Topic: Move in specials
Topic Author
Hello, I am new to property management I am a sales consultant. We ran a special last week it was $300 off move in costs it didn't work. I want to offer a $300 gift card instead for two reasons. 1st it will insure the person moving in has the money to live here well. 2nd I feel people would be more excited or see more value in a gift card instead of move in money which would make it easier to rent. Can anyone attest to this?
Thank you!
Thank you!
Posted 6 years 3 months ago
Hi Arie,
So specials are a tricky thing. What works and what doesn't work depends on the market, the property, the leasing season, etc. and ultimately what your goals are for your site. In a lease up or re-positioning you will typically see upfront monetary concessions as you are focusing heavily on occupancy. With stabilized properties you will see an array of specials from concessions to gift cards & covered moving costs (like you mentioned).
There is not a tried and true method of determining that best special but here are a few pointers:
1) Know the goals of your property. How aggressive does the special need to be?
2) Know what your market is doing. You don't have to do what they are doing but if you have a lease up next door that is giving away the farm then $300 moving costs doesn't really compare.
3) Give yourself a little time to test the special (1 week may not have been long enough to see any interest especially this time of year) but not too much time. You want to keep your special fresh as to create a sense of urgency but you need to commit for long enough to see if it works. I recommend 2-4 weeks.
Lastly, it is always important to ask yourself if you even need a special? Sometimes what actually works is good ole' customer service and following up. Go back to the basics and make sure your product is clean and your staff is personable and professional. Create an environment that prospects would be proud to call home. Sometimes it's that simple.
Good luck and welcome to multifamily!
So specials are a tricky thing. What works and what doesn't work depends on the market, the property, the leasing season, etc. and ultimately what your goals are for your site. In a lease up or re-positioning you will typically see upfront monetary concessions as you are focusing heavily on occupancy. With stabilized properties you will see an array of specials from concessions to gift cards & covered moving costs (like you mentioned).
There is not a tried and true method of determining that best special but here are a few pointers:
1) Know the goals of your property. How aggressive does the special need to be?
2) Know what your market is doing. You don't have to do what they are doing but if you have a lease up next door that is giving away the farm then $300 moving costs doesn't really compare.
3) Give yourself a little time to test the special (1 week may not have been long enough to see any interest especially this time of year) but not too much time. You want to keep your special fresh as to create a sense of urgency but you need to commit for long enough to see if it works. I recommend 2-4 weeks.
Lastly, it is always important to ask yourself if you even need a special? Sometimes what actually works is good ole' customer service and following up. Go back to the basics and make sure your product is clean and your staff is personable and professional. Create an environment that prospects would be proud to call home. Sometimes it's that simple.
Good luck and welcome to multifamily!
Posted 6 years 2 months ago