I found your information very helpful, thank you!

There isn't really a blanket answer in deciding to offer specials or not. A lot is dependent on your owners/investors and their future plans with the community. I've been in the industry 20 years with the last 15 concentrated in lease ups from Florida to Colorado. Each market is obviously different and varies depending on your location and needs of your company. Here's a couple of tips that helped in my successes:

Offer discounts off of ancillary income such as pet rent/fees/deposits with approved credit, app/admin fees. These offers won't hurt your bottom line and will not depreciate the value of your community.

Your staff should be experienced enough to "peel the onion" and uncover what is truly important to your future residents. Most of the time it's pretty simple. Remember they are not only selling the community but themselves and their customer service. Fact finding and knowing your competition is of the utmost importance. Yes the communities down the street might be less expensive but they're probably not comparing apples to apples. Put together a professional presentation of your competition and have your agents utilize it while they're touring. For each community list the differences that set you apart. Don't let them walk out... maybe a look and lease special that's good just til the end of business?

If you feel you must offer specials... offering them upfront will help. ie 1 month free on a 13 month lease. Your income will start generating after the first month but better than prorating which goes back to "depreciating" the value.

Look at your more difficult floorplans or target units that are less desirable and only offer specials on those. Easily explainable to your future residents and higher ups and not giving away the farm. Work with your local rental furniture companies and set up a mini model to implant ideas on how they can furnish and utilize the awkward space.

I'd love to hear how it went for you! ;)

Laura Denver, CO

Erin,

What did your owner finally decide on and did it work?

In all seriousness, as crazy as you think this could sound, tell your owner that in order to compete with the other property he should buy it.

It worked for one of my clients.

Good luck!

I just got finished with my lease up phase, we did no deposit and 1st months rent free. was very popular! we also had our resident referral bonus program.

When I did a lease up several years ago, we had drawings each month after move-in for nice prizes. We offered free application fees (if they were approved, we applied it to their first month's rent.

Lower security deposits for those who qualified ($99 deposit).

You just have to get them excited about it. If they see you excited, it's contagious.

Have Lots of "Open Houses." If they come, look, love it, they lease it when they are ready.

Have a model that is over the top with stuff. Use the prizes as props. For example.

A TV with an XBox. Put signs on the them "Win this in January" or "Win this in February."

A friend of mine is having a "wine walk." It includes wine, cheese, crackers and tours of the community. It's getting popular!

Good Luck!!! Let us know what ideas you use that are successful.

Sandy in South Carolina