Short Term Property / Company Goals

With our typically hyped "doom and gloom" season looming... the season where we feel stuck with our vacancies until the sun shines again... what are your companies or properies doing to step up the game? what type of programs, incentives, initiatives have you put into action to create some action and build your occupancies?

This year we are having a referral program...

The resident referring a qualified applicant (and once a lease is signed) gets a $100.00 gift card to the place of their choice...

Last year, we had a cookout for Labor Day (planning ahead) and we told the residents to bring one guest they would love to have as a neighbor...If the resident brought a guest, they got their name in a drawing for a door prize (if the resident won, so did their guest) and if the guest completed an application, the resident's name went into another drawing...for a $50.00 gift card...if the guest goes on to sign a lease with us, then the resident automatically got $100.00 gift card...so the resident had the chance to win $150.00 plus a door prize...We rented 4 of the 5 units we had come vacant from this cookout...

Fantastic ideas, Christine...What are you planning for the next few months?

Hi Tara...

Yesterday, we had a costume parade for the kids in the early afternoon (so they could still go trick or treating later)...so that all my residents could participate (I have a family property, with about 35% of elderly households mixed in) the residents were allowed to enter up to 5 children(this way the children on the property participated and I had other resident's nieces, nephews, grandkids, etc from off the property which brought in their families, etc to watch...we had asked 5 people from our town (store owners, bank teller, police officer, etc) to be judges and the children walked through the parking lots for the residents to see and they ended up at the office where my staff handed out small bags of candy to all the children (animal crackers to the younger ones)...

Then the judges gave us their top 3 winners and each of those children got prizes...$30.00, $20.00 and $10.00 gift cards...

And then we also gave out a prize to the best adult costume (which was a $25.00 gas gift card that was donated by a local gas station)...we had 63 children participate and in the 2 hours it took to have the parade, hand out candy and prizes we had handed out over 20 applications to the complex. I don't know, yet, if any of them will be turned back in, but all of them specifically asked for an application, so I hope that means they really do want to live at the complex. We also had an "activity" list that gave a little information about the complex and some of our past activities/contests that we've had...

We are planning a Winter Party for mid December, I'm still in the planning stages for that...I know we will be doing these activities over a few day span. Right now we are planning on having a few different (easy) crafts scheduled throughout one day...some for adults and some for the children...Then we will have a lunch one day where I will have soup and sandwiches and give away some door prizes...I always try to find ways for those residents that work during the day to participate...So there will also be a door decorating contest, and then we will end with the Winter Party...We ask the residents to bring in a small gift (under $5.00), wrapped and if it is more for a guy/gal to let us know, but we try to get them to bring in something anyone could use and then we hand out gifts (we always have a few gifts on hand just in case we don't get as many gifts as we have people)

I like to make sure I do something each year just for the residents, so they don't feel like I'm always using them just to get other residents so that is what all of this will be...Everything we do is just for the residents during this time...

What if we did all this stuff during the busy season? Would we stay full during this, so called, slow time? Something to think about. While I understand it's important for you to not have a slow winter, I'd rather see companies/teams working on what they are going to do next year to kick off their leasing season and have the best summer ever. Makes more sense to me to put more effort into that time frame than the slow months, but if you're desperate then I say pull out all the stops this time of year. I think any idea is a good one if executed well.

Mark - I would assume, based on your reply, that you are not one of those "desperate" enough to try the above mentioned ideas, which is awesome. However, for those of us out there who have one or more apartments to fill, we're willing to try anything regardless of the time of year.
But, since I have you, what has J.C.Hart changed in the last year or 6 moths? Incentives? Income/credit criteria? Forgiveness of delinquent rent / forecosures / bankruptcies? I guess I'm asking what companies are doing to keep up with the continuous and evolving issues of our prospects and the need to fill vacancies (while still saving money)????

Mark...

I do not concentrate ONLY during the slow times on renting units...I try (budget providing) to do activities with and for my residents throughout the year...However, I've been at my property long enough to know which time of the year is my slowest on getting applications and having vacants, so I try to get as many people on my property for some fun activities in hopes they will rent...during those times.

I give move-in gifts, we will be starting 2010 off with renewal gifts and then in between I will be doing cookouts / pot lucks, contests, birthday activities, newsletters, games, and whatever else I can think of to keep my units filled...

I'm happy for you if you aren't like me and have to worry about vacants, I wish I could be so fortunate, but I'm not...My affordable housing complex is in a small town with even smaller incomes...my vacants aren't always based on them wanting to leave, but on them not being able to afford to stay...because of my efforts, I have many residents who wish to return to the complex when they are better off financially and looking for housing again...

I hope in this economy, your complex continues to stay full, so that you don't have to try and figure out how to bring in renters during a slow time...

Sorry, didn't mean to say that you guys are not doing all you can during the busy times. I suppose what I am suggesting is that I'd like to see better planning. I honestly believe we had a strong 2009 because of our planning. In years past we were more reactive to the market, and we did not have as solid a game plan. Even this year we missed a number of things we should have had a better plan for. However, from what we are hearing our income and occupancies are outpacing our competition and our outlook over the next 60 days is pretty steady at most properties. We have a couple struggling properties, but as a whole we've had a successful year given the challenging economic conditions.

Yes, I believe anyone can go out any time of year with some extra hustle and do extremely well, but that can be hard to do and is short-lived. Planning now with a bigger picture plan, leasing goals, marketing strategy, incentive strategy, promo strategy, outreach strategy, etc., etc. will pay off in 2010. It's tough to get caught up, but in the long run you'll have a much better strategy to maintain. Maybe easier said then done, but we're just a small regional company and I think if we can pull it off anyone can.

Mark - I get your theory... like the old parable of the ants vs. the grasshopper preparing for winter. The preparation is the key. My issue is that what I've seen of various properties and companies, their long term preparation was less than what they now realize it should have been. So be it. Unfortunate, but it is what it is. The key element is now what to do with it. I think it's great that J.C. Hart is above water and paving the way. If you stayed ahead of the market instead of reactive to it, what did you guys do that made the essential difference? Teach us, oh marketing nerd... No, seriously, divulge your secrets.

Mark...

I'm with Tara...I'm ready to learn...teach us...please...

OK, I had a response all typed up and when I submitted my login timed out and now I have nothing. Long story short. Focus on company Core Values. Here's ours homeisjchart.com/media/homeisjchart/EMPLOYMENT_shiningstar.pdf .

If you're not managing your lease expirations then I recommend you begin doing so. I can send you a spreadsheet I've used in the past to calculate percentages.

Color outside the lines with your marketing, and don't accept things for what they are. Keep challenging the status quo.

Invest in technology that you can build upon.

If you ever have anything specific you'd like some thoughts on I am happy to share my ideas. Email me at [email protected]