Renewal Specialist

PURPOSE
The purpose of this document is to provide an overview of the responsibilities of the Renewal Specialist. In addition, this document provides a list of daily, weekly, and monthly tasks that the Renewal Specialist shall perform.

BACKGROUND
The Renewal Specialist performs various specialized tasks to achieve renewal objectives for the company, including occupancy, revenue, and customer success. To effectively perform the responsibilities of a Renewal Specialist, associates must have broad residential renewal knowledge, embrace the use of technology to document activities, understand the long-term value of renewal activities, and be effective ambassadors of the Invitation Homes brand. Renewal Specialists have a significant opportunity to impact on the customer experience when properly performing their responsibilities positively. The Renewal Specialist reports to the Leasing Experience Manager (LEM).
The list of responsibilities outlined in this document is extensive but not necessarily exhaustive and LEM/LED/VPO may request other responsibilities to be completed based on the current needs of the market/company.

REQUIREMENTS
An active real estate license is required for this role. This document does not include related state-specific requirements (e.g., MLS).

JOB RESPONSIBILITIES

Reporting
* Understand and review all Renewal Specialist-specific reports/dashboard to identify both workflow that needs to be executed and areas of opportunity to drive operational improvement, paying particular attention to items such as the following (but not limited to):
o Renewal Result %
o Renewal Pace
o Rent Growth - Previous Lease Rent, Rent Growth %, Variance to Previous Lease Rent, Variance to CMA
o Loss to Lease - LTL
o Overall Experience Rating (OER) and Net Promotor Score (NPS) -Note: Renewal Specialists do not have a survey that provides an opportunity for feedback directly related to their performance. The focus for them is to understand the residents' overall satisfaction as they start renewal conversations.
o Renewal Statuses including, but not limited to, Open, >120 Days Out, Lease Terminated, Notice to Vacate, and Lease Renewed
o Ring Central Data including Answer Rates, Inbound Calls, Outbound Calls, etc
* Note - Some data will be captured in Tableau, and the leasing specialist will receive updates on that information from their LEM/LED.
* When communicating with residents, ensure you are familiar with the current terms and conditions of their lease, paying particular attention to residents who may be moving from a non-IH lease version to IH, and which services will be required as part of their lease (e.g., air filter delivery, Smart Home, utility management, Bilt rewards, etc.).

Renewal Follow-Up
After the initial renewal email is sent to residents, Alia will engage with an initial follow-up and no documentation or follow-up is required by the Renewal Specialists. If a renewal response is received during the engagement with Alia, utilize the Renewal Response Management documentation below for follow-up and renewal closure execution.
* If a handoff occurs, review the Renewal Workflow Response (RWR) record to understand the handoff reason, read the AI Conversation History, and familiarize yourself with all prior conversations. Note - Each resident on the lease has a separate RWR record and while the handoff only occurs at the resident who should be contacted, it is beneficial to take a moment and review the AI Conversation History for all residents.
o The initial follow-up attempt should be completed within four (4) business hours using a phone call. Once completed, the RWR Record should be updated to notate the Handoff Completed. Document all other details on the renewal record using the Last Attempted/Successful Contact Date/Time, Last Contact Type, and Follow-Up Notes field.
o If successful contact is made with the resident, utilize their feedback to establish a follow up cadence.
o If successful contact has not been made, a minimum of two attempts per week should be made until successful contact has been established, a renewal response received, or resident’s lease has expired.
* Review and resolve Property Issues (PIs) related to renewals. Communicate with customers within 24 business (working) hours of PI assignment and document progress and/or details of the resolution in Resolution Notes field of the respective PI record.

Renewal Response Management
If a Renewal Response is received, the following process should be utilized based on that response.
* If the response submitted indicates Yes for the renewal decision:
o Lease Generation will kick off in an automated fashion unless critical items are missing to generate the lease. Monitor dashboard reporting and if information is missing, contact resident within twenty four (24) business hours and make appropriate updates to the renewal record to allow lease generation to continue. (example: third party prior lease and pet information is missing)
o Once the lease has been generated, follow up to ensure documentation is signed timely and notate any applicable follow up as either a Attempted/Successful Contact and add Follow Up Notes. Follow up once weekly until document has been completed.
o If a Residency Change is requested, immediate follow-up is only necessary if there will be an addition of a new leaseholder and the dashboard indicates support is necessary. Partner with Ops Support Coordinator assigned to the change and facilitate receipt of application needed to process the residency change. Notate any follow up as either a Attempted/Successful Contact and add Follow Up Notes. Once the Residency Change is approved, follow up to ensure proper documentation is signed timely, including both residency change addendum and new lease document. Document follow up along the way utilizing the Last Attempted/Successful Contact and Follow Up Notes.
* If the response submitted indicated Maybe for the renewal decision:
o First, review the Renewal response to understand an Questions/Comments that may have been provided. It would be beneficial to also review any available AI Conversation Histories on the RWR Record. Partner with LEM when necessary to prepare to overcome any objections listed.
o Contact the resident no later than four (4) business hours after receipt of the response record utilizing the Preferred Method of Contact provided on the Renewal Response. Review the questions regarding May we Email/Call/Text You on the Response Record and only utilize methods in which the answer was Yes. This follow up should be documented by populating the Renewal Response Record with Renewal Response Reviewed and then the Attempted/Successful Contact Date/Time on the attached Renewal Record, adding additional Follow Up Notes as needed.
o Utilize the negotiating parameters (renewal floors) established by Revenue Management and/or partner with leasing leadership if parameter adjustments seem necessary to secure the renewal. Document follow up attempts using Attempted/Successful Contact Date/Time on the attached Renewal Record, adding additional Follow Up Notes as needed.
o If a new renewal rate is offered as part of the follow up, ensure the Renewal Record is updated by documenting the Current Proposed New Rent.
* If the response submitted indicated No for the renewal decision:
o First, review the Renewal response to understand an Questions/Comments that may have been provided. It would be beneficial to also review any available AI Conversation Histories on the RWR Record. Partner with LEM when necessary to prepare to overcome any objections listed.
o Contact the resident no later than four (4) business hours after receipt of the response record by phone call unless the Response received indicated No for May we Call You. If this is selected, utilize the Preferred Method of Contact. This follow up should be documented by populating the Renewal Response Record with Renewal Response Reviewed and then the Attempted/Successful Contact Date/Time on the attached Renewal Record, adding additional Follow Up Notes as needed.
? If you can convert the resident to a renewal, utilize the appropriate steps to request lease generation.
? If the resident still wishes to vacate, and written notice has been received, utilize the Alert Coordinator function on the renewal record to request the resident be placed on notice with the appropriate move out reason.
* Ensure the move out reason that was submitted on the Renewal Response is reviewed and listed as the move out reason when requesting the notice via Alert Coordinator. If more than one reason was selected, during the contact attempts to convert the notice, connect with the resident to understand which move out reason was most applicable to their decision. If no reason was selected, obtain the reason during contact and document accordingly.
* If no Renewal Response was received and a renewal decision has been made as part of Renewal Specialist follow up, document the Renewal Decision and request the appropriate updates from the Ops Support Team.
o Renewal: Ensure Current Proposed New Rent and Current Proposed New Rent Year 2 match the amount agreed upon with the Resident. Populate the
New Lease Start Date and New Lease End Date and Alert Coordinator for Initial Lease Generation. Add any comments needed to Comments for Coordinator. If a revised lease is needed at any time, repeat the same process but select Revised Lease Generation.
o Notice: Populate Notice Type and Alert Coordinator for NTV Processing, providing Move Out Reason. Ensure the Resident Notice Date, Resident Requested MO Date, and Resident Reason for Move Out are populated prior to alerting the coordinator.
o MTM: Populate Alert Coordinator for MTM Processing.
* If the resident reaches the end of their lease term and is placed in a Month-to-Month status, if there was an approval to extend without incurring month-to-month fees, ensure such approvals are indicated in the respective Renewal record. Approvals must be documented before the Assistant Portfolio Manager (APM) converts those residents to a MTM status during month end.
* After a renewal decision has been made, if the resident changes their mind and wishes to execute on a different renewal decision, utilize the steps above to document and request an update. When utilizing Alert Coordinator, populate the appropriate type of cancellation and what action should happen next.

Month to Month Resident Management
* Residents who are in a Month-to-Month status but whose lease has not yet officially expired should be followed up with using the same cadence above of a minimum of two times weekly until contact is established and a cadence is determined between the Renewal Specialist and resident.
* Once the lease has expired and a resident is officially Month-to-Month, the Renewal Specialist should partner with LEM to understand market-specific cadence for follow-up and attempted conversion based on legal (state nuances and regulation) and revenue management guidance.

Mid-Lease Activities or Early Termination Agreements
* For mid-lease changes, when residents reach out, populate the record to requests to add/remove leaseholders, and/or occupants. Partner with Ops Support Coordinator assigned to the change and facilitate receipt of application needed to process the residency change. Ensure any applicable documents are completed and executed promptly.
* For residents who elect to terminate their lease agreement early, draft the Lease Termination Approval Form (LTAF) via DocuSign and ensure it is signed by all required internal associates. Once approved, populate Alert Coordinator and request Early Lease Termination Processing.
o Note - Property Management may also complete this process based on the reason for moving out.

Homeowners Association (HOA) and Housing Authority Participant (HAP) Management
With regards to items listed in this section, partner with the appropriate associate, which is typically the LEA in smaller markets and the Customer Service Representative - Property Management (CSR-PM) in larger markets.
* When an HOA requires registration or approval of renewals, partner with the LEA or CSR-PM to ensure the process is initiated promptly and requirements are completed within the timeline required by the HOA.
* Notify HAP residents of any price and/or term changes (ensuring Total Monthly Rent is utilized) and partner with the LEA or CSR
-PM to ensure any required documentation is provided to the case worker in a timely manner to facilitate completion of a new housing contract and lease.

General
* Understand and uphold the company’s Code of Conduct.
* Comply with policies set forth in the Leasing and Property Management Policies manual.
* Adhere to Fair Housing principles in all communications (written and verbal).
* Understand the channels by which prospective residents may search or view listings, the content of communication they receive after requesting more information through such channels, and how self-tours are scheduled.
* Understand the role of artificial intelligence (AI) in leasing and how Alia interacts with prospective residents (in pilot phase at time of this publication).
* Utilize core technology platforms as designed:
o Correctly input information and/or upload documentation in technology platforms to ensure workflow progresses appropriately.
o Maintain data integrity in all systems and communicate any data integrity issues to a manager in a timely manner.
* Manage self-related HR responsibilities including but not limited to:
o Submission and tracking of paid time off (PTO) and volunteer hours as early as possible but at a minimum of two (2) weeks prior to provide an accurate view of Renewal Specialist capacity and arrange for appropriate coverage.
o Compliance with all annual individual goals.
* Respond to emails and return voicemails within one business (working) day.
* Ensure answer rate for inbound phone calls is monitored and meets the expectations of local market leadership.
* Utilize Zendesk Guide, our knowledge management system (KMS), as a resource for processes and procedures.
* Complete company-assigned training via The Study
* Attend trainings/refreshers, conference calls, and various meetings, including but not limited to:
o Trainings/refreshers/calls related to new initiatives or processes
o Team, market, and national meetings
o Weekly or bi-weekly 1:1s with LEM
o Performance reviews

Salary Range

Compensation and Benefits

To attract and retain top talent, we're pleased to offer competitive compensation and benefits, including:

• Annual bonus program

• Health, dental, vision, and life insurance

• Long-term and short-term disability insurance

• Generous paid time off plans include vacation accrual, sick time, standard holidays and floating holidays

• 401(k) with company matching contributions

• Awesome work environment with casual dress

• Team events and gatherings (Pre- and Post-Covid)

Invitation Homes is an equal opportunity employer committed to fostering a diverse, inclusive and innovative environment with the best associates. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity, Veteran status or any other factor protected by applicable federal, state or local law. If you have a disability or special need that requires accommodation, please contact us at humanresources@invitationhomes.com.

To all recruitment agencies: Invitation Homes does not accept agency resumes.  Please do not forward resumes to Invitation Homes employees.  Invitation Homes is not responsible for any fees related to unsolicited resumes.