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Landlording: Scheduling Private Showings

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When it comes time to schedule showings for prospective tenant applicants, one thing that I like to do is avoid open houses. For starters, open houses are extremely time-consuming, and unless you outsource the task, you might find yourself having to allocate 3-4 hours to a single day. Further, open houses are random in nature, and there’s no telling how many people will walk through the door… As we all know, sometimes perception is more important than reality! The last thing you want to do is create an aura that your home is undesirable and there’s absolutely ZERO interest from anyone!

Private Showings

Since I don’t want to waste an entire day and leave things to chance, I’ve started utilizing a different approach to tenant showings — I like to schedule my own private showings around my own calendar.

By doing it this way, I take out all the guess work. So, when my alarm goes off the day of the showing, I can head towards the property already knowing exactly how many people will be showing up and attending that day.

Jam Packed

The most effective technique that I’ve employed is this — I intentionally try and squeeze as many showings around the same time slot as possible.

Ideally, I’ll be able to peg 5-6 prospective tenants at the same time, say the 5:00 to 5:30 PM time slot. That way, it is unavoidable that these people bump shoulders with one another… All part of my “sales tactic”. 😉

That, and I can churn out 5-6 showings in just 30 minutes. That’s the kind of efficiency I like!

Let the People Interact!

With Rental Property SH #3, there was an occasion where I was engage in a lengthy conversation with one interested party, when another “conveniently” arrived, causing me to pause the conversation and answer the door. Upon walking in, the just arrived couple uttered out, “You have a beautiful home here! I am absolutely in love with the floors!

+10 points. I couldn’t have scripted that response (or timing) any better myself!

I told the couple to have a look around, and to let me know if they had any questions. As I focused my attention back to the original party, I could now sense some anxiety rising in the air. The woman responded back, “Thank you so much for your time. I’ll be sure to send you over an application first thing when I get back home later tonight.

I’m not sure how “sold” she was on the home prior to the couple arriving, but funny enough, as she walked out the door, yet another party arrived!

The Salesperson

In the end, it’s all a game revolving around the human psyche… As an engineer, I can’t say this stuff comes natural to me, but to succeed in business (real estate), you’ve also got to learn how to approach things from a salesperson’s point of view as well…

Your property is HOT stuff! Flaunt it and let the whole world come and see… Videos, pictures… Go ahead and post it on social media if you’d like!

I’m slowly learning, and I feel like these subtle actions are making a difference. I can’t say for certain how much these little techniques are helping… but I’m definitely getting better results with them, so I don’t think that they are hurting my chances.

When the day was said and done, I had more than a few applications appearing in my inbox…

The perception of interest (from other people) creates value in a home, which is what sells it. When you are sourcing a unit, this is your single most powerful ally and one that significantly magnifies your odds of success– perception becomes reality.

 

Your home is beautiful.

Your home is desirable and coveted by many people.

Therefore, your home has value.

 

You’re creating a seller’s market for your product; there’s more demand than there is supply.

 

And therefore, you win!

{ 9 comments… add one }
  • Income SurferNo Gravatar May 17, 2015, 3:54 pm

    Nice technique Fighter. Perception is more important than reality in the sales arena. Similarly, I’ve found it’s easier to sell a boat out at the sandbar…..when we’re all standing around with a drink in our hand. A friend of mine collects specialty cars, and works the same angle when displaying at specialty car shows. Gather a crowd, give the appearance of fun, don’t have a “for sale” sign 🙂
    -Bryan

    • FI FighterNo Gravatar May 18, 2015, 4:02 pm

      Bryan,

      Alcohol can help a person sell just about anything, can’t it? 😉

      Yup, it’s all about creating some sort of mystique, or aura, or vibe with whatever it is that you’re selling. When you can get a group of people together to go with the hype, it makes selling infinitely easier…

      It’s worked so far, so I’m going to stick with it.

      Cheers!

  • MikeNo Gravatar May 18, 2015, 10:16 am

    Nicely done! Veteran PM move. Definitely more efficient as you get the more serious perspective tenants this way.

    • FI FighterNo Gravatar May 18, 2015, 4:03 pm

      Mike,

      Yes, it’s definitely a great time saver and it helps me get to the point.

      So far, I’ve had great results.

      All the best!

  • NickNo Gravatar May 18, 2015, 11:44 am

    I utilize the “jam packed” technique as well for my student rentals. Works great for creating competition between prospective tenants! It’s always great to have two groups “fighting” over a unit.

    • FI FighterNo Gravatar May 18, 2015, 4:04 pm

      Nick,

      Definitely, it’s a wonderful feeling to know that you have a desirable piece of property and people are willing to fight over it…

      I don’t own any student housing units, but I can only imagine how fierce that can be… I sure don’t miss those college days when we had to go house hunting just about every year…

      Take care!

  • No Nonsense LandlordNo Gravatar May 18, 2015, 2:08 pm

    I generally schedule showing my properties 15 minutes apart. Since they have ‘live’ tenants in them, I do not want too many people milling around in someone else’s home.

    I also pre-screen tenants so I do not get too many un-qualified people in the unit.

    • FI FighterNo Gravatar May 18, 2015, 4:06 pm

      Eric,

      Yes, I forgot to mention that my strategy applied to vacant units… It would be tougher to jam pack a crowd into a unit if there was a tenant present… probably best to schedule a showing when the tenant wasn’t around.

      Take care!

      • No Nonsense LandlordNo Gravatar May 18, 2015, 8:13 pm

        I let the tenants know, and I tell them to hide anything that is illegal or embarrassing. If they are home, they often help sell the unit. They can say how the area is, how I am as a landlord, utility costs, etc.

        Plus, if the existing tenants look like normal working people, the new normal people are not worried. i.e. younger females like to make sure it is safe.

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