Open houses are a great way to generate interest as well as some urgency when it comes to renting your properties. They have been used by real estate agents for decades because they work, sort of. They say between 4-10% of sales contracts are a result of open houses. However, for rental properties, there are other benefits.
First, let’s start with the basics. You must be prepared for a successful open house. Be sure to arrive early and setup in time. The property should be show ready. Meaning, fully cleaned, carpets shampooed, painted and all maintenance issues fixed. Remember, you want the best tenant and the best rent that you can get.
First benefit, you can consolidate your showings into a single trip and afternoon. It also can help generate some ‘buzz’ around your properties. To do it right, you need to plan well and advertise so that you have a good attendance. That is important to create the sense of urgency.
Keep in mind, if you have multiple rental properties, an open house can generate possible tenants for your other properties if the open house property doesn’t work out for a specific tenant.
Be prepared to have information on your other properties that you can hand out. Let’s face it, your open house property may be too small, undesirable layout or many other reasons why it won’t suit all tenants. Talk to each one, ask them what they are looking for and if this is not the right property, be ready to provide them information on your other properties.
Giveaways and Neat To Eat Sweat Treats
Everyone likes a chance to win a drawing or raffle. Most everyone also likes sweats. Combine the two and you will have more name tags to fill out than a multiple personality conference.
Finally, be ready to accept applications immediately. Use your online property management software to let the applicant complete the application on the spot. Depending on your foot traffic, you could qualify them, run the background screening, create a lease and accept initial payment on the spot. Of course, this is assuming you are using a property management software.
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