40 E-mails, 5 RSVP's, 0 Actually Show
Architect · Tacoma, WA · Member since 2015 · 68 posts · 28 votes
40 E-mails, 5 RSVP's, 0 Actually Show
Most Popular Reply
Investor · Denver, CO · Member since 2015 · 570 posts · 521 votes
10yOriginally posted by @Caroline Hedin:
I have responded to more than 40 e-mails.
For what it's worth I don't ever correspond with potential renters via email or text, they have to phone call me so I can talk to them to set up a showing (which will be a group showing - and it will be a group showing that they don't know it will be until they get there and discover it for themselves by seeing other potential renters there at the same time, we never ever do an open house, and especially never on a weekend, if people aren't interested enough to set a specific appointment to look at the place I don't want to waste my time with them). You might want to try it. Email and text is too anonymous, plus you can tell a whole lot more about a person by speaking to them. Taking control of the situation eliminates all the time wasters. You're a bit way too 'customer oriented' in the way you're showing your property for me. I prefer to control every aspect of it and maintain methods that are super productive and minimize my time involved.
69 Replies
- Investor · Dallas, TX · Member since 2016 · 60 posts · 65 votes10y
Originally posted by @Mike F.:
Originally posted by @Edwin Williams:
Why not hire a Property Management Company to find the tenants; they normally charge a one month fee. You pick the tenant, they do the showings and it saves you a lot of time.
I'd like to see some statistics of turn over rates and profitability of rental units of self-managed versus property management company managed. I can only guess the results based upon all of the different property owner's stories I've heard over the years crying the blues about their rentals, with the common denominator being they aren't self-managed.
If the PM and the owner have the same criteria there should not be an issue. If the owner allows the PM to select a tenant with a criteria that the owner is not happy with there's going to be some finger pointing when things go south. I think a good PM saves time which is money. Instead of screening each tenant screen the PM, get on the same page and use your time somewhere else. Each month that goes by its $800 plus your time. You can still look for a tenant even if you have a PM but the PM should have a wider reach and a team to spread the work around.
- Brooklyn, NY · Member since 2014 · 23 posts · 5 votes10y
Originally posted by @Mike F.:
Originally posted by @Caroline Hedin:
I have responded to more than 40 e-mails.
For what it's worth I don't ever correspond with potential renters via email or text, they have to phone call me so I can talk to them to set up a showing (which will be a group showing - and it will be a group showing that they don't know it will be until they get there and discover it for themselves by seeing other potential renters there at the same time, we never ever do an open house, and especially never on a weekend, if people aren't interested enough to set a specific appointment to look at the place I don't want to waste my time with them). You might want to try it. Email and text is too anonymous, plus you can tell a whole lot more about a person by speaking to them. Taking control of the situation eliminates all the time wasters. You're a bit way too 'customer oriented' in the way you're showing your property for me. I prefer to control every aspect of it and maintain methods that are super productive and minimize my time involved.
I agree with this totally. I've found that there are alot of people who just want to window shop or dream . I value my time so screening is imperative from the beginning. "Either you will train your tenants or they will train you'' - John Schaub .
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Caroline Hedin I have never personally tried to rent a place I delegate that joyful task.
but there is a reason the airlines over book.
I did spend my first 12 years selling real estate which in essence is the same.. IE set appointments and meet folks to show them property...
the farther the appointment time is from when you first spoke to them the higher the no show rate. and I ALWAYS reconfirmed.. I would never engage anyone with a TEXT I wont' answer test messages because I don't know who they are.. I might in e mail.. sales is belly to belly I want to talk to them.
So in your instance if your advertising for this.. I would do as stated and double or triple book I would then the day before or the morning of call and reconfirm..
Here is what you will get when you reconfirm.. those that say sure we will be there 80% will show up.. those others will say this verbatim... """ O great thanks for calling I was just going to call you and let you know we can't make it..""" When in fact they would never call they would just no show... 1 in 1000 would call you to cancel. at least that's my sales experince
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes10y
Originally posted by @Edwin Williams:
Originally posted by @Mike F.:
Originally posted by @Edwin Williams:
Why not hire a Property Management Company to find the tenants; they normally charge a one month fee. You pick the tenant, they do the showings and it saves you a lot of time.
I'd like to see some statistics of turn over rates and profitability of rental units of self-managed versus property management company managed. I can only guess the results based upon all of the different property owner's stories I've heard over the years crying the blues about their rentals, with the common denominator being they aren't self-managed.
If the PM and the owner have the same criteria there should not be an issue. If the owner allows the PM to select a tenant with a criteria that the owner is not happy with there's going to be some finger pointing when things go south. I think a good PM saves time which is money. Instead of screening each tenant screen the PM, get on the same page and use your time somewhere else. Each month that goes by its $800 plus your time. You can still look for a tenant even if you have a PM but the PM should have a wider reach and a team to spread the work around.
And then there is reality. Most PMs don't want the owner's input. They have their 'system'. They can place tenants better than owners anyway. After all, they are the licensed professional. Just look at the management agreements brokers use. That document puts the broker in control, not the owner. The broker will put someone in the property regardless of what the owner says.
And if the broker allows (after owner signs the standard management agreement) the owner to provide input, and owner says 'no' to prospects... I can predict what will happen. After a month, the owner will say... 'where's the lease? What's the problem?' And the broker will say "40 E-mails, 5 RSVP's, 0 Actually Show." It's not their fault.
Reality in using brokers. Most focus on commissions based on sales, not rentals.
And that's why so many self-manage...
- Real Estate Broker · Toledo, OH · Member since 2016 · 58 posts · 38 votes10y
Rod has given the best advise here for any market of renters. I have a property management company so we have certain people designated to complete certain procedures before we show a home. The first is when we get an email, we don't email back, we make the call and do a pre screening. (And yes people lie on the pre qual and sometimes don't qualify.) But it makes people walk through certain steps and some won't waste our time. Second, our employee that does the pre qual then sets an appointment for our showing agent. Our showing agent does the 1/2 hour call ahead and if they do not answer or call back within 15 minutes we do not go out. And yes some people confirm and still don't show but it does eliminate some waste of time. In our market we do not do open houses for rentals they are worthless. (Many times it's just people scoping out the house for the plumbing). We never give a potential tenant a lock box because well, we wouldn't have a furnace and plumbing left. But we are a licensed management company so we do have to function with strict regulations.
Make the phone call. Have a list of questions that don't violate fair housing laws and ask every potential applicant the same questions every time. Our main questions that we are concerned about are....
1. when do you expect to move in (if its not within 30 days we encourage them to call back when they are ready)
2. have you ever been evicted? (we do not allow any evictions)
3. Do you have funds available for first months rent and security deposit?
4. Do you have a criminal record that includes drug charges or violent felonies, sex offenses?
There are many more questions about 15 of them, but those are very important and when we notify people of what will disqualify them, they are less likely to waste our time on setting a showing.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Caroline Hedin think also about your doctor or dentist calling you the day before your appointment... reconfirming is their lifeblood.
- Real Estate Agent · Austell, GA · Member since 2014 · 232 posts · 74 votes10y
I would try a combination of requiring them to fill an application first (provided you have pics of EVERY room in your listing), and making a bonafied showing appt for everyone at the same time. Good luck!
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes10y
I don't do open houses either. It seems to me that many of the people just want to know the address. I usually try to show only once or twice a week, I'm not showing every day for people at random times. I like one weekend showing and maybe one evening showing (5 or 6PM). I give everybody the same time (appointment) like 3pm SAT or 6PM Wed. I show up about 10 minutes early, often times there are people there before me. And I stay about 15 past appointment time, then I leave. If you're more than 15 minutes late, you're probably not the tenant for me.
I try to put details in the ads plus pix. I want the ad to answer their questions. some people have the opposite opinion and want to have people call/email. My ads always have the rent, utilities the tenants pay, amenities, appliances, schools, security deposit, length of lease, type of heat (gas, electric, oil) central air, fireplaces, garages, off street parking, who cuts the lawn and shovels snow (hint its not me), credit and criminal checks, and neighborhood highlights like busline, and police station in the next block..
- Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes10yI had good luck with a Tuesday evening open house last May. 7-8 visitors in 2 hours and 4 applications. I think February is a more difficult time to rent and people have plans on Friday night.
- Architect · Tacoma, WA · Member since 2015 · 68 posts · 28 votes10y
A lot of good information here. I have felt overwhelmed renovating 3 homes and running my firm with only part-time care for the baby so I suppose my lack of desire to spend the time calling people who just sent me the canned e-mail in response to the ad that has photos of every room, a list of everything in the house, a breakdown of move-in costs including the total, a list of qualifications, etc. etc. etc...led me to send a canned e-mail back saying thanks for your interested, we're having an open house...I should have known better.
Hindsight is always 20/20. This point forward I'll call each of them, ask them a list of questions, and ask if they're available on Tuesday or Sunday for a viewing then stack 3 at a time 15 minutes apart. It sounds like it's going to be the best way to move forward.
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes10y
I don't make the appointments 15 minutes apart, I want them to come at the same time so they know that there is competition for the place that they are NOT the only prospect. The more the merrier.
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes10y
You should see what happens when 10 people all show up at the same time for the 1 place available!
- Real Estate Broker · Chicago, IL · Member since 2015 · 531 posts · 266 votes10y
It really depends on your market. In some areas all you have to do is put a sign in the window and your property will rent in lightening speed. Sometimes it pays to hire a broker and pay the commission because as you know, renters can be extremely flakey.
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes10y
@Caroline Hedin good timing for your post:) We had an open house today for a rental coming available March 1. I thought we would be mobbed but was wrong. I had probably 20 contacts prior to open house. We set the open house from 11AM-noon only. I did this for two reasons: to create a sense of urgency, and also because I live 45 miles south of the rental. We had four people show. Out of those, we did get 3 applications so I was happy with that! Though happy with the results, I do wonder if I did something wrong! My next vacancy is coming June 1, and that may be a higher demand time. Thoughts?
- Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes10y
I apologize if this has been mentioned elsewhere in the thread but I couldn't peruse the whole thing and wanted to offer one tweak which helped improve our "show-up" rate. Simply don't tell them its an open house. Schedule "showings" all at the same time. This way its an open house to you but an appointment to each of them.
- Investor · Chicago, IL · Member since 2010 · 76 posts · 55 votes10y
I do the 2 showings per week (usually 1 weekend mid day, and a Tuesday or Wednesday evening).
I put in a lot of pictures and all details in the advertisement, including the showing times. I find about 1 in 3 people who contact me will actually turn up. Most people equally do not read the advertisement, and call/email/text asking questions that are already answered.
I have been finding (not sure if it is coincidence or not), that most of my renters have come through on their own (turn up 10 minutes early, or a little late). Some people when they see a crowd, don't bother to put in an application.
For my next opening, I am considering how to balance not wasting my time, and splitting up people who view the apartment, so valid renters don't get scared off. Perhaps making appointments in 5 minute increments, rather than an open half hour.
- Contractor · Queen Creek, AZ · Member since 2014 · 155 posts · 37 votes10y
I don't answer to emails or text, potential tenants need to speak to me by phone, I than tell them to drive by the property and if they are still intersted to give me a call to set an appointment, I than make the appointments all the same day and usually 3 out of 5 show.
Wishing you success;)
- Investor · Mc Lean, VA · Member since 2015 · 75 posts · 48 votes10y
After having run into a couple of no-shows I changed my tactics. Some have mentioned a few. Here is my cocktail approach, I add procedure to the ordeal.
Obtain phone numbers for all of the potential tenants.
Inform the applicants that you are arranging for someone to show the property.
Contact applicants with a time, and inform them that you have (how many other groups coming). I never schedule less than three groups.
Schedule all showings for the same time.
Confirm 1 hour prior to the appointment.
Provide applications at the door.
I find I still get some no-shows, but I rarely get 100% no-shows.
Good luck!
-todd
- Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes10y
What is going on is you're doing it all wrong. Why would you ever hold an open house for a bunch of losers that probably are not even qualified to rent your place? I could think of 1,000,000 things I'd rather stick in my eye than waste my time doing that.
You put up your ads without the exact address. You make them email you their contact info. You pre-screen them on the phone. IF you get one of those ring back tone things where you get to enjoy the latest vomit by Lady Gag-Gag for 30 seconds you hang up. Only deal with humans who respect your time. You ask all your questions and if they sound like a good fit over the phone, you have them take a picture of their driver's license, text it to you, then you give them the address and combo to the house where they can show it to themselves and grab an application off the kitchen counter.
They fax or email/scan the entirely completed application, pay stubs, bank statements and whatever else you require. Only then do you make an appointment with them to lease them the house.
I've been doing it this way for 15 years (except for the texting part) and nobody has ever moved in, stolen my stove, vandalized the house and whatever other nonsense landlords who live in paranoid fear will try to convince you they will do. And I own both high-end and super low-end rentals. Even in the ghetto, I have no problem running my 'system' of getting houses leased with minimal effort on my part.
Open house - Meh!! matchstick, toothpick, needle, toe nail, dirt, stick, fork, cat hair, dog hair, cat vomit, finger, dirty finger..
- Residential Landlord · Greenfield, WI · Member since 2013 · 299 posts · 126 votes10y
Originally posted by @Steve Vaughan:
I post 5 questions at the bottom of my CL ads. They need to answer to get an e-mail back from me.
Steve,
May I ask what those 5 questions are?
Thank you,
Arnie
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes10y
Originally posted by @Arnie Guida:
Originally posted by @Steve Vaughan:
I post 5 questions at the bottom of my CL ads. They need to answer to get an e-mail back from me.
Steve,
May I ask what those 5 questions are?
Thank you,
Arnie
Yes you may, Arnie. Thank you for asking (politely). Nothing special, but here goes:
1) How soon are you looking to move? 2) Will this be far from your work or source of income? 3) How many people? 4) How many animals? 5) Does anyone smoke?
Cheers!
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes10y
@Aaron Mazzrillo- thank you for another no nonsense, comedic post. You're funny!
I'm with you on the fancy hip-hop ringtones. Brings up visuals of prison tats and bull nose rings,
If I may ask - how do your applicants scan/e-mail the app fee to you?
How do you get the desperate/crazy that now have your phone number once you call them to stop calling you if it doesn't work out?
Thanks, bud!
- Investor · Denver, CO · Member since 2015 · 570 posts · 521 votes10y
Originally posted by @Caroline Hedin:
and ask if they're available on Tuesday or Sunday for a viewing
There is no magic days of the week. If I put the ad out on a Tuesday I'm not going to put off the appointments for 5 days because Sunday is a superstitious magical renting day. I can rent a unit on a Wed or a Thursday as easily as a Tuesday or a Sunday.
- Investor · Richmond, TX · Member since 2014 · 58 posts · 13 votes10y
I only have two rentals and I use a PM company. I don't have time with my day job, my wholesaling, network meetings, the list goes on. You may consider outsourcing this task and utilize your time looking for that next deal. Good Luck!
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