Rental showings during coronavirus/Covid-19

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Rental showings during coronavirus/Covid-19

Amit M.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes

Landlords- How have your showings for rental units been effected by coronavirus? Are you seeing a drop in demand the last 2-3 days from say 1-2 weeks ago? Are tenants hesitant to make a move now? Filling vacancies becoming more complicated?

I only have one vacancy now in San Francisco (in a less popular rental neighborhood), which went from slow the last couple of weeks, to now (2-3 days) showing no sign of life. OTOH I filled a rental in a popular neighborhood 2 weeks ago, and had a ton of viewings.  But that’s only two datapoints. Let’s get a dialog going on landlord’s recent leasing experiences...cause I think a few changes are/will soon be at hand...

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Lawrence LeungBusiness Member
Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
6y

@Jennifer S.,  Narrated video walkthroughs as @Account Closed suggested are also a good alternative AND/OR addition to a virtual 3D tours and photography (not only for marketing, but also for move in and move out assessments).  My only recommendation is similar to photography, you don't have a second chance to make a first impression. When a prospective tenant/applicant searches through available listings they will quickly move onto the next one when they see what appears to be a dark, cluttered or dirty property. Professionalism is KEY.  Here are some tips that may seem obvious, but are sometimes overlooked:

    • Ensure the entire property is empty, clear and free of any items and most importantly, CLEAN!
      Go to the property mid day (when the sun is at its apex) to get as much indirect soft light as possible avoiding shadows and harsh light
      Turn on all lights (including stove top and closet lights) and open up all blinds/window treatments (replace burnt out bulbs, if necessary)
      Close the toilet lids and open up the shower doors/curtain to show the shower devices
      Coil up any cablings (television, internet, phone, etc.) into a neat compact circle
      Open up all the doors to show the inside of nooks and crannies and share the size of the closets
      Invest in a gimble so you eliminate the rocky video. You can use a smart phone with a gimble and get incredible results. Walk through the property slowly pan through each room from one side to another and then walk along the walls aiming towards the middle as you walk to the next room.
      As you narrate your video, highlight the amenities of the unit that are not obvious from still photos (southern facing windows, street facing vs rear bedrooms, etc.) and sprinkle in information about the unit, building and neighborhood)
      Try to be concise as you begin to lose engagement after a couple minutes.
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    • Kyle J.
      Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
      6y

      I responded to your other post but I'll re-post it here too...

      I just listed a house for rent this past week (late Wednesday night) on Zillow. And had well over a thousand people view the ad on just that one site (unknown how many viewed it on Trulia or Hotpads but I got calls/emails from both those sites too). Had hundreds of calls/emails inquiring and wanting to see it (so many that I could only return about half of them).

      I ended up doing just two open houses for just one hour each....one on Friday evening and one on Saturday morning. Gave out a total of 50 applications. And actually ended up renting it and signing a lease with a family on Sunday. They got the keys today.

      I'm still getting calls/emails from people wanting to see it, and from people who already saw it and want to turn in their applications and rent it. So there's still tenants who are moving.

      3Reply
    • Michele FischerPro Member
      Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
      6y

      Our lease is up in June and we were starting to shop our options ealier in the month but have now put that on hold for awhile.  Partially because we've been sick, partially because in Seattle we are really trying to self quarentine, partly because we still have plenty of time (unless this really lasts into August!), and partly because we are pretty sure we are staying put regardless.  I just love to shop other places and am expecting a big rent increase, so wanted to know what other luxury towers are priced for what amenities.

      But we were talking to a leasing agent here and he said he' still doing plenty of tours.  People still need a place to live.  As we are spending more time in our homes, I think some will be more motivated to find something more comfortable.  With the $1,000 payment Trump has been entertaining, I wonder if that will help anyone who did not have enough of a deposit saved and is not directly impacted by coronavirus to move (especially in the lower income markets), similar to tax returns boosting move ins.  I think we'll be holding on to ours to make a small dent in any potential rental losses!  :)

      I'd say move forward, just think about how to do it in a way that is safe for you and the applicants.  Expect it to take longer, but you only need one good applicant.  I ran to Starbucks this morning (coffee machine is a community amenity on our rooftop lounge, access to both recently removed) and experienced a very gratifying interaction with plenty of social distancing.

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    • Lawrence LeungBusiness Member
      Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
      6y

      @Amit M. We have been running about 10 vacancies month over month for the past 6 or so months and I will say there was a significant drop in inquiries and interest level since the Shelter in Place mandate. For the safety of my team and our leasing agents we have pivoted our processes and are no longer offering in person showings as a pre-requisite for application. Instead, we are pushing the in person showing to the back end of the application process such that it will be a formality prior to lease execution. Instead we are emphasizing our 360 degree virtual tours and ensuring ALL questions about the neighborhood, unit and building are answered so any prospective renter will have a high level of confidence of applying and wanting to lease before seeing it in person.

      On a separate, but related note, we have already seen inquiries across our portfolio from renters that are asking for concessions, issuing notices to vacate or sharing stories of job loss and anticipated difficulty for paying rent.

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    • Amit M.
      OP
      Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
      6y

      @Lawrence Leung hi Lawrence, and thanks for all that feedback! Indeed the situation is unprecedented and changing daily. 

      I am also prescreening people on the phone much more closely, to make sure that individual showings are productive. And I have good videos of the units as well. I’m also thinking of having them apply beforehand too, to make sure they are fully qualified. But I find that prospects are less apt to put in all of that effort before seeing a place, unless they are super motivated. Have you guys already had success with your new procedures?

      3Reply
    • Lawrence LeungBusiness Member
      Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
      6y

      @Amit M. The feedback is overall very positive.  We invested in Matterport early last year to assist in driving vacancy rates down to zero for our clients and investors. We have had successes with folks from abroad relocating to SF property unseen except virtually executing lease agreements. We have a move in tomorrow, April 1st and April 10th.  Things are definitely slower for sure, but there are always people looking. IMHO how you differentiate your vacancies from others out there will be the determining factor.  Good luck out there and stay safe and healthy.

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    • Amit M.
      OP
      Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
      6y

      @Lawrence Leung I personally have never rented to a tenant sight unseen. I’ve had 2 roommates where I met one, and the other was via Skype, but never the entire party sight unseen. My concern is less about fraud. But usually these people are brand new to San Francisco, thus I’m worried that they may not like the unit or the neighborhood, once they are physically there. 

      What’s been your overall experience with this? I’m assuming you have done numerous sight unseen move ins, even before the whole virus situation. Have you had the “sight unseen” tenants wanting to break leases more frequently than tenants who were able to see the unit and the neighborhood first hand?

      Btw I agree with you, and have also been tweeting my ads to make them, ahem, more corona virus friendly 😅

      1Reply
    • Robert C.
      Investor · San Francisco, CA · Member since 2016 · 338 posts · 444 votes
      6y

      @Amit M. Hey Amit, just an update from our last conversation. There was still a bit of a traffic hit that week of the shelter in place announcement. However, leads have picked up reasonably again, and we've signed 2 leases since then, with a possible third coming up. One thing I've noticed is that move in dates are pushed back to the mid/end of April (which I'm fine with). 

      So it does seem like people are looking and moving. I am also finding that most prospects have more disposable income (our nicer units are being viewed more than our lower end ones). 

      1Reply
    • Lawrence LeungBusiness Member
      Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
      6y

      @Amit M. I wouldn't say numerous, but we have had applicants see our properties virtually and eventually sign a lease and happily move in with no "buyer's remorse".  I believe the key to success is to provide full transparency and to convey as much information about the neighborhood, the building and the unit so as to ensure nothing is a surprise for the interested party.  While we can do as much as we can, there ultimately will be some onus on the interested party to do their due diligence to ensure the property they are interested in is a good fit and this should be a reminder point.

      I whole heartedly agree, encourage and believe it is a must to speak to the interested party virtually via WhatsApp, FaceTime, Zoom, Hangouts or some other medium of your choice as part of your application screening process.

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    • Jennifer S.
      Investor · Wakefield, MA · Member since 2019 · 31 posts · 73 votes
      6y

      Am wondering about this as well. We are about to list two rental apartments for leases starting as early as May. Our plan is to take an absolute ton of photos so people can get a good sense of the units ahead of time, cast a wide net for finding tenants, and do some prescreening up front. Pricing and up front rent/deposits are going to be very tricky as many people are laid off. 

      2Reply
    • Account Closed
      Rental Property Investor · Friendswood, TX · Member since 2010 · 663 posts · 508 votes
      6y

      We have done video walk through on interior and interior as well 

      0Reply
    • Lawrence LeungBusiness Member
      Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
      6y

      @Jennifer S.,  Narrated video walkthroughs as @Account Closed suggested are also a good alternative AND/OR addition to a virtual 3D tours and photography (not only for marketing, but also for move in and move out assessments).  My only recommendation is similar to photography, you don't have a second chance to make a first impression. When a prospective tenant/applicant searches through available listings they will quickly move onto the next one when they see what appears to be a dark, cluttered or dirty property. Professionalism is KEY.  Here are some tips that may seem obvious, but are sometimes overlooked:

        • Ensure the entire property is empty, clear and free of any items and most importantly, CLEAN!
          Go to the property mid day (when the sun is at its apex) to get as much indirect soft light as possible avoiding shadows and harsh light
          Turn on all lights (including stove top and closet lights) and open up all blinds/window treatments (replace burnt out bulbs, if necessary)
          Close the toilet lids and open up the shower doors/curtain to show the shower devices
          Coil up any cablings (television, internet, phone, etc.) into a neat compact circle
          Open up all the doors to show the inside of nooks and crannies and share the size of the closets
          Invest in a gimble so you eliminate the rocky video. You can use a smart phone with a gimble and get incredible results. Walk through the property slowly pan through each room from one side to another and then walk along the walls aiming towards the middle as you walk to the next room.
          As you narrate your video, highlight the amenities of the unit that are not obvious from still photos (southern facing windows, street facing vs rear bedrooms, etc.) and sprinkle in information about the unit, building and neighborhood)
          Try to be concise as you begin to lose engagement after a couple minutes.
        KeyOpp Property Management4.6288 Reviews
        WebsiteView Page
        5Reply
      • Amit M.
        OP
        Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
        6y

        @Robert C. Hey Robert, glad to hear that you are getting success. I’m dealing with only one unit in a less popular neighborhood, so it’s hard to make conclusions. I am getting some hits on it (less than usual) but the people have mostly been dingbats or flakes...unfortunately. I did see an article in curbedsf where they have some recent rent Bay Area metrics from rentcafe, and apartment searches are down 30-40%. Let’s see if they will allow the link here https://sf.curbed.com/2020/3/2...

        @Lawrence Leung that’s funny, that list of recommendations is pretty much what I do. (Down to lowering the toilet seat covers ;)  I take good photos and do a video tour. But I’m curious how valuable the virtual (3D?) tours are? Aside from their value during this virus crisis, are these worth it in general? I’m assuming it’s expensive, and that you can’t really do it yourself with software based on photos or videos that you can take yourself? If so, what’s an appropriate cost to have someone come out and do this for an apartment? 

        1Reply
      • Deisy P.
        Rental Property Investor · South Padre Island, TX · Member since 2018 · 160 posts · 157 votes
        6y

        My unit hasn’t been listed but I did put a “For Rent” sign on the door on April 1st. I already have someone interested. My question is. The tenant is still living there. How can I do a showing as safely as possible, aside from the quantity of pictures and virtual tours? Suggestions would amazing. Thanks in advance.

        1Reply
      • Lawrence LeungBusiness Member
        Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
        6y

        @Deisy P. That's wonderful that you were able to get a lead!! 

        Assuming your property is in California, state law afford you the right to enter your property to show to prospective Tenants. Unfortunately, due to Covid-19 we all have to adapt to the constantly changing environment. In lieu of an in person showing and to maintain the safety of not only yourself, but also the current Tenants and the prospective Tenant, you can ask the Tenant if they would be open to perform a facetime (or equivalent) video walkthrough for the prospective Tenant. I would say that most Tenants would be receptive to this arrangement especially if you have built a good rapport and relationship during the tenancy (an important aspect for effectively managing your properties).  Good luck!

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      • Deisy P.
        Rental Property Investor · South Padre Island, TX · Member since 2018 · 160 posts · 157 votes
        6y

        Thanks so much for the advice! @Lawrence Leung

        1Reply
      • Quincy Lockett
        South Holland, IL · Member since 2017 · 376 posts · 432 votes
        6y

        @Amit M.

        I’m in a Chicagoland suburb and I’ve listed a 2/1 Apartment on 4/1. To date we’ve had over 350 inquiries through Facebook, Craigslist and the Zillow trinity (90% of Facebook applicants don’t read the listing and answer the questions. They just hit the prompt “Is this still available?” I omit those). This has amounted to just 9 showings scheduled after screening.

        3 didn’t show. 2 weren’t interested, we weren’t interested in 2. 1 has not responded to request for financial Docs. And we are waiting to hear from the final applicant. In conclusion, plenty of interest but not a quality pool of applicants.

        1Reply
      • Andy Hudson
        Investor · Independence, IA · Member since 2016 · 2 posts · 2 votes
        6y

        We have had two single families become available during this time. During the last one, I would stand outside and hand the folks a piece of paper with all the info they needed on how to fill out an application online (A tenant cloud link) and our pet policy etc. I then had them text or email me later if they had any questions. We got it filled and it seemed to go real smooth so far. We all kept our social distance.

        2Reply
      • Steven TaylorPro Member
        Investor · Lorain, OH · Member since 2016 · 78 posts · 47 votes
        6y

        @Amit M.

        We use show boxes though tenant turner. So we are not meeting people. We rented 3 last week. That is very slow for this time of year

        2Reply
      • Amit M.
        OP
        Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
        6y

        So I’ve been getting an “ok” number of ad responses, but like @Quincy Lockett detailed, the results have been akin to a cereal bowl- mainly fruits, nuts and especially flakes! It’s like WTF is wrong with these people? (Actually my wife is the clinical psychologist)...but my guess is that they are bored and riddled with anxiety at the same time, and “making their next move” is a nice fantasy for them. So I’m prescreening them like hell now, and asking them to visit the area first, so I don’t waste my time with useless one off showings. Actually under normal circumstances I rarely do one off showings. It’s usually open houses, so I get several parties seeing the unit at once. Basically it really sucks dealing with tenant turnover now. 

        2Reply
      • Deisy P.
        Rental Property Investor · South Padre Island, TX · Member since 2018 · 160 posts · 157 votes
        6y
        0Reply
      • Michael Robbins
        Property Manager · Henderson, NV · Member since 2018 · 501 posts · 317 votes
        6y

        I have not seen a slow in showings or vacancy.  I think the big story is going to be lack of rent growth and rent concessions over the next several months.  I have been observing some single family and multi family units offering large concessions (up to one month free rent) in the last week.  

        1Reply
      • Michael S.
        Los Angeles, CA · Member since 2017 · 3 posts · 1 vote
        6y

        Signed up for TenantCloud last month.

        Today is November 2nd, 2020

        TenantCloud no longer has a relationship with PayPal.
        From their support:
        "We have removed PayPal as a payment option for new users and those who hadn’t activated it. All the current users that have an active PayPal payment option will continue to accept the payments. If they deactivate it, they will not be able to reset it.

        Now only two payment options available within the system: TC Payments powered by Dwolla and Stripe."

        1Reply
      • Alex Goncharov
        Member since 2021 · 35 posts · 3 votes
        5y
        Originally posted by @Lawrence Leung:

        @Deisy P. That's wonderful that you were able to get a lead!! 

        but also the current Tenants and the prospective Tenant, you can ask the Tenant if they would be open to perform a facetime (or equivalent) video walkthrough for the prospective Tenant. I would say that most Tenants would be receptive to this arrangement especially if you have built a good rapport and relationship during the tenancy 

        I also have such a strategy in mind and did it several times with our existing tenants in Chicago. It looks it could be better if you motivate existing tenants with some cash bonus. Could you please share your experience with this during this year? Is this strategy really works for you? Maybe someone also has some experience - share your thoughts please.

        1Reply
      • Lawrence LeungBusiness Member
        Property Manager · San Francisco, CA · Member since 2018 · 97 posts · 80 votes
        5y

        @Alex Goncharov I think much has changed since a year ago. The market has already began to shift since a couple months back and there is an increasing demand in the SF marketplace.  Rents have started to plateau and in some property types and classes you can see incremental increases. With vaccinations in full swing and most of the Adult populous in San Francisco already vaccinated, I think you will see less apprehension of a move out inspection.  Good luck with your upcoming turnkey!

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      • Brian Garlington
        Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
        5y

        We are now allowed to have open houses. Just did two last weekend.

        0Reply
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