Rental Promotions settings allow you to create discount plans which can be added to a tenant’s ledger for a single month, multiple months, or as an ongoing discount.
To set up rental promotions settings:
- Click the Settings Tab in the lower left of your screen.
- Under the Units section, click the Rental Promotions button. The rental promotions settings screen will appear.
Adding a New Rental Promotion
- Click ⛭Edit Corporate Discount Plans. (You will be automatically redirected to the Corporate level and the Software Setting section.) Then click ⊕New Rental Promotion. The New Rental Promotion screen will appear.
- Promo Code: Use this field to provide a shortened version of the promotion description. For facilities utilizing on-line move-ins through the Rental Center, the Promo Code is the code renters will use to apply a discount to their online move in.
- Description: Use this field to provide a brief description of the promotion. This description will be what is shown to you when you select a promotion when processing a reservation, processing a move in, or applying a discount to an existing tenant.
- Public Description: Use this field to provide a brief description of the promotion that will display on your marketing website, Rental Center and other integrated third parties.
- Discount Type:
- Rate Modification: Rate Modification is an indefinite promotion that changes the rent rate of the tenant. For example, if a 10% military discount is set up as a rate modification promotion and applied to a tenant renting a $100 unit, when this promotion is applied to the tenant's rental, their rent rate is modified to be $90. Their invoice will list their rent rate as $90. Their lease and any other documentation generated by storEDGE will list rent as $90. The Rent Roll report will list the rent rate as $90 and the Economic Occupancy for the facility will be calculated based on a $90 rent rate for this unit.
- Promotion: Promotion is a discount that can be a set number of months or recurring forever but does not change the rent rate. For example, if a 10% military discount is set up as a standard promotion and applied to a tenant renting a $100 unit, when this promotion is applied to the tenant's rental, their rent rate remains $100. Their invoice will list the rent rate as $100 with a $10 discount applied to net a total amount due of $90. Their lease and any other documentation generated by storEDGE will list their rent rate as $100. The Rent Roll report will list their rent rate at $100 and the Economic Occupancy for the facility will be calculated based on a $100 rent rate for this unit.
- A number of months: Selecting this option will cause the rental promotion to only be available for a limited number of months. Choose this option if you want the promotion to be active on a specific month (ex: 6th month at 50% off). This option is only available for standard promotions.
- Recurring: Selecting this option will cause the promotion to always be applied to a tenant’s unit for the duration of the tenant’s stay.
- Required Length of stay: Checking this box requires that the tenant stays for a set number of months in order to receive the benefit of the rental promotion. If the length of stay requirement is enabled and the tenant moves out prior to fulfilling the requirement, the discounted amount will be charged back to the tenant as an Early Termination Fee. Use the drop-down menu to choose the number of months.
- Prepay Required: Checking this box requires that the tenant prepays for a set number of months in order to qualify for the rental promotion. Use the drop-down menu to choose the number of months
- Effective Dates: These fields allow you to select the date on which the rental promotion will become available. Note that a starting on date is required, but an ending on date is not.
- Round to Nearest: This drop-down menu allows you to choose the amount the tenant’s charge pre-tax will be rounded to. Choose from $0.10 to $10.00.
- Additional Details: Checking the “Hide from API” box prevents the promotion from being shown on your storEDGE website, Rental Center, and other integrated third parties.
- Facilities: Select which facilities are allowed to use the promotion.
- Tenant Account Type Restriction: To limit which type of tenant is allowed to have this promotion, choose from the dropdown list. For example, if you create a 10% off military promotion and you want to hide the promotion from all non-military tenants, select Military from the dropdown list.
Examples of Common Rental Promotions
1. Prepay 6 months to get the 7th month free.
Important note: The Prepay Required field needs to be set to 7.
2. First month's rent is free (for facilities that bill on the first of the month).
3. First month's rent is free (for facilities using anniversary billing).
4. 10% off for military personnel. This example is a Rate Modification promotion which will show the tenant's rent rate as the reduced amount in reports.
5. 10% off for military personnel. This example is a standard promotion which will show the tenant's rent rate as the pre-discount amount in reports.