Topic: Ok property manager friends! I just need a few leasing incentive ideas!

Ok property manager friends! I just need a few leasing incentive ideas to lease our last few vacant apartments! We had 19 leases this month and the incentives I had in places they killed/exceeded it! What have you done that you have found motivating and successful!?

We don't have to offer incentives or discounts because of our waitlist and the willingness of folks to pay our rates. Market your property as a coveted property on a Waitlist basis!

last year I doubled my occupancy to almost full giving first full month free on 13 month lease. went from under 50% to 90% between April and August. I lost a few but haven't dropped under 90 since. stopped special at end of year, when I lost most and still am above 90%

Simple yet effective, I have gift cards to their favorite places ready. Also for maint we’ve done flowers and dinner for spouses as a thanks for all the on calls and ot

Incentives for your leasers? Paid day(s) off, gift card, double incentive, spa day, lunch...

Whatever you opt to do, don't tell your team. Surprise them with whatever extra you opt to do. Sometimes getting the unexpected goes further than sharing up front that they're are extra incentives.

Buy something you know they like. It can be a trinket, gift card, pedi gift certificate, etc. I’ve bought flowers (plants cause I don’t want them to die) for maint spouses, being in donuts & their favorite drinks. You could also do an employee lunch. These are things I do for my team at random times anyway. If you know you’re team, alcohol works too. Lol

Surprise apartments...select one or two with a special gift if they lease it. Pick an envelope...get a lease pick an envelope which have things like double commission, lunch/breakfast on you, casual day (if you don't already do it), leave work early or come in late.

Survey the team to see what motivates them personally. Give them 2 or 3 choices.

I like to do “bounties”(extra commission ) on aged vacants and “not ideal” locations.
I’ve also done a prize wall in a break room or copy room with surprises written on the back. Every lease gets to grab a prize. Makes it very exciting and fun too! Gift cards, leave 2 hours early 1 day, come in an hour late 1 day, movie tickets, etc.

I’m curious how do you measure the success of incentives? There are a lot of other variables going on from week to week to just simply attribute the gains or lack there of to the incentive itself.
Do you have a sister property that you use as a control group?

Can you elaborate slightly more? Do you mean the incentive/commission on the lease or incentives to entice more leasing/leasing specific apartments?

Either. What are you doing to measure it's efficacy and know it wasn't just because more people were looking for residences, or a few properties that directly compete raised their rates recently, or the myriad of other variables that all roll up and contribute to leases being signed?

Well incentive/commission on new leases is really just part of the pay for leasing consultants. If you're doing well to capitalize on any and all traffic to lease your apartments your incentives/commissions are higher which in turn makes your pay better, and also it's the job you're entrusted to do. As for the specific apartments, some are hard to sell, whether location, upgrades, comps are lower, etc. I think adding an incentive to it makes those in charge of renting be more creative and break the normal routine used to lease. I'm not sure the efficacy is totally measurable. You are right about lots of variables. It's all about the apartments getting rented, and the residents and staff being happy.

As a leasing agent who would get an incentive let's say, what would you do if it's been slow and dry? We post on on social media, craigslist etc. If no one is calling and no one walking in, what would you suggest to bring in more people? (I feel this would also help me learn more tactics to help get more prospects)

Outreach marketing! Have fun with it. One time around Christmas I was tactfully dresses as an elf and delivered goodies along with our info If you have preferred employers hit them up with goodies and let them know they get a discount. Do you post on Google my business? That's a great resource. If you offer short term leases then give out where your nearest RASI (RASSI ?) office is and bring goodies and marketing material and let them know you offer short term leases.

I’ve don’t it and it works well... If traffic is an issue, I paid leasing for apps, they could keep the app fee.
I’ve set weekly quotas. Once a
leasing person hits a reasonable leasing quota of leases, they could pack up go home for the rest of the week. Great for summer. Granted, it leaves the Manager and Assist. Manager to man the fort.
Shopping Spree - I’ve had the PM take a employee on a shopping spree. A few hundred bucks to be spent on the clothes. Or a spa day. Subliminal relationship building.
My suggestion is, don’t be cheap.

Add www.tour24now.com to your leasing toolbox and let prospects tour when it's convenient for them (8 am-8 pm is recommended). It pays for itself with less than one lease a month! #tour24

One of my favorite lease specials - for prospects is a "lease today" special - if the prospect places an application on the day of showing they get the full special (whatever it is) if they place their app with 48 hours they get half (whatever the special is), and within one week only one quarter. I'm a big believer in creating urgency for the consumer! I love sooo many of the above leasing incentives too!

I provide a great marketing dashboard that is not stagnant like a report someone just emails you. My client has 24/7 access to it and it's live. That is how you know what online campaign is working the best.

Let me know if I can help.