Thoughts on Having the Current Tenant Show the Property?

Question

I'm out of state and wanting to PM my property but meeting applicants and showing the place is posing a stumbling block. Trying to find a way to do it and thought that I would ask my existing tenants to show the place. I'm planning to offer to pay them a few hundred dollars for the service. I would pre screen people and then set up one day a week for walk throughs. My tenants are happy and helpful so I'm hoping that it isn't a bad idea?

Account Closed · Answer

@Katrina Cabral Im not sure I would have my tenants do it. If youre willing to pay, why not just hire a realtor?

Jim K. · Answer

I wouldn't do it. If I had a handyman nearby, I would use them for the open-the-door strategy. But part of my business model when showing my low-income rentals is really selling myself as an old-timey, family-business handyman landlord who lives nearby, a reminder of this city's better years, a reassuring bulwark of personal stability against uncertainty.

Thomas Dougherty · Answer

It sounds it may work. But make sure you pre screen the candidates carefully so that it can reduce the risk. Your candidates(potential tenant) can better observe the property. I think it is a good way. Maybe I will adopt it in the future.

Katrina Cabral · Answer

Thank you! I will let you know how if goes....assuming they are agreeable.

Katrina Cabral · Answer

Good catch Bill Plymouth. I checked and it was underpriced. Thank you!!

Bill Plymouth · Answer

@Katrina Cabral all those inquiries could mean your property is under priced.  There might be some room to increase the rent!  Look at your competitors.  What are they renting for?  You could also just be in a popular market.

Katrina Cabral · Answer

Thanks a bunch for all of your replies. Very helpful. Glad to hear that it's not a 'crazy' idea and in my situation may work out well. I listed my place on Zillow this afternoon and I already have 14 inquiries! I'm wondering if that's normal?

Katrina Cabral · Answer

I asked around and realtors want the first months rent to do the job. That's $1,200. Seems like a ridiculous sum of money unless they have to go out there a dozen or more times. My tenant is a stay at home parent and is home all the time and would probably appreciate a few hundred dollars for letting people walk through. I'm wondering what the drawbacks could be. If they were unhappy then they might disparage the place or me but they are happy with the place and sad to leave. So, I think they would promote it well.

Dennis M. · Answer

I’m doing this now and in my unique situation it works great because they get to see the place furnished and smelling great . It helps them visualize their stuff in it and they can see a normal person lives in the house . This tenant is unique though as she’s a great housekeeper very friendly and has it decorated nice which makes it appear better than it actually is lol I think it really just depends . This can be an asset if you have a trusted well kept tenant

Theresa Harris · Answer

As a renter, I did that once for my landlord.  As a landlord, it would very much depend on the tenant and the situation.

Thoughts on Having the Current Tenant Show the Property?

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