and irritating. "We do ensure that every month a resident gets contacted in one way or another," she says. "A member of the staff becomes a cheerleader for indi- vidual tenants, where that staffer is a tenant's go-to or representa- tive for any issues. It opens the tenant up and makes them feel comfortable to engage and come to events, and possibly re-sign for another year." For Preiss, the tried-and-true method of attracting college stu- dents to an event still works: free food. "Food events are the best marketing points for resident retention, so we try to have one food event a week, whether it's hot dogs or a Thanksgiving din- ner," says Byrley. "The way to a student's heart is through their mouth." SHB Columbus Pacific Properties Real Estate Investments CPP HOMESTE D development partners CONTACT: Acquisitions: Phillip A. Duke (310) 435-1269 Phillip@ColumbusPacifc.com Development: Michael Augustine (435) 214-7431 MAugustine@HomesteadDP.com Homestead-U.com HomesteadDevelopmentPartners.com EMILY AUSTIN National Training and Leasing Director, Grand Campus Living