I did all the work negotiating with the seller and advertising for the lease option house; I talked to about 6 interested people and then no one showed up for the showing. I do not know if it is because I am showing it on a Wednesdays at 6 PM (day that the current owners picked that was good for them) or I am just doing something wrong in general. I am only asking for $5,000 option money which is 2.7% of the future purchase price of $181,000. Should be doing showings only on weekends? Only at times they can make it even though the owners would be inconvenienced? Do I need to call everyone to remind them of the showing? Or is it still to early (1.5 months out, will be vacant aug 1) that there is no since of urgency? Please help!!!!
Are you sending them a pre-qualification email/letter? I pre-qual all people I show my homes to, and that is just for basic rentals. It weeds out 75% of the tire-kickers when you send them a detailed questionnaire and let them know what the min requirements will be.
not following are you trying to flip the hosue as in you have it under contract and your tryihg to resell it with no intention of closing on It if you can't find an end buyer .. is this what your trying to do
I haven't been in your situation, but I have some lessons learned from prospective tenant no-shows.
1 Pre Screen over the phone: Figure out if theyvare just a tire kicker, then Ask them to describe what they are looking for before you describe the property. I then go on to explain all the reasons they won't like my rental. If they still want to see it, then they might be serious.
2 Never setup a showing time the first phone call. I always need to "check my schedule" and get back to them.
3 Send a courtesy reminder. (I ask if text is ok in a previous conversation.)
4 Schedule 2+ people at the exact same time. (seems like you did that one)
@Michael Herr - Good tips, most of which I incorporate for rental showings. I have actually never thought about not setting up a showing on the first phone call. I like that idea, thanks!
I do a lot of open houses and I find that the people who say they will come, even the ones I call the morning of, still usually don't show up. So I'm not surprised you had no-shows. I have a lot more success with advertising the open house online and using directional signing from a busy street. I also always do them on Saturday's when most people are driving about in a more leisurely manner and not as concerned about getting from point A to point B.
I think if you pre-qualify and have them make "an appointment" you will get a lower rate of no-shows. You could schedule every 10 minutes - if everyone shows there is some overlap, but you maximize your potential wasted time at an house.
If you have more than 10 interested parties, you may want to send out the application in advance.
@Jeff Vlk No shows are common, but 6 out of 6 is very unusual. When an interested T/B contacts me the first thing I ask is whether or not they have driven by the property. If they have then I ask if they've viewed the pictures online. If they've done that as well, then I ask if they have the required down payment and if they feel they can comfortably afford the payments.
If the answer is a resounding YES to all of that, only then do I set up an appointment for them to view the property. I tell them to bring cash for the application fee for each adult that will be living in the house, as well as a cash or certified deposit to secure the property if they decide they want it.
Sometimes I book 2 or more 15 minutes apart, usually on a Saturday afternoon. With this method I normally have 90%+ show up and almost always sell the house on the spot.
Throughout my interaction with any prospective T/B I let them know in a matter-of-fact (NOT a pushy or salesy) manner, that I will continue to show the property to other buyers and it will be sold purely on a first come first serve basis. If they're serious that lights a fire under them.
Sign in the front yard
4 foot wide
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