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Incentive bonus?

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  • Incentive bonus?

    My wife and I manage a new 423 unit facility that opened last August. When we opened the owners gave us a $ bonus for every unit rented. We discussed that once we were full we convert the bonus to something else incentive based since there would be few units left to rent. The owner challenged me to come up with a new incentive plan. We are currently over 85% occupancy and will probably be full by July so the time has come.... Anyone have any ideas. I would think something based on collections and cleanliness would be good but something out of the box could also be interesting. I appreciate any feedback we can get!
    Last edited by crsw2468; 13th June 2018, 01:34 PM.

  • #2
    We get a quarterly bonus based on how much better we did from last year and if we've sold half of our move ins, insurance.
    I was born to be wild, but only until about 9:00 pm.

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    • #3
      As someone who owns and manages, I would suggest setting a goal for maximizing rate increases and minimizing aging receivables. Box/lock/moving supplies sales are also opportunities for sales growth, but admittedly minor compared to the real answer which is add on to the property or find a satellite location.

      Steve

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      • #4
        I get one for paid occupancy.

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        • #5
          Maybe a bonus based on how many tenants you sign up for automated payment on a credit card, or number of leads actually converted to a tenant, or merchandise sales is also an idea.

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          • #6
            Y/Y increase

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            • #7
              I get 1% of the monthly total sales figure...lock sales, late fees, new rentals, regular monthly payments. If I've collected money for it, I get paid for it.
              Too many freaks, not enough circuses.

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              • #8
                Thank you all for your suggestions.

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