When I bought my first property in 2014, rental showings were a whole different ball game. You had to take a day off, drive around town, and hope the property looked as good in person as it did online. Fast forward to today, and the landscape has completely changed. Buyers and renters today crave convenience, especially when making a big decision. As a modern property manager, you have to be ready.
So, what exactly are the different types of rental showings? And how do you pick the right one?
In this blog post, we'll dive into exactly this and learn when one could be better than the others in which scenario.
There's 3 ways to show your rental property:
In-Person showings
Self-Guided showings
Remote-Guided showings
Each one has its pros and cons, so read on to see which is the best fit for you.
By the weay, if you're not getting enough interest on your property, try advertising it on rental platforms.
In-Person Showings
Modern looking rental propertyWhat Are In-Person Showings?
When you think of showing a house, in-person is the way it has been done for decades. Buyers are very accustomed to the process as well.
The property manager or a representative meets the client at an agreed upon time at the property. The client receives a personal tour and gets their questions answered right on the spot.
This traditional method provides a personal touch and allows for immediate interaction.
Pros
Highest Conversion Rates: Direct interaction leads to higher conversion rates
Security: Highly secure as a representative is present
Immediate Feedback: Real-time feedback helps in making necessary adjustments quickly
Cons
When should you opt for In-Person Showings?
We recommend doing in-person showings for large multifamily buildings and luxury properties where the rental rate exceeds $5,000 per month.
Self-Guided Showings
Locked door for a rental propertyWhat Are Self-Guided Showings?
Self-guided showings are the most convenient for both the client and for you. They can choose their own timing, walk through the property and message you if they have questions.
There is some level of automation needed on the property to pull this off.
The client shows up at the listed property at their convenience - could be in 10 mins, could be a week later. A lockbox is left on the door of the home with keys to the house inside. The property manager (or software) sends the access code over at their arrival so they unlock and look around. Once done, the property is locked by the client and the key is returned back to the lockbox.
Pros
Cost-Effective: Very inexpensive software
Immediate Showings: Allows for showings at any time convenient for the prospective tenant
Automation: Somewhat automated, reducing the need for direct human interaction
Cons
Low Conversion Rates: No one is available to answer questions or guide the prospect, leading to lower conversion rates
Security Issues: No confirmation that the property is correctly secured after the showing
When should you opt for Self-Guided Showings?
We recommend you to do self-guided showings if you own or manage scattered portfolios of single-family homes and small multifamily properties and focused on lowest cost.
Remote-Guided Showings
Prospect getting a remote-guided showingWhat Are Remote-Guided Showings?
Remote-guided showings are a hybrid of In-Person and Self-Guided.
The prospect schedules a showing at their convenience. When they arrive, they receive a call from a trained associate who provides the access code and assists them in entering the property. Crucially, the associate stays on the call to highlight key features and answer questions in real-time.
At the end of the showing, they ensure the property is properly secured and collect feedback (both their opinion and any maintenance issues).
RentEngine is a software that's purpose-built to help you easily set up remote-guided showings. Try it out today.
Pros
Immediate Showings: Prospects can view the property at times that suit them best.
Flexibility: Accommodates early arrivals, latecomers, and last-minute cancellations or rescheduling.
Higher Conversion Rates: Four times higher than self-guided showings.
Security: More secure than self-guided options.
Real-Time Feedback: Immediate feedback helps in adjusting prices or addressing maintenance issues.
Cons
When should you opt for Remote-Guided Showings?
We recommend you use Remote-Guided showings if you have a scattered portfolio of single-family homes and small multifamily properties where leasing speed is paramount.
Conclusion
Choosing the right type of showing for your rental property depends on your specific needs and priorities:
In-person showings provide the highest conversion rates and security but are the most expensive and time-consuming.
Self-guided showings are the most cost-effective but come with security and closing rate drawbacks
Remote-guided showings offer a balanced mix of high conversion rates, security, and convenience at a relatively low cost.