One of the biggest headaches for any landlord is finding the right tenants. Many income property owners are tempted to settle for an under-qualified applicant out of fear of having a rental unit sit vacant. A technique traditionally used by real estate agents when selling a home may also help you find the perfect tenants.
The Advantages of Hosting a Rental Open House
A well-advertised open house can set you apart from other rental options. Not only do the guests get to tour the property first-hand, but a crowded event showcases the desirability of the property and encourages potential renters to act quickly. It also gives you a chance to gather contact information that you can use to publicize future openings leading to a faster unit turnover. You can also direct the majority of your showings to the open house. This generates a better crowd and helps you keep your evenings free.
Attracting Guests to Your Open House
The first consideration is scheduling. The best time for an open house tends to be Saturday and Sunday between 12 p.m. and 3 p.m. At the very least, make sure you schedule at a time when the majority of people are off work, and you can stay open for 2 to 3 hours.
Be sure to advertise through every available channel. A specialist from Rentec Direct recommends that landlords who own multiple units invite current tenants to the open house. This will give prospective renters a chance to meet your satisfied customers. Send out notifications and pictures of your property to online marketing and social media contacts and ask them to share the information. Of course, you should also ensure there is plenty of signage throughout the neighborhood and nearby busy streets directing people to your property.
Preparing the Property
The day of your open house, you should make sure the unit is in pristine condition. Any slight imperfection will give potential tenants room to negotiate on the price. Don’t forget to bring plenty of applications and a sign-in sheet so that you can get contact information for your guests. It is also a good idea to have a few snacks on hand for your guests. This will encourage them to linger and allow you to engage them in conversation.
You should never host an open house by yourself. Having a friend or family member with you will provide extra security. They can also help field questions from the guests.
Finally, don’t forget to send a quick email follow-up to all your guests after the event. Be sure to give them a firm deadline on when you will be reviewing applications. This may encourage someone who is undecided to act.
Written by Emma Sturgis for www.RealtyTimes.com Copyright © 2016 Realty Times All Rights Reserved.