Showing a rental property can be risky. Agents are sometimes targeted by criminals that see rental showings as opportunities. At a showing, there’s usually only one person and an empty property, creating a prime scenario to take advantage of that person or the property.
Those crimes can be avoided by using self-showing technology. Self-guided tours using smart locks and lockboxes not only keep your people safe, they also play a key role in growing your business. Contactless showings turn properties faster and create more profit.
Let’s take a look at the business benefits of using self-showing technologies at your rental properties.
Business Benefits of Self-Showing Visits
Greater safety
As concerns related to the pandemic continue, some agents don’t want to show properties when they could potentially be exposed to COVID-19, and many prospective tenants don’t want to see properties when other people are present. By requiring in-person showings, you’re limiting the number of people who you can rent to.
Contactless showings can open up your total number of prospective tenants while keeping your staff safe and secure — both from criminals and from COVID.
Greater profitability
Contactless self-guided tours make it easier to grow your business, because they have 17 percent fewer days on the market compared to in-person showings. The average time on market for lockbox showing properties is only 30 days, compared to 36 days when shown in person. Reducing vacant days saves more money.
Contactless showings also let you scale your business by adding more rental properties. You don’t have to worry about constantly driving from one end of town to another, spreading yourself out too thin, or hiring more staff to do in-person showings. Instead, you can add properties to your portfolio without adding more staff, drive time, or overhead.
Contactless visits reduce lease fees. We have customers all over the country who rent faster with secure self showings, allowing them to avoid paying outside agents leasing fees. Imagine if you reduced the number of leasing fees by 25 percent. You could put that money back into your business instead of paying it out to a third party. No third-party commissions means more money in your pocket.
Related: The Business Benefits of Property Management Software
Greater popularity
If you want to turn properties faster, keep your finger on the pulse of your renters’ preferences. Self tours are becoming more and more popular with prospective tenants. People want to see properties on their own, because it means no high-pressure sales tactics. You may not use those techniques, but prospective renters don’t know that — so they walk into your in-person showing with their guard up. Lockbox showings let them see the property without fear of being sold to.
Self visits are also more convenient for prospective tenants. Tenants are most interested in seeing properties in the evenings and on weekends, when you’re least interested in showing them. Combined, 53 percent of self tours happen on the weekend, or before or after work. Viewing times stretch as late as 8:00 pm, well after you want to be home with your family.
Lockbox showings free you up to go out to dinner while they go view the property. Right after their visit, you can send them a text to apply, and the next morning you have yourself a new tenant.
Giving prospective tenants the flexibility to view properties on their schedule rather than yours is a key reason you’ll see fewer days on market. If you aren’t using lockboxes, you’re missing out on a significant portion of your traffic.
Don’t Sacrifice the Personal Touch
Many property managers are reluctant to use smart locks and lockboxes, because they’re committed to making their property showings as personal and relational as possible. Doing self visits doesn’t mean you have to sacrifice the personal touch. There are several tactics you can use to continue to provide a personalized experience.
If you’re using Tenant Turner software, you’ll know as soon as the prospective tenants arrive at the property. Use that as a chance to give them a quick call and see if they have any questions or if they need help with anything. This high-touch attention shows them you’re there for them and easily accessible. It’s an unexpected relational moment that they’ll remember.
Take that personal touch further by following up immediately after their visit. Send an automated survey that follows up on their visit and asks for their feedback on the property. Not only does this lead them to the application step, but it shows that you want to know what their experience at the property was like.
Discover how tenant lead software automation improves your personal touch >>>
Grow Your Business with Contactless Showings
“What COVID has done is accelerated the rental industry’s adoption of technologies in the digital environment to become contactless,” said Maitri Johnson, VP of Tenant Screening, TransUnion.
Contactless visits are a trend that won’t be going away anytime soon, even as we come out of the pandemic. Prospective tenants want it, and it helps boost your business.