Product Updates

Empower faster applications and renewals with Cash Back

October 21, 2022
Jimmy Jacobson
Director of Engineering, Co-founder

How do owners and operators drum up the kind of urgency that converts attention into action and applications?

With the right amount of Cash Back at the right time.

We’re thrilled to empower renter loyalty with customized Cash Back offers that target two of the biggest pain points in the lease-up process:

  1. Submitting a rental application
  2. Signing a lease renewal

Empower applicants to submit their applications faster

Skip the post-property visit slump. Offer extra Cash Back to residents who complete a rental application right after they tour the property. For example, a Stake customer could do the following:

  • Set a baseline, totally variable Cash Back offer that is specific to the market, resident action, and property level data — like 4%, 3%, 1%, or even just $25!
  • Then, to incentivize applicants to submit their applications within 24 hours, they can choose to set an additional, variable Cash Back offer (like 2%, 1%, or even just $10).

With a few clicks, owners and operators can smooth high friction moments in the leasing funnel and improve performance at their property.

Empower residents to renew early and on time

Onsite teams spend valuable time sending out renewal notices – but too often they are ghosted by residents, left to nudge via phone and email, and surprised by last-minute move-out notices.

Ensuring retention is always a priority – especially during a volatile economy like the one we’re currently experiencing. Solve this pain point and maintain high renewal conversion rates by offering even more Cash Back when residents renew their lease within a certain time frame. Plus, stand out from the crowd by rewarding renewals!

In action, it looks like this:

  • A property offers a customized, variable percentage of Cash Back for renewing a lease.
  • If the lease is signed within seven days, they can offer additional Cash Back.

Cash Back is a powerful tool that owners and operators can give their onsite teams with Stake – with zero guesswork and zero extra workload.

With Stake, owners and operators can finally understand and attribute residents’ actions to customized, empowering Cash Back offers. Our integrations with leading property management software providers allow property managers to “set it and forget it” – letting Stake deliver extra Cash Back to residents simply for taking positive actions on a tighter timeline.

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