Landlords: Are You Aggressive Enough In Trying to Rent Out Your Property?

Posted on: September 28, 2010

Categories: Property Management

Author: buyfixandprofit

Why Landlords Fail to Get Tenants

Most landlords and property managers fail to get tenants because they are not aggressive enough nor are they properly prepared to show a property.  Once that tenant is in the door, assuming the rehab was performed properly, the property manager or landlord should be able get at least 75% of prospective tenants to fill out an application before leaving.  I learned over the time that portraying confidence and asking for what you want goes a long way.

Landlords Need to Lead their Prospective Tenants when Showing Units

Showing a freshly rehabbed home or apartment for rent should not be a self-service activity where you toss the keys to the prospective renter and point at the door on the left at the top of the stairs. You will need to prepare for the showing before the prospect arrives. First, walk through the apartment to make sure everything is clean and in good condition. If you have shades drawn and it’s a bright sunny day, open those shades and let the sunlight fill the apartment. If you’ll be showing the apartment in the evening, turn on the all the lights prior to the prospect arriving. Do whatever else you can to make the apartment pleasant and inviting including smelling nice.

Never make a prospective tenant feel like you’re doing them a favor by showing the apartment. You need to be courteous, helpful and enthusiastic. If you’ve been working around the building and are covered in dirt, it is always advisable to clean yourself up prior to the prospective tenant’s arrival so that you present a professional appearance. Think and act like a salesperson. Demonstrate the features of the apartment and the building. If you have insulated windows, show people how well they work. Open doors, point out features, like ceramic tile walls in the bathroom, on-site laundry facilities, or tenant storage lockers. Talk about the positive features of the building and the neighborhood, like the proximity of schools, churches, transportation, and shopping.

You should be prepared to provide accurate answers to questions prospective renters will ask. You need to know your building and your neighborhood. Know the square footage of your apartments, the utility costs (a requirement in Chicago for tenant- heated units), and other pertinent information.  Find out where the churches and schools are, what public transportation will serve people, and where the closest grocery store and pharmacy are located.

Close the Sale

Many landlords find it difficult to close the sale. They don’t get a definitive agreement to rent an apartment or their freshly rehabbed REO home. When the prospective tenant is at the building, you need to seize the moment and ask them to fill out an application and leave a deposit. Don’t be shy! Create a sense of urgency, schedule several appointments at the same time – it works. If you only have one apartment available and you’ve had other inquiries, let the prospect know. Let them know that if they take too long in making a decision the apartment might not be available. It’s also a good idea to get a prospect’s telephone number and address so you might call them later and ask them to rent at your building.

Top 3 Reasons why Landlords Fail to Lease their Properties Fast

There are several reasons property managers fail to close the rental … or even to attempt closing.

  1. Fear of Failing: Most people don’t like to hear “NO.” If you don’t hear NO, you have not yet failed. Unfortunately, it also means you haven’t yet tried.
  1. Misunderstanding of the sales closure: Most people need to be pushed to make their final commitment to rent an apartment. Often landlords don’t close because they don’t think it is necessary to push for that final closure. Renting an apartment is a major buying decision and one that requires encouragement.
  1. Cultural Taboos: Tradition and the manners we have been taught tell us that it is not good to ask someone for something. You’re not comfortable asking for the order. Unfortunately, many other property managers have overcome this taboo and will ask your applicants to sign their applications.

The Landlord Follow-up

Of course, not every “looker” will rent on the first visit. This is not a cause for alarm. Many shoppers make several appointments to look at various apartments, including your competition. If you’ve taken a name and number, you’ll be able to follow up with a telephone call or a brief note thanking them for visiting your building and inviting them to become a resident. If you have properly prepared your apartment, priced it competitively and shown diligence in your marketing efforts, you have a good chance of getting the rental.

pixel Landlords: Are You Aggressive Enough In Trying to Rent Out Your Property?

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