…More Than Ducks, Lizards and Khaki Pants
Stop Going with the Flo: Renters Insurance is More Than Ducks, Lizards and Khaki Pants
Tuesday at RealWorld, industry experts from CF Real Estate Services, Pinnacle and Prime Residential talked about how they maximize renters insurance adoption at their communities by leveraging leasing consultants as their primary experts.
The decision of purchasing a renters insurance policy is ultimately up to the resident. But a property management company that offers the option of buying a policy specific to the multifamily industry could pay dividends all the way around.
Here’s what some of the experts recommend:
Key players are leasing agents and renters
Our leasing agents’ responsibility is to protect our residents. It’s their responsibility to make sure that the resident is ok – is there a reason why you don’t have a policy? What’s protecting you? This doesn’t cross the line between selling and promoting – it’s concern for a resident and ensuring they are protecting their assets. It’s all about the resident. – Laura Boyd from Pinnacle
Agents oversee many complex tasks in the leasing process. Their most important priority is leasing the unit. We need an insurance system that’s easy to manage and implement from the site level. – Sharon Hatfield from CF Real State Services
“For renters, the buying process for renters insurance is short and often rushed. Get them the information they need about an insurance policy quickly because the focus is to lease an apartment,” Laura Boyd from Pinnacle said. Echoing her remarks, Lizza Castro from Prime Residential says they want a seamless program that does not impede the leasing process. Lizza went on to say that their communities want the data regarding policies that’s accurate and reliable so that they know when residents are maintaining (or not) their insurance policies.
“Education for my key players at the company. If I don’t have adoption from the top, I’m not going to get implementation from the bottom. I also need an easy program that will help eliminate work from my site staff.” – Laura Boyd from Pinnacle
Inspect what you expect: What measures are in place to ensure site-level compliance?
Have someone in the org designated to review the analytics of the program to ensure adoption. Renters insurance is a reputation management tool. When it’s good and people are compliant, residents remain happy when they need to use it. When people haven’t selected an insurance provider and then they need it, their feedback is often always negative. – Sharon Hatfield from CF Real State Services
Word of mouth
We use social media and social events involving LeasingDesk as a sponsor to raise awareness of eRenter insurance policies among our residents. – Laura Boyd from Pinnacle
We have 98% compliance for renters insurance at our communities. Anyone who is going to mandate renters insurance should put a forced place policy in place. It has to become part of your company culture. Our experience with eRenter is that the value in the insurance is that renters get a check when they need it – within hours of a loss so that renters can immediately begin rebuilding their lives. – Lizza Castro from Prime Residential
Thanks to Sharon Hatfield from CF Real State Services, Laura Boyd from Pinnacle and Lizza Castro from Prime Residential for sharing their insights with the RealWorld audience!
Read more about how to find the best renters insurance.