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How to work with deals

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  • How to work with deals

    Hey guys I am a new owner of a small facility in Alabama, the place needs to be renovated so i am currently in the process of managing the renovations along with trying to move tenets in. I have my rents a tad below market given the condition of my facility and I want to have a deal where the tenet gets his/her first month free. How do I need to structure this so I don't have tenets leave after the first month (the one thats free)?

  • #2
    They pay the 1st month and they then get the 2nd month free.
    Also, you can word it that it is a 3-month minimum stay.
    They pay the first 2 months of rent and receive the 3rd for free.

    Don't put off until tomorrow, what you can do today.


    • #3
      I don't do months free. I would rather do 2 months at 50% off than one month free. If you can't pay anything for a unit for a month, well... there's some other places down the road that will be happy to assist you.


      • #4
        Like lady said. Another way to do it is they get the first month free but have to pay in advance, no refunds, the second and even the third month at the same time. Welcome to the forum.
        "Never let the inmates run the asylum!"


        • #5
          I would not suggest 1st month free either. You will become a dumping ground. We sometimes offer the 2nd or 3rd month free with a 3 month rental. They sign a 3 month agreement with a credit card . Best of luck!


          • #6
            I like the idea of a 3 month stay minimum as lady suggested. We are still new to the industry, but in my software this was easy to set up. If they don't stay the 3 months, then they get charged full rent...
            Adam Harris
            Store More Mini Storage
            Rogersville, TN


            • #7
              We do, pay for 2 months get the third month free. Word it any way you want, but get some rent up front ALWAYS
              Dave (Woodee) Scott


              • #8
                The last property we worked had a philosophy of get them in a then get them to full rate ASAP. I had over 70 510's that had been empty for years. We did the $1 first month and filled 43. Some did not stay but most did for over three months.


                • #9
                  I do 50% first full month when I need a special. I have used 50% two months when I first opened, but really don't have a need to discount that much in my market.

                  People stay longer than they expect, so if they move in thinking they will be out in a month, so be it. They are most likely wrong. My average client stays 9 months plus so I will take gamble. I just require that they leave a card on file for auto pay, and I need to run some kind of charge on it immediately. Even if they want to pay cash for move in, I'm at least putting $5 on the card today to verify that it works.

                  Most of the time when I am doing a special it's more of a perk to get someone to go ahead with two units, or to close a deal with someone on the fence. I have not advertised a special in a long time.


                  • #10
                    The only way to prevent them from leaving after the first month is to make them pay for a second month up front when they sign up, like a "two months for the price of one" type a special. You're safer doing that or just discounting the first month rather than giving it away for free. You will attract a lot of crappy tenants with too sweet of a deal. Best of luck and congrats.
                    You can tell a lot about a tenant from his padlock.


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