Vacancies are an apartment community's worst nightmare and the longer apartments remain vacant, the more money that is continuing to be lost each month. Leasing Specialists strive to fill the vacant apartments as quickly as possible, by any means necessary, to get an apartment community fully leased up. There are times when the leases may be rolling in, but the move-in dates for these prospects may be after a specific deadline that a community has to meet (i.e., refinancing). Therefore, in order to expedite the move-in dates, it is often a great idea to throw-in a very inexpensive additional incentive for quicker move-ins, such as a DVD player, or to offer to waive a pro-rated move-in cost to get the prospects in the door sooner. With the gift incentive option, the cost of the DVD player could be as low as $40, but will typically get some prospects more willing to pay a little bit more of a pro-rated rent to move-in sooner. On the flip side waiving a pro-rated rent in order to sway prospects to move-in will not necessarily help the immediate income, but it will boost the occupancy in a hurry. Both options are absolutely worth the outcome of increasing your occupancy quickly, while also reducing your hold over loss. With either option use them sparingly, because you want the prospects to feel the urgency that this is a very limited opportunity for them to take advantage of.
Enjoy!
CLASS Leasing
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