The Three P's

If you have taken over a community that is in the red zone or below 93% occupied you are probably feeling a little overwhelmed. I like to start with the basics. The three “P’s”
People- Talk to the staff. Ask if they have any thoughts on what is going on with the occupancy. See if you can be of a support to them. They may need tools to make their job easier or they may need some extra training.
Product- Walk the community from the back to the front. See if it’s clean. How is the curb appeal? Do you need new signage or fresh flowers planted? Walk each and every vacant unit. Make sure that the ready units are really ready. Maybe they need a touch up clean. Make a list of any items you can improve. Make a couple mini models with some really great move in gifts inside them.
Price- Next you will need to do a market survey. Check your prices to make sure that they are competitive. Look at each floor plan and square footage to make sure you are comparing apples to apples. Look at the move in special that other communities are offering. Maybe you need to make your special more interesting. If everyone else is offering a free month’s rent you can offer a $299 move in. Sometimes a price point is more appealing.

Once you have evaluated the three “P’s” and you have put your goals in place you will be able to track your success!