Real Estate Agent · Lebanon, OH · Member since 2011 · 33 posts · 6 votes
So we closed on our first rental unit, a triplex in Cincinnati, OH. We've hired a property management company that came well-referred.
They utilize an interesting process for showing rentals to potential tenants. They allow the potential renter to "self-show" the property. Basically, they provide the tenant with the lock-box code and they can view the property unsupervised.
Is this a common practice in property management? Are there better solutions e.g. group showings, that we should suggest to our PMC to implement?
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11y
Time for a new property manager, that's just reckless and lazy. Just wait until the code goes to someone who wants to strip the copper or a squatter that decides to start moving in. You're paying the property manager for their time, they should arrange showings and be there.
Orlando, FL · Member since 2014 · 1 post · 0 votes
11y
A leasing agent should accompany a potential tenant. I'm sure you've already considered the myriad of things that could go wrong with allowing strangers unsupervised access to your property. Showing the unit should be part of any basic PM contract. Don't allow the code to be passed out to non-licensees or others you can't keep track of.
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11y
Time for a new property manager, that's just reckless and lazy. Just wait until the code goes to someone who wants to strip the copper or a squatter that decides to start moving in. You're paying the property manager for their time, they should arrange showings and be there.
Jamie, I can assure you my Property Manager goes to every showing. Also she goes of course to show the unit in person as well as to try and close a sale! They bring the application to personally hand it over to the prospective renter! They charge me half 1st months rent as well. Generally tenants have lots of questions and having the PM on site is the best way to have their questions answered on the spot...as well as take their money!
Real Estate Investor · Colorado Springs, CO · Member since 2009 · 40 posts · 24 votes
11y
I agree with the comments above. We self-manage, and my lovely wife does an excellent job of showing our houses. She not only is there to answer questions, but close the sale as Nik mentioned. My wife generally comes away with a gut feeling regarding the perspective tenant after speaking with them in person, which is an important input into our selection process that you won't get any other way. She does end up wasting time when someone doesn't show up, but the positives outweigh the negatives for us.
Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
11y
That's a TERRIBLE way to do showings. I would call around to other management companies in the area, and see if that is local custom. If not, get a new manager.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
11y
There are so many things I can think of that can go wrong with this method:
a) Person gets code, goes in and starts stealing stuff -- copper, light fixtures, etc.
b) Person goes in, turns on faucets, forgets to turn them off, leaves all the lights on, etc.
c) Person gets in, but doesn't lock up correctly and that leaves the property unsecure.
d) Person gets in, takes key with them and doesn't put it back in the lockbox.
e) Person gets in, and moves in all their stuff. Now you have to evict them.
f) Person sells the key to someone else who gets in and steals things.
g) Person gets access to the unit including the key, advertises the place as a rental and shows it to people, collects a deposit and first month's rent from someone, then disappears. Now you have people in your unit who think they are tenants that you did not place there.
These are just the many things I can think of off the top of my head.
Real Estate Agent · Lebanon, OH · Member since 2011 · 33 posts · 6 votes
11y
Thanks everyone! I really do appreciate the input and it only confirms my apprehension with that PM's policy. I know they do a pre-screening of the potential tenant, but it still seems reckless.