Did you know you can rent your rental home using an open house?
Your rental home is ready to show, so what is the best and most time efficient manner to show your home to screened tenants? Quickly and efficiently rent your rental home using an open house.
An open house is a great idea for a home that has a lot of interest. Occasionally we have a house that the phones just ring off the hook for and scheduling that many appointments would be impossible. This is the perfect scenario to use to rent your rental home using an open house.
Set A Day And Time Frame
What I do is tell everyone that qualifies that I am having a two hour open house on Wednesday from 12:00 to 2:00 for example. I explain that I will not be there longer so be sure to arrive during that time frame.
It is a great way to create some urgency in the people considering renting the home. Often times, they will hand over an application and the fee right then and there!
[ctt template=”5″ link=”8e49J” via=”no” ]Every time I hold an open house, I get multiple rental applications – without exception! [/ctt]
Not Everyone Can Make It
Unfortunately, no matter what time you set, not everyone will be able to show up but you can’t help that. Explain that once it is over, you will go through the applications that you get and if none of them work out, you will call them back to set up an appointment. You will be amazed at how many of them can actually get free and show up!
Every time I have an open house, I get multiple rental applications without exception! I love it because it gives me more choices and in some cases I can convert them to another rental that I currently have or that will be available soon.
It can be a very efficient way to rent a home in certain circumstances.I also quite frankly feel a lot safer if I know there are going to be a lot of people coming and going.
Everyone is told ahead of time that it is an open house so there is no confusion. It also can get people to make a decision faster than if they don’t think they have any competition for the house.
An open house situation is not for everyone though. You have to be able to juggle talking to multiple people and stay cool, calm and collected.
Sign In Sheet
Be sure and have a sign in sheet to gather information on all of the people that came to see the house so that you can check back with them later on to see what they thought. It is also very important to have an information sheet that lists all of the details of the house.
They are very likely looking at multiple houses and may not remember the particulars about this home.
[ctt template=”11″ link=”b64fq” via=”no” ]An open house can be a very efficient way to rent a home that has a lot of interest.[/ctt]
Downsides To An Open House
The downside to trying to rent your rental home using an open house is that if you have a lot of people show up at the same time, you won’t be able to spend a lot of time talking to everyone that shows up. I like to be able to see what kind of vehicle they drive, get an idea of how they dress and possibly if they brought the entire family (including fur kids).
This can also really turn off some possibly very good potential tenants. They may be easily discouraged and think that they don’t have a chance at getting the house. One way to combat this is to tell them during your phone interview that you expect a lot of people to show up but many of them are just tire kickers and just because they show doesn’t mean they will turn in an application. Encourage all of them to put in an application if they are interested.
I would recommend that you try holding an open house at least once. You can rent your rental home using an open house but the key is to be prepared. Have your forms, business cards and possibly even cookies and some water or soft drinks. You may find it isn’t for you. It isn’t the ideal situation for me unless there are so many people interested that I can’t possibly get them all in to see the house in a timely manner.