Should you prefer Self-Showings of your Rental Properties?
- October 25, 2022
- Category: Property Management
In recent years, new technologies have filled the real estate industry. Many companies have emerged to make it simpler to own, rent out, or manage rental properties. Who wouldn’t want that? Self-showingS of your rental properties was never easier than today. There are many techniques and technologies that can be used to show your property for promotion. Whether you are selling your property or putting it out for rent you can use the technology. The technology includes smart locks, virtual tours of properties in 3D, and robots!
Although self-showings are a fascinating technology, they might not suit all users. Let’s take a look.
What Do Self-Showings Entail?
Traditionally, the property management, landlord, or leasing agent had to arrange a physical showing anytime a potential tenant wished to see a rental, which often required a lot of communication, like scheduling a date and time for the showing.
When renting out properties, there are numerous logistics to arrange. Even if a leasing agent automates scheduling with software like the showing coordinator the agent may still need to visit the rental property 15 times before finally leasing.
Neither the owner, agent, nor tenant finds the conventional lease process convenient. The design of the Showings Coordinator software helps make the leasing process easier.
Instead of physically showing the unit to potential tenants, the owner or property manager uses technology to let them take a virtual home tour.
The Process of Self-Showing
The leasing agent will place a set of keys in a lockbox and give the prospect the code, which they’ll use to tour the house at their convenience. After the tour, they will place the keys back.
Naturally, landlords have reservations about simply handing over the keys. What if someone destroys the property? What happens if they flee with the keys? What alternatives do you have? All of these reservations are legitimate.
New technology can help in this situation. Self-showings are now safer thanks to improved software and smart lockbox technology.
Tenant Turner, for example, provides scheduling software that agents can integrate with electronic lockboxes and smart keyless locks. Tenant Turner controls the equipment remotely and gives visitors a unique access code.
Built-in security measures are present. For instance, leads interested in viewing a home secured by Tenant Turner must upload a photo ID and provide personal information to prove their identity.
Tenant Turner puts each tenant lead through several fraud detection procedures to screen out Nigerian princes and people with burner phones. A tenant lead indicates when they’d like to inspect the property after successful security checks.
The owner or property manager can impose restrictions, such as scheduling showings only during specific times of the day. However, in general, self-showings allow potential buyers to see houses whenever they choose.
It is easy for the tenant to lead to enter the unit. A one-time-use, unique code that will expire after a set amount of time is texted to them when they arrive at the rental to unlock the lockbox.
When the tenant lead comes to the rental, this process immediately alerts the property management, landlord, or leasing agency. Tenant Turner records all access by tenant leads, suppliers, and team members to have a history.
The potential tenant can take a self-guided tour of the apartment once inside. After the tour, the visitor returns the key to the lockbox and offers feedback.
Benefits and Drawbacks of Self-showingS of Your Rental Properties
Self-showings are a topic on which property managers, landlords, and leasing agencies frequently disagree.
Benefits OF Self-showings of Your Rental Properties
- There is less coordination between the property manager, the landlord, the leasing agent, and the potential tenant. Instead of wasting time planning and running showings, devote that time to other duties.
- It becomes much simpler to display dispersed geographical units. No more navigating the city or putting up with no-shows.
- Self-showings speed up the lease process by allowing your tenant leads greater freedom to choose the time they want to view the rental.
- Portfolio expansion for property managers is easier. Each leasing agent can manage more units because unoccupied units require less direct supervision.
- Renters receive immediate satisfaction because they can view houses whenever they wish.
But as we’ve already established, not everybody loves the idea of self-showing. H
Drawbacks of Self-showingS of Your Rental Properties
- Property managers should do Self-showings when renting out vacant properties. The prospect should be accompanied during the showing to safeguard the interests of the current occupying tenant.
- While self-showing, potential buyers could have questions, and it might be challenging to acquire answers if they’re alone.
- Depending on your software supplier, you could have to pay monthly fees, which might add up. Property managers and landlords must calculate whether they would be better off renting or purchasing smart lockboxes, depending on the number of units they are in charge of, how many are unoccupied at any given time, and for how long.
- Not all tenants are computer savvy. Self-showing technologies may not be comfortable for older renters in particular.
- Self-showings are not entirely reliable. There is always a chance that someone will misplace the keys or destroy the unit. There is still a certain amount of risk involved, although landlords can implement safeguards.
Additional Ways to Enhance Self-showings of Your Rental Properties
Self-showings can be beneficial when used as a part of a bigger plan to provide a better rental experience. Combining self-showings and conventional in-person property visits, a hybrid strategy, can lessen coordination burdens while offering potential tenants high-quality service.
Additionally, technologies can assist property managers, landlords, and leasing agencies in coordinating rental showings without leaving potential tenants to fend for themselves.
To manage potential renters more effectively, the Showings Coordinator provides software for arranging showings. Whether you have a dozen or a thousand rentals, their powerful platform always works for you.
The software guides potential tenants through a pre-qualification procedure that complies with fair housing laws. It rates each applicant per your requirements and only permits qualified prospects to book a viewing.
It’s your choice to utilize electronic lockboxes, combo lockboxes, smart locks, and key checkout, or show them the rental yourself. But, believe it or not, self-showings of your rental properties will be a common thing in the near future due to fast advancements in technology.