As soon as we get to February, you start to see them — ads and commercials hyping Presidents Day sales and Presidents Day savings. Whether you’re looking to buy a new car, furniture, electronics, or a mattress, Presidents Day promises huge savings and attractive incentives.
While property managers don’t follow this trend — although it’s not the worst idea, since the masses have been conditioned to expect deals on this particular holiday — they do need to offer incentives to not only attract new residents, but also keep the old ones re-signing.
There are plenty of potential incentives to offer, but does it make sense to stagger them throughout the year, or to choose a budget-blowing day (or month) to offer everything all at once?
Many property management companies split up their incentives — one set for current residents and one for potentials. The former consists of offers like reduced rent for signing a multi-year lease, and the latter can be anything from a free month’s rent to an upgraded unit for the same price as a regular one.
Of course, incentives can be dictated by the season too. People are less likely to move in the dead of winter, so it might make sense to hold off until the spring or summer to begin an advertising campaign. But then maybe you’re missing out on using some really strong incentives that could make potential residents change their minds about moving in while the snow’s still on the ground.
Either way, there is one lesson to be learned from the Presidents Day advertising blitz — be sure that your incentives are strong, and that everyone who should know about them does.
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