How many tenants make it to a showing ?

How many tenants make it to a showing ?

Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes

I have a 2/1 SFH up for rent . Listed on Zillow and Marketplace . Now I am not running there every time someone wants to see it . ( too many no shows ) . So when I get a message , I answer their questions , that knocks out 1/3 . ( yes I need the whole security deposit ) . So I tell them if they are interested , get back to me on Saturday and I will give you the time and address for the showing on Sunday . So out of 30 people left , 6 get back for the info , two of them dont like my showing times and want later in the afternoon . ( sorry , no , I have plans ) . Then on Sunday , 3 show up , the first wants to know if I am the owner , I tell them I represent the owner , they insist on talking with the owner , I tell them that you talk with me and thats it . They leave very mad . ( oh well ) . The second couple shows up , I introduce myself , and hand them a list of the requirements , they want to know why I wont take someone with a previous eviction , they claimed it was due to covid , not their fault . " Sorry thats the landlords policy no exceptions " . Third couple shows up , with their kid , I give them the requirements and show the house , they want a better school district . They say the house is too small for the money , they can get an apartment twice the size for the same price . And I ask them " Are they in good school districts ? " They say no . So I give them an application and tell them if they are interested fill it out and mail it to me .

Its amazing how many people "want " to rent it until they find out that they need a 690 credit score , verifible income , and a credit and criminal background check will be done .  Then the hard luck stories , not my faults , and I am a great tenant . 

And Sunday morning I get to do it again . 

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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
4y

We batch showings to eliminate having to constantly send someone to show. Typically space them 10-15 minutes apart, and if we can have something for the "show-er" to do while they're there all the better - take care of a minor issue, trim a shrub, etc. Works great and pretty typical that we have 3-10 qualified applicants within the first couple of days to pick from. No-shows are approximately 50% of all appointments, though that number has been dropping over the last two years as housing has become tighter around here. We try to have 2 showing times during the week and one on the weekend, and if you can't figure out how to make one of those you must not seriously need a place to live.

As for platforms, we started using Marketplace the last two vacancies but the biggest bunch of deadbeats and no-shows came from there. Both our successful applicants came from Zillow. 

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  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
    4y

    @Matthew Paul

    690 credit score? With that they could probably have the financial means to buy a house. I don’t see many renters come in with 690. Our min is 600

    Renters are impressively good at no showing. Like you did, express requirements up front and in the ad.

    I also only do open houses. So I wait until I have or can feel a lot of interest and tell everyone same day/time.

    I also just started doing the self showings. I created a “how to” pdf could share. Basically need a digital deadbolt and square.com to take credit card. I get their application so I have all their info, then charge their credit card $1 so I have that as well. Then I just FaceTime them when they’re there.

    FIRE Realty Team - Keller Williams5377 Reviews
  • Member since 2021 · 388 posts · 277 votes
    4y
    Quote from @Joe Hammel:

    @Matthew Paul

    690 credit score? With that they could probably have the financial means to buy a house. I don’t see many renters come in with 690. Our min is 600

    Renters are impressively good at no showing. Like you did, express requirements up front and in the ad.

    I also only do open houses. So I wait until I have or can feel a lot of interest and tell everyone same day/time.

    I also just started doing the self showings. I created a “how to” pdf could share. Basically need a digital deadbolt and square.com to take credit card. I get their application so I have all their info, then charge their credit card $1 so I have that as well. Then I just FaceTime them when they’re there.

     not everyone with higher score can afford to buy. not everyone wants to buy. It can take lot of money to close and not everyone is making a high salary where they can meet a debt to income loan ratio. I prefer to see my prospective tenants in person because I like to interact with them. Their character is a part of my criteria. I also prefer people who have a preference for being a renter as a lifestyle choice. I do not need to have people moving in and out every year that put a high wear on a property. 

  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    4y
    Quote from @Joe Hammel:

    @Matthew Paul

    690 credit score? With that they could probably have the financial means to buy a house. I don’t see many renters come in with 690. Our min is 600

    Renters are impressively good at no showing. Like you did, express requirements up front and in the ad.

    I also only do open houses. So I wait until I have or can feel a lot of interest and tell everyone same day/time.

    I also just started doing the self showings. I created a “how to” pdf could share. Basically need a digital deadbolt and square.com to take credit card. I get their application so I have all their info, then charge their credit card $1 so I have that as well. Then I just FaceTime them when they’re there.


     690 for a credit score is only 20 points above the lowest good number . We have just come off of 2 years of lock downs where people didnt have to pay rent . A good amount of potential tenants are the ones who didnt pay rent . I raised my qualifications , but I would rather wait than get a deadbeat .   And a 690 may get you into a house , but your rate wont be good , and in my area $300K gets you a started home than needs work in a questionable school district . This house is in a great school district and nice neighborhood 

  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
    4y
    Quote from @Kar Sun:

    Yep, just saying if someone has a 690 credit score its MORE likely that they do have money to buy vs someone with a 590 credit score. Credit scores are reflective of someone's finances, hence the reason we use it. Personally I use 600 min. But it sounds like you're in an A class market and I invest more C+, B markets so I can see the desire and ability to look for a higher credit score in those areas.

    Kar Sun, 

    While I personally wouldn't limit myself to only renting to someone who WANTS to rent vs buy, and also feel like it would be a tough requirement to execute, I can see the perspective.

    I agree with tenant character, that's why I facetime them. If someone ENJOYS meeting and greeting tenants, great. Life is all about happiness. I just personally systematized it because i want REI to be as passive as possible.

    FIRE Realty Team - Keller Williams5377 Reviews
  • Dan NelsonBusiness Member
    Real Estate Broker · Chicago and Kansas City · Member since 2016 · 74 posts · 57 votes
    4y

    This pretty much matches my expectations. I assume everyone is going to bail.  I never ever meet someone at a property unless they tell me they are on their way before I leave my house.  I also let them know every single rule and if they hesitate in any way, I just say, thanks for calling this is probably not the right price for you.  If you can batch showings like JD Martin suggests that is ideal. It is not always possible because different tenants have different schedules. Sign in the yard beats every online platform in Chicago although I do put in on the MLS and Zillow as well.

  • Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    4y

    I require a Zillow application.  I state all the requirements in the and along with "I will only reply to applicants that fill out a Zillow application".  I then do a little background check. You can learn a lot from Facebook, Been Verified and Google  I might even ride by their current house, if it's convenient, If not I'll Zillow the address, never know what you will find.   If they check out then I set up a phone interview.  I don't take phone calls anymore and feel if they can't or don't want to follow instructions they will not take care of my $250K house.  I set appointments every 30 minutes and do my own credit and criminal checks, if they like the property.  I usually have a pretty good idea of what I'm dealing with before we meet.  

  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    4y
    Quote from @Matthew Paul:

    I have a 2/1 SFH up for rent . Listed on Zillow and Marketplace . Now I am not running there every time someone wants to see it . ( too many no shows ) . So when I get a message , I answer their questions , that knocks out 1/3 . ( yes I need the whole security deposit ) . So I tell them if they are interested , get back to me on Saturday and I will give you the time and address for the showing on Sunday . So out of 30 people left , 6 get back for the info , two of them dont like my showing times and want later in the afternoon . ( sorry , no , I have plans ) . Then on Sunday , 3 show up , the first wants to know if I am the owner , I tell them I represent the owner , they insist on talking with the owner , I tell them that you talk with me and thats it . They leave very mad . ( oh well ) . The second couple shows up , I introduce myself , and hand them a list of the requirements , they want to know why I wont take someone with a previous eviction , they claimed it was due to covid , not their fault . " Sorry thats the landlords policy no exceptions " . Third couple shows up , with their kid , I give them the requirements and show the house , they want a better school district . They say the house is too small for the money , they can get an apartment twice the size for the same price . And I ask them " Are they in good school districts ? " They say no . So I give them an application and tell them if they are interested fill it out and mail it to me .

    Its amazing how many people "want " to rent it until they find out that they need a 690 credit score , verifible income , and a credit and criminal background check will be done .  Then the hard luck stories , not my faults , and I am a great tenant . 

    And Sunday morning I get to do it again . 


    Our process- We have a special phone line for rentals. Someone calls or texts the lines they receive an automated response followed by a link to a questionnaire that includes the minimum requirements to rent the unit. Once they complete and submit the questionnaire they receive an automated response based on how they answered the questionnaire. Those who are qualified are then given an open house time slot to view.  We spend little to no time on the phone answering questions because everything is provided to potential tenants in writing up front.  My opinion- Automating the process and providing clear requirements in writing is best use of our time.
  • Cliff H.Pro Member
    Rental Property Investor · Nashua, NH · Member since 2014 · 587 posts · 477 votes
    4y

    @Karla Simmons and @Matt M. and @Matthew Irish-Jones @Quincy Lockett and @John Teachout 

    You hit the nail on the heads: the reality of residential leasing in most markets is that 80% of prospectives are just scanning ads, clicking a phone number, and expecting to move in the next day without ever having to do the work required to demonstrate they're your qualified, desirable next long term tenant.

    Curious if there's other systems folks here have used to ensure folks meet those minimum requirements without requiring the kind of manual handholding that so many new PMs get roped into doing?

    In my XP that's completely unnecessary and the more work you put into the front-end screening, the less you have to worry about later on when folks are moving in@Karla Simmons

  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    4y

    After another open house this evening , I am seeing a pattern , all prospects are in a hurry to get thru the application , they want to fill it out on the spot . When I ask for proof of employment , W2 etc , they have excuses or evasive  , and sob stories . What I believe I am encountering are people who are in the process of being evicted since the covid restrictions have been lifted . Most want to move in within a day or 2 . ( cant verify info that fast ) . Lucky for me , I am in no hurry . 

  • Vacaville, CA · Member since 2019 · 218 posts · 140 votes
    4y

    I think you’re right.

  • Member since 2021 · 388 posts · 277 votes
    4y
    Quote from @Matthew Paul:

    After another open house this evening , I am seeing a pattern , all prospects are in a hurry to get thru the application , they want to fill it out on the spot . When I ask for proof of employment , W2 etc , they have excuses or evasive  , and sob stories . What I believe I am encountering are people who are in the process of being evicted since the covid restrictions have been lifted . Most want to move in within a day or 2 . ( cant verify info that fast ) . Lucky for me , I am in no hurry . 

     I am not letting anyone fill any application unless they go through pre-screening questions. How quickly they respond to these questions and in what format matters a lot. It tells me about their character. Only several people will be invited for each batch showing. And realistically only 1 or 2 out of 20-50 visitors will be qualified. It is just like a job interview. I do not have several hrs each time to spend on the applications. Apps are for those who are most qualified because apps are not free and there are fees. They only have one chance to make an impression. I have another full time job and do not have time for tire kickers. I do not need unqualified people pestering me about money back. 

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