Have you thought about holding a rental property open house the next time you have a vacancy? Here are some tips on how it might work by one of our bloggers.
I was chatting with a friend looking for a single family rental in her metro area. With 3 kids finishing up the school year and a jammed packed work week it seemed finding a rental home would prove impossible. The internet search alone is enough to overwhelm even the adept researcher—answering online ads, responding to Craigslist posts and keeping track of which property she’s called about has left her frustrated.
So this got me thinking in reverse, naturally, I imagined the landlords I know posting their properties online and having to respond to the many inquiries they get for each property. We know scheduling appointments for applicants to view a property will dominate most of your time.
What if you held an open house—just like a realtor?
Schedule blocks of time 2-3 days a week (mainly weekends) and create listing pages and bake cookies. It might just save you time and make it easier for potential applicants to view your property. Sounds like a win-win to me.
Here are some tips on how to prepare:
- Advertise—put ads online and contact any real estate agents you know that work with renters.
- Create a listing sheet—include all of the important information about the property and neighborhood. Need an example? Check out some done by real estate agents.
- Bring applications—you will get people who are interested in the property. Be sure to come prepared and have those apps and rental standard packets ready to go.
- Put up an open house sign—think of this like a garage sale for your property and use signs and balloons in visible places throughout the neighborhood.
- Provide clear instructions—driving around looking for something in an unfamiliar place can be hard even with a GPS. Make sure people know how to find you.
Good luck and happy renting!
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