Special Extension/Changes Procedure

Purpose (Why we do this):

To be market leaders in our property’s marketing strategy. HRA uses different marketing messages depending on the season, market, and the desired velocity of leases.

Policy (What you're supposed to do):

If you have a special that has tracked well it’s okay to extend and re-use for a certain amount of time, but keep in mind that Change Attracts Attention.

Give your special a few days to stick, but when velocity is slow be prepared to launch a new special mid-week.

This strategy should be used for preleasing and renewal specials alike.

Procedure (HRA Way!):

There are endless opportunities when setting special strategy, but it’s important to understand how these different strategies will work in your market.

Here are some best practice recommendations:

• Be prepared at the beginning of the week to launch a flash special if needed. Have this approved by your Manager/Regional Manager so that you can pivot quickly and effectively.
• When extending your special, find new ways to word it in your marketing. Here are some examples you can word a $200 concession special:
  • $200 Signing Bonus
  • Receive $200 Off Your Move-In Costs
  • Save $200 On First Month’s Rent
• Setting the special for 48-Hour Look n’ Lease helps to create urgency with your prospect.
• Throw out “Loss Leader” specials on your longest sitting vacant apartment to drive your leads there.

How do you know if a special is successful?

• Set weekly leasing goals by using your property’s historical velocity chart (Source).
• Watch your competitors with the Market Survey to see how the market is affected that week and what specials they are running.
• If you're tracking your renewal specials, use the Renewal Evaluation from Horizon Student Renewal Plan.