January 2025: Bilt Resident Loyalty 2.0

We're excited to kick off 2025 with the launch of our enhanced Resident Loyalty Platform. This update brings powerful new features specifically designed to help property managers maximize their leasing incentives and strengthen resident relationships.

What's New in Resident Loyalty

The latest platform update focuses on giving property managers more flexibility and value in how they manage resident incentives while driving ROI. 

A single source to manage your leasing strategy 

Properties can now process entire leasing, marketing, and amenity budgets through the Bilt platform. Whether it be rent concessions or gift cards, Bilt can now process all traditional incentives through the platform, eliminating the need to manage multiple systems and providing a unified view across both residents payments and leasing spend.  

Resident Choice Model

When offering incentives through the platform, residents are automatically given a choice between two options, based on your allocated budget:

• Traditional incentives (cash concessions, gift cards)

• Premium rewards through Bilt

This innovative choice architecture creates a win-win scenario: when residents select the rewards option through Bilt, they receive a personalized incentive from their property and the  properties save up to 20% on incentive costs.

Drive Resident Behavior 

With the Bilt ecosystem, you can influence key resident behaviors that impact your bottom line. 

In this update, the platform now allows you to create targeted campaigns that encourage positive actions through meaningful rewards:

• Early Lease Renewals: Incentivize residents to renew before their lease ends, reducing vacancy risk and providing valuable planning visibility

• Accelerated Vacate Decisions: Gain earlier notice of move-outs to optimize your leasing pipeline and minimize turnover costs

• New Lease Conversions: Stand out in competitive markets and convert prospects to residents faster with compelling move-in incentives 

• Autopay Adoption: Boost on-time payments and reduce administrative workload by rewarding residents who enable automatic payments

• Resident Referrals: Transform your current residents into your most effective leasing agents by creating valuable referral campaigns

By offering the ability to create leasing incentives within the platform, we've seen property managers increase early renewal acceptance rates by 20%, accelerate decision timelines by four weeks, and achieve a 96% response rate during early renewal campaigns—all while reducing their overall incentive costs.

Enhanced Milestone Rewards

The platform supports automated rewards for key resident milestones:

• Move-in celebrations

• Birthday recognition

• Custom milestone events

These touchpoints deepen resident engagement through the Bilt ecosystem without requiring additional management time or resources.

Advanced Analytics

Our improved dashboard helps you measure impact across resident payments, the benefits that residents have access to, and the impact of your incentive strategies:

• Rent payment trends

• Personalized insights into resident spend in the neighborhood

• Recommended incentives for residents 

Create custom resident benefits

The platform also allows you to enhance the resident loyalty experience by offering customized benefits that extend beyond traditional amenities and that complement your property's unique value proposition. Property managers can easily adjust benefits based on seasonality, resident demographics, or specific retention goals. 

• Fitness Credits: Provide virtual fitness memberships or class credits when your property doesn't have an on-site gym

• Transportation Benefits: Offer Lyft credits to make commuting easier or enhance access to nearby attractions and dining

• Dining Experiences: Curate exclusive dining benefits at neighborhood restaurants, strengthening community connections

• Move-in Welcome Packages: Create memorable first impressions with personalized welcome packages that showcase local merchants

These custom benefits serve as powerful differentiators in competitive markets and help create deeper connections with your residents, that can ultimately help you improve lease renewals in future. 

The Bilt Resident Loyalty delivers what property managers need most: increased on-time payments, reduced leasing costs, and enhanced resident satisfaction—all while creating new revenue opportunities. 

Access your Resident Loyalty Portal to start managing your incentives more efficiently.

If you’re looking to join the Bilt Alliance, get in contact with our team at alliancesupport@bilt.com