Community across the street offers same floor plans for $100 less!

My community is on a street with one other community. In order to get to our community, you have to drive pass their entrance. Naturally prospects will visit both. 70% of our traffic comes from drive-by and many tell us they saw our sign across from the other community. When prospets visit, they tell us we are too expensive and they can rent their for $100 or more less. Comparably the only thing we have in common is the square footage of our apartments. Our community offers full size washer/dyrer in each home, a 4,000 sqft 24-hour gym with trainer, year round pool, valet waste, and 8 floor plans to choose from. My thoughts are prospects are looking in a certain price range, therefore they visit their community first and because we are across the street assume we will be in the same price range. I need ideas how to drive the traffic to my property first.

I think I'd encourage prospects to visit my competitor first. Because if they've already seen the place across the street, they will be more ready to fill out an application while they are at your property.

It sounds like you are already pointing out what a great value your community is since you have so much more to offer!

If you are not confident when you say this, make a list of the cost of the differences to show. Gym membership, public pool access, and laundromat costs are definitely more than $100 per month. Add the convenience of all-in-one location and the value is even greater!

Also one thing to keep in mind, is that YOU do not work for the competitor. That is an advantage that your property has is that YOU are there and available to provide EXCEPTIONAL SERVICE Let them look. There must be something besides wonderful you that makes your property stand out? Cheaper price is not always best. Find out each prospect's hot button. What do they like? What do they value? Do they value a sense of community? Do they value the extra touches like package concierge service? Maybe they value being able to plant their own little garden and have it featured in the newsletter? Whatever it is, ask questions and discover and then you will know how to place your value against the other property. Shop your competition and find out what besides lower rent they have to offer. Just my 2 cents

I agree with Sherri. While price and floor plans are important, we can sometimes forget to highlight all the different aspects of value provided to your residents. For example, how quickly are phone calls and emails returned? How quickly are service requests typically resolved (24 hrs? 48 hrs?)? Do you have Wi-Fi in common areas so people can stay connected at the pool or in the fitness center? How great is the cell phone reception? Do you have package acceptance? And so on. These may seem like "little" things, but each one of them makes the prospect's life a little easier. And sometimes knowing that life is going to be that much easier by choosing your community over the one down the street is well worth the extra $100 per month!

The value of service and convenience is commonly overlooked by prospects in search of only the lowest price, but residents really appreciate it.

I make copies, send faxes, print emails, give them a stamp, notarize a document, send and receive packages, etc. Offering free services to residents all year makes a difference at lease renewal time.

My maintenance tech adds tremendous value too. He will de-ice car doors, help scrape frost off windshields, help change a flat tire, etc. Residents are reluctant to throw trash on the ground when they see the one person who was nice to them today cleaning it up.

Smiles are free too.