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Thread: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

  1. #1
    annek is offline Member
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    Default $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    In a competitive geography where you are competing with National chains w/$1 specials and fighting the tide of lowered occupancy rates, what specials if any get the most response or better tenants? I think you have to do some special to compete with the big dogs.

    I've heard people complain about the quality of tenant attracted by a $1 special. I worry about folks who get the 1st month free with only a month-to-month agreement. And, some discount programs get confusing to explain or for prospects to understand.

    I think the Free Truck is great because it makes it really easy to get move ins. Does it help get good tenants?

    What's working really well for you? And, what didn't?
    Anne Kenney
    Bullseye Marketing

    Follow me on Twitter: @bullseyemktng

  2. #2
    DebT's Avatar
    DebT is offline Senior Member
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    I don't honestly think that you can say that anyone thing will 'work' with every or even nearly every customer. I do believe you must have 3 things: A super clean, attractive property with excellent security features; competitive pricing; and a whole hearted belief that what you are selling is the best property around. With those 3 things you can counter the $1 specials with minimal give aways. I don't have a truck, and I don't believe in giving away the store, and neither does my biggest competitor. We do have plenty of the 'big guys' chains who are offering all of the specials around us. Yet, the property continues to grow and continues to prosper. There is a certain segment of society that will demand the $1 specials, and/or go for the very lowest price around. But those tenants get what they pay for, and don't necessarily make the kind of tenant I want anyway. I do find that having a really flashy 'special' for a couple of sizes will help to bring the customers in, but they just as often change their minds and go for the higher priced unit, with better amenities. Curb appeal is more important in the end than $1 specials, and warm, friendly service meets or exceeds a truck nearly every time.
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    annek is offline Member
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    DebT - I agree with you, generally, that you don't have to constantly discount to attract tenants though most folks are not just looking for the cheapest price but are intrigued by a promotion. And, trying to do something different when the "big guy" is literally next door.

    I'm curious about location making a difference - urban populated area or suburban area? Lots of units or a smaller property? I contend larger properties struggle because there's always lots of units to rent. What's your take?
    Anne Kenney
    Bullseye Marketing

    Follow me on Twitter: @bullseyemktng

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    Pegasus is offline Member
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    I agree with DebT, however, I have found that the FREE move-in truck has given me a competitive advantage. I firmly believe that tenants make their decision based less on price and more on your tone and personality. I know that these types of marketing concepts are difficult to quantify, however, when tenants like the people, they like the property, whether you have all the bells and whistles or not.
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    I have nearly 800 units, on a property squarely between two huge urban centers, and include standard interior, climate controlled and drive up. It is not a high tech property, but more "folksy but super clean" and I do not have a truck. We have no less than 5 PS around us, plus a couple of the local 'big guy', all more conveniently located than we are. Would I kill to have us in a better location? Yep! Would a Free Move In truck be an undoubted advantage over my competitor? Yes, but that advantage also comes with a pretty high price tag, so that has to be weighed against the success you are already having without it.
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    annek is offline Member
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    Deb T. - thanks for the great info. I kept saying "wow, wow, wow" I'm trying solve some problems and the discounting is driving me crazy in terms of finding a direction. Your owner must be very lucky to have you.
    Anne Kenney
    Bullseye Marketing

    Follow me on Twitter: @bullseyemktng

  7. #7
    Pegasus is offline Member
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    Quote Originally Posted by annek View Post
    Deb T. - thanks for the great info. I kept saying "wow, wow, wow" I'm trying solve some problems and the discounting is driving me crazy in terms of finding a direction. Your owner must be very lucky to have you.
    In every market, someone must be the highest priced space, why not your facilities?
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  8. #8
    DebT's Avatar
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    Default Re: $1 Special vs. 1st Month Free vs. 50% off 2 months vs. Free Truck

    Well, good luck and keep that smile on your face and hand extended to greet the customers, by all means, but a few dollars below your nearest competitor never hurts! LOL!

 

 
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