One Day Sale

Modified on Tue, 22 Apr at 4:00 PM

Click here to view the One Day Sale Lunch and Learn Call

Purpose (Why we do this):

The One Day Sale is the leasing version of Black Friday. For weeks leading up to the event, there's hype and anticipation for the leasing specials that are only available for a limited time during the One Day Sale.

Policy (What you're supposed to do):

The One Day Sale requires a high level of planning and therefore approval from your regional manager.

Procedure (HRA Way!):

When planning the One Day Sale, there are a few factors that will determine your success:

Timing of One Day Sale
One Day Sales work best after housing fair and in the beginning/middle of the school term while students are active on campus. Spring Break, Finals Week, Dead Week and summer term have resulted in low-yielding One Day Sales.
Variety of floorplans at your community
One Day Sales work best at a property with multiple floorplans. This allows you to strategically push a specific floorplan while still maintaining leasing velocity on your other floorplans prior to the sale.
Leasing special offered
The One Day Sale is when you offer the biggest leasing special of the year. If you offer a better special before the One Day Sale launch, there's no incentive for the prospect to leave during the One Day Sale.
Marketing
Marketing is key to the success of the event. Your comps, prospects, current residents and everyone should know about the One Day Sale. Contact the Marketing and Training team for assistance.
Staffing
The One Day Sale is an all-hands-on-deck event. Create a blackout day (no time off) during the One Day Sale event.
Ensure that the team understands the leasing strategy in the weeks leading up to the One Day Sale.

Leasing Strategies:

Artificially raise rates 3-4 weeks prior to the One Day Sale and "significantly" drop them during the One Day sale.
Offer special on your most difficult to lease floorplan only.
Create ODS special for renewals.
Off renewed residents, an increased friend referral if their friend signs during the One Day Sale.
Please see the attached document for the One Day Sale Checklist

Resources: