Homeownership Incentive Programs Gain Popularity With Apartment Firms.

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Remember to tell your residents about the home-buying incentives you offer at your properties.

Don't expect your residents to realize on their own that your company provides home-buying incentives.

BRE Properties ensures that its residents know about its HomePlan program from the beginning. "On a move-in basis, we have a postcard that we hand them," says Lisa Brase, the program's manager. "We also have an Internet site that's available and a certificate attached to the lease. At lease-signing, we make sure that they are aware that this membership is available to them if they decide to buy a home."

Once a resident moves in, Brase is available to talk about HomePlan. She also keeps residents updated in other ways. "I do quarterly pieces to reiterate the program, and what their options are, and the credit that's available," she says. "We can only hope that everyone reads our mailers, renewal letters, and postcards. It's constantly about reminding them."

The education continues once residents decide it's time to buy a home, especially if they need to use specific builders, real estate agents, or lenders to get their discount. "We print out the resident's equity certificate with a letter about which builders are in the program, along with a note saying thanks and wishing them luck," says Rick Conner, assistant vice president of strategic business development for Equity Residential.