Actually, a few years ago I got "her" out and told the girls that they should hide her! That didn't last long.
One year I strung a piece of string from the top of the blinds to one of the branches of the tree (our tree is near a window) and had the elf zip lining down to the tree. I couldn't make her stay in the middle of the string, even with tape, so I just let her crash into the tree, then left her there and pulled a few ornaments off and put them on the floor so that it looked like the crash knocked them off.
I had her kidnap Steph's favorite lamb that she slept with (Flowie), and put the elf and lamb in the hall. BAD IDEA!!! Steph was furious that the elf would take Flowie, and we heard about it for at least a week afterward.
Elves love crackers, so put yours somewhere holding one, and crush up one around it.
I took a black Sharpie and drew some Minion eyes, glasses, shirts on the fronts of a bunch of bananas, then positioned the elf next to them holding the Sharpie (have to credit Pinterest with that one).
Most nights, dh and I would go to bed, cuss about forgetting to move the elf, then argue about who was going to get up and move her.