Here’s a scenario that plays out hundreds of times each month at our offices. A prospective renter calls and expresses interest in seeing one of our properties. The leasing agent then schedules a time with this prospective renter to meet them at the property. It seems simple enough, right?
Unfortunately, it’s more complicated than that. There are many different things that go into getting a property rented, and while showing rental properties allows prospective renters to get a feel of whether or not they like the property, that’s only one piece of the giant puzzle. Not only do they have to view it, they have to apply and qualify; a process that can take a bit more time when taking into account the four different scenarios that occur with prospective renters who schedule a showing:
#1 They don’t show up at all!
About 40% of the people who call and schedule a showing will no-show. They won’t call to cancel or reschedule; they just don’t show up!
#2 They won’t qualify!
There’s no way to tell whether a tenant will pose a problem in the future, but having a good application procedure is one good way to ensure that a qualified tenant is approved to rent the property. That also means it may take a few denied applications coming in before receiving an applicant who qualifies. About 30% of people who attend a showing or put in an application won’t qualify one way or another.
#3 They view it and vanish!
It’s always great when someone shows up to the showing you’ve scheduled; even better when they say they’re really interested! But about 20% of people view a property and then suddenly fall off the face of the earth. They don’t submit an application, won’t return your phone calls checking to see if they’re still interested, etc. They just vanish!
#4 They actually qualify!
It takes that special person in the final 10% to start heading in the direction of getting a property rented. Not only did they come to the showing, but they applied and qualify!
Showing rental properties is only one step to getting them rented. It takes time and patience to find a qualified renter, something that we here at RPM work on day-in and day-out!