How long until you hear back from prospective tenant?

Question

Hey everyone. I am trying to rent out a unit for the first time and was wondering on average how long someone waits to notify you that they want to proceed with the application process after viewing the unit? I have had a lot of interest in the property and folks come visit it, say they really like it, then a few days go by and I don't hear anything. I'm trying to decide if I should lower the price or wait it out to hear back as I get that prospects are viewing other properties as well. Any advice or experience you can share in this area?

Stephen J Davis · Answer

One: Only show the property once or twice not every time someone calls. I do Thursday at 6 PM or Saturday at 9 AM. I get multiple people to show at the same time putting pressure on whoever is serious.

Two: Close for the sale at the showing. Get the application fee and application deposit immediately. Rarely does a "be back" come back. CLOSE the sale right then and there.

If you don't have a lot of sales experience, read Zig Ziglar's Sectets of Closing the Sale to get up to speed.

Scott Lyons · Answer

Thanks guys, great info! I just always assumed people would want a day or two to decide. Also, had thought about doing a few times throughout the week but with covid-19 it kind of killed the idea for me. Will keep it in mind once things are back to normal.

Nathan Gesner · Answer

Don't waste time chasing people down. Focus on marketing to the widest audience possible. If they're interested, they'll come to you.

If someone says they are interested and they want to apply, that's great! But don't waste time chasing them down to get the application back. If they're interested, they'll bring it to you.

Don't hold the property off the market just because someone said they want it. Money talks. If they're interested, they'll pay you.

My point is, people are flaky. They'll say they're interested just to avoid hurting your feelings. Or maybe they were interested but then found something better. They'll ask for an application and promise to turn it in the next day...and then you won't hear from them for four days. Or you tell them they're approved and they promise to put the deposit down...in three weeks! Don't waste time. When you show the house, hand them a one-page list of instructions for applying, locking the property in, paying and moving in, etc. They can either follow instructions or go somewhere else.

Don't stop hustling until you find someone willing to follow instructions and put their money where their mouth is.

Joe Villeneuve · Answer

...and the most important one.

Three:  Make a copy of the above list (items "One and Two"), commit it to memory...and commit it to your system.

How long until you hear back from prospective tenant?

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