How to Present Your Unit to Potential Tenants
Finally renting your unit to tenants is one of the most exciting steps of the whole income property purchase process. However, you don’t want to jump in too quickly and choose a random applicant to move into your unit. You need to go through a detailed screening procedure first to ensure the potential tenant meets the right criteria. Once the applicant passes all the security checks, you can schedule a property showing to present your unit. Here’s how to do it efficiently!
#1 Prepare the Property in Time
First and foremost, make sure to arrive at the property at least 30 minutes before the showing. The property should be clean and spotless when the applicants arrive. Make sure to sweep the floors and wipe off any dust residue on visible surfaces. Feel free to put some thought into staging the property so it looks as inviting as possible. Lastly, crack the blinds and let natural light in.
#2 First Impressions Matter
Keep in mind that first impressions matter, even more than you think. Never schedule a showing on the same day the applicant asks for it as you don’t want to appear desperate and in a rush to rent the unit out. Once you arrive, make sure to be dressed in proper business attire. Nothing too fancy, just make sure your outfit looks presentable and fits the image of a successful landlord. At the beginning of the showing, spend some time outside with the applicants before taking them inside to get to know them a bit.
#3 Focus on Their Experience
When walking through the unit, ask the applicants what they like about it. Do not focus on what you like in the unit but ask them what they like and what they’re looking for. Once the showing is completed, summarize what they mentioned liking about the unit to reiterate the highlights. Emphasise the positive points and draw attention back to them at the end of the showing.
#4 Ask for Feedback
Once you’ve done your part, ask them for their honest thoughts about the unit. Here are a few examples of the questions you can ask at this stage:
“How does this compare to the other units you have seen?”
“Do you see yourself living here?”
“It sounds like you really like this place, are you ready to apply?”
#5 Prepare Them for the Next Step
If they say they are interested, let them know that you will review their application and get back to them within the next 48 hours. Let them know that if they are chosen they will receive a phone call and an email with the next steps. Lastly, make sure to ask them if they will be able to send in the deposit and additional required documents within 24 hours after the offer if they are chosen for the property?
Instill a Sense of Urgency
When talking to potential tenants, always reinforce the idea that the market is competitive and that there are other showings taking place. Mention that you only reserve the #1 applicant’s place for the unit for 24 hours because there are other people applying. If they are unable to send the deposit within the next 24 hours, you will have to offer the unit to the second applicant on the list.
If you need help purchasing and managing your first (or next) income property, schedule a free call here to get started!