What are the best practices for creating a referral policy?

1 Define your goals

Before you start designing your referral policy, you need to have a clear idea of what you want to achieve with it. Do you want to fill a specific type of unit, target a certain demographic, or expand your reach in a new market? How many referrals do you expect to generate per month, and what is your budget for incentives? Having clear and realistic goals will help you craft a policy that aligns with your business objectives and marketing plan.

3 Communicate your policy

Once you have your policy in place, you need to communicate it effectively to your tenants and prospects. You can use various channels, such as email, social media, flyers, newsletters, or signage, to inform them about the benefits, eligibility, and steps of your referral program. You should also provide them with easy and convenient ways to submit their referrals, such as online forms, phone calls, or QR codes. Make sure to highlight the value proposition of your policy and create a sense of urgency and exclusivity.

5 Evaluate and improve your policy

Finally, you should regularly evaluate and improve your policy based on the feedback and results you receive. You can use surveys, interviews, or reviews to collect input from your tenants and prospects on their satisfaction and suggestions for your program. You can also use data and analytics to assess the performance and impact of your policy on your occupancy, retention, and revenue. Based on this information, you can make adjustments to your policy, such as changing your incentives, criteria, or channels, to optimize your outcomes.