Self-showing or Tenant Performed Rental Property Tours.
As technology continues to evolve, your ability to recognize, adapt, & implement new tech in your processes can propel you far past your competition. Fail to acknowledge & implement; you’ll catch yourself doing the same things people have been doing since the dawn of dinosaurs walking the earth. As a real estate investor, rental property owner, or property manager, the debate between personal touch with in-person agent performed property tours & tenant self-guided tours. This article will cover the pros and cons of tenant performed showing vs in-person agent performed rental property showings. To understand this debate, we first must understand what self-showing lockboxes are.
What is a Self-showing Lockbox?
A self-showing lockbox is an electronic lockbox placed on your rental property that will allow a prospective tenant interested in renting your property to view your vacant property at a time most convenient for them. To access the lockbox, they must be pre-screened and answer a set of qualifying questions, upload a photo ID and/or Credit Card depending on what type of electronic lockbox and software you use. Once they pass the qualifying criteria, they can schedule a time to view the property. The prospect then goes to the property at the time scheduled. They text the number/code listed on the lockbox through their phone, and the software will send them a one-time code to access the box to retrieve the key.
Property Management Companies using self-showing lockboxes and software.
Self-showing lockboxes and software is not new tech. It’s becoming the norm and what prospective tenants expect when looking for a new rental home. Providers in this space include companies like Tenant Turner, Rently, Showmojo, Codebox, Pointcental, etc. Companies that use self-showing lockboxes include Progress, American Homes 4 Rent, and Invitation Homes, just to name a few.
Pros of Tenant Performed Showing.
- Tenants can view at their leisure
- Reduced travel time & coordinating showings at your rental property
- More frequent showings as a tenant can schedule after hours
- Property leases quicker
- Safer for you & your agents
- The new norm and expected
Cons of Tenant Performed Showings.
- No face-to-face interaction
- Possibility of scams & liability concerns
Agent Performed Showings or In-Person Showings For Your Rental Property?
In-person or agent-performed showings is exactly what it sounds like. It is what Realtors and landlords have been doing for ages. First, you coordinate a time to meet the prospective tenant at the property. Then, you drive over there to open a door and walk the property with the tenant. Some companies swear by agent performed showings and market this as a competitive advantage. The argument here is that having an agent attend the showing with a tenant will result in more applications, they get a face-to-face interaction, you or your agent can “sell” the property to the prospective tenant, and you lock up after the showing.
Pros of In-person Showings For Your Rental Property.
- Personal touch and face to face interaction with your potential tenant
- Property more secure
- “Sell” your potential rental
Cons of In-person Showings For Your Rental Property.
- Showing time constraints and coordination problems
- Safety concerns as you never know who you are really meeting
- A waste of time when prospects no show
- More susceptible to being sold if your DIY landlord
- Possibility of scams & liability concerns
What works the best? Tenant Performed Self-Guided Tours or In-person Showing.
As a professional Orlando property management company leasing & managing hundreds of homes throughout the Orlando Rental Market, we have seen success both ways. I advise landlords & homeowners to opt for self-showing access for their vacant rental properties. We see more applications submitted and home rent faster because more people can get through the front door to view your home at their leisure. Some rental property owners & landlords may be hesitant about having someone tour the house unattended. But that is what insurance is for. To make sure you are covered if in the rare chance something happens. The winner of the competition between self-showing or agent performed showings in our eyes is self-showings for your rental property. If you’d like to reduce any of the headaches of showing your rental property or searching for quality tenants. Reach out to us here at The Listing Real Estate Management, the best choice for property management in Orlando, Florida.