If you are a property manager or landlord, you have likely spent numerous hours showing a property to prospective renters one by one. At the same time, you've had plenty of people cancel on you or just simply not show up. This takes time away from your life and also increases the time that your rental unit is vacant. While many people think that open houses are reserved for new homes, an open house can be held for a property rental just as easily. Here are five steps to ensure that yours is a success:
1. Offer an Incentive to the Current Tenants.
If the rental property that you are showing is currently housing residents, you need to figure out a way for them to tidy up their place – and want to do it – so that you can hold an open house. A discount off of their rent for the current month or next month can do wonders. This is an important step because it allows you to reduce the overall time the unit stays vacant.
2. Set a Specific Time Rather Than a Time Frame.
When you set a time for the open house, don't say 2 p.m. to 4 p.m. Instead, you should simply say that it is at 2 p.m. This ensures that people don't wait until the last 10 to 15 minutes to show up to the open house.
3. Create Quality Printouts for Your Prospective Renters.
When visitors arrive to view the property, they may not have necessarily seen the listing that you put up. Instead, they may have heard from a friend about the rental or saw the sign out front. Therefore, you need to create a handout that you can provide to them the moment they walk in. This should include all the necessary information regarding the rental property as well as high-quality images of the space.
4. Have a Sign-In Sheet.
This makes it easier for you to follow-up with the individuals that came to view the rental property. The sign-in sheet should ask for their name, e-mail address and phone number.
5. Make Sure You Have Applications on Hand.
Some visitors may fall in love with the place immediately and want to go ahead and fill out an application or take on with them to return later. Therefore, you need to make sure you have this paperwork ready as well as any additional materials that may be required to get the leasing process underway.
With a small amount of preparation, you can save a lot of time and effort by holding an open house for your property rental. You'll end the day with a pool of prospective renters, one of which who will likely rent the space from you.