New Role on Concessions
Advertising concessions and giving away free rent doesn’t get prospective renters in the door. It’s important to make the rental experience fun. That’s why we came up with the “Feeling Lucky” campaign. After the resident completes the application and has signed their checks, they get to roll a fist sized foam die, and whatever they roll, they get times 10 off the monthly rent. So, if they roll a three, they get $30 off the entire lease term’s monthly rent. You actually end up saving money because not everyone rolls a high number and it’s a great tool to close the sale if they’re hesitant. Residents like it because the discount is spread over the entire lease term and corporate likes it because at most, we are giving away $720, which doesn’t even amount to one month’s rent vs. our competitors who are giving away $2,000 to $2,700 in incentives.
—Nicole DePaul, Comet Management Services Inc.