Move-in guarantee?

We're considering inaugurating a 30-day move-in guarantee with few, if any, stipulations ...
and wanted to find out the experience of other companies with similar programs. Do you
think it helps you attract any residents you wouldn't have otherwise secured? How often
do new residents vacate under the guarantee -- and what are the most common reasons?

Well, you get the drift. Any thoughts or comments most appreciated!

Jeff Kole
Kole Management Co.
Savannah, GA.

Hi Jeff,
We've used something similar at my company off and on over the years. It works a little bit differently, but the sole purpose is to secure an application from a prospect that may be hesitant.

Many of our communities do not have model apartments, so the apartment we show is usually the one that someone moves into. As you can imagine, this can be difficult for preleasing and at times, we just don't have anything at all to show - but we may have something to rent.

So, we use what's called a 'Fearless Guarantee' - and here's how it works:
If someone rents an apartment, sight unseen, we will refund any monies paid if they do not absolutely love it when they are finally able to view, no questions asked.

However, should they sign the lease and accept keys, a refund is no longer an option.

At the time of application, we do have them sign an agreement outlining the fine print of the whole thing, but it's a tool our Managers have available to them that gives a little piece of mind. Mind you, if someone cancels without even viewing the apartment they are scheduled to move into, standard cancellation policy applies.

I can honestly say that no one has really ever requested a refund after viewing. Our Managers do a great job of ensuring that there is consistency in our readies, and selling the community.

So, it's a little bit different than a 30-day guarantee, but it's in a similar arena. It's a pretty nice marketing tool. Maybe it helps?