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.)
- Click ⊕New Rental Promotion. The New Rental Promotion screen will appear.
- Use the following fields to customize your promotion before clicking Save at the bottom right of your screen.
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.
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.
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.
Select whether you'd like this the discount to be a rate modification or a promotion, and whether you'd like to to be recurring or .
- Rate Modification: Rate Modification discounts are promotions that make a one-time change to the rent rate for 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 $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. The Rent Rates by Tenant report will list the ACT RT and the PAID RT as $90 and show you the discount is applied but is $0 because the rent rate absorbed the discount. If you increase the rent rate for the tenant later on through Yield Management or Revenue Management tools, the promotion will still be listed on the tenant's account but it will not actively discount the monthly amount charged. For example, a year after the tenant moved in at the $100 rate which was discounted to $90, you raise the rent on all units in that unit group by 5%. Every other tenant will pay $105 (100x1.05) for the unit and this tenant will pay $94.5 (90x1.05) for the unit. If you raise the rent for all of the units in the group by $5, then every other tenant will pay $105 (100+5) for the unit and this tenant will pay $95 (90+5) for the unit. The Rent Rates by Tenant report will show the promotion is still applied but the discount amount will be $0 since the original rent rate absorbed the discount. Rate Modification promotions are not traditional discounts and should be used with caution.
- 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.
Typically you'll check the box next to Available to all users with Apply rental promotions permissions but if you want to restrict which users can apply this promotion, leave that box unchecked and select either the category 1 or category 2 radio button.
When using the category 1 or 2 options, create a user role that gives permission to apply a category 1 or category 2 promotion.
- 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
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.
Channel (Where do you want this promo to display?)
Promotions can be passed from storEDGE to your 3rd parties via the channel checkboxes. Any 3rd parties you've turned on in API who have read access to discount plans will be listed here and you can check the box next to any to which you want to pass the promotion.
Checking the “Hide from API” box prevents the promotion from being shown on your storEDGE website, Rental Center, and other integrated third parties.
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
Prepay 6 months to get the 7th month free
First month's rent is free (for facilities that bill on the first of the month)
First month's rent is free (for facilities using anniversary billing)
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.
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.