In the traditional way of showing a rental property, a leasing agent meets a prospective tenant at the rental property and escorts them through the rooms. A self showing, or contactless showing, allows prospects to view the property on their own, at their convenience, without an agent.
Self showings with lockboxes are becoming very popular, very quickly. Since 2020, self showings have jumped from half of all property showings to more than 60 percent. During the height of the pandemic, that number had jumped to 70%.
If you aren’t already offering self showings to your prospective tenants, now is the time to rethink it. Let’s take a look at everything you need to know about lockbox self showings.
Related reading: 9 Must-Do Tips for Rental Property Showings That Seal the Deal
How Do Lockbox Self Showings Work?
Self showings are easy to do, and they require less work than traditional showings. A prospective tenant schedules an appointment to see the property. They are given a unique code to open the lockbox, retrieve the key, and enter the property.
During that time, they are free to walk through the rooms and evaluate the rental at their own pace and without the pressure of an agent.
At the end of their visit, they return the key to the lockbox and leave the property.
Are Lockbox Self Showings Safe?
Lockbox self showings have been used by property managers for decades. They’re safer than traditional showings — especially for leasing agents and property managers.
Showing a property can be risky, because agents are sometimes targeted by criminals. You have just one person and an empty property, creating an opportunity to take advantage of that person or the property. According to the National Association of Realtors (NAR) annual Member Safety Report, twenty-three percent of REALTORS® felt unsafe while hosting an open house alone and thirty-four percent of REALTORS® felt unsafe while showing vacant properties in areas with poor or no phone coverage.
If you still have concerns about showing vacant properties or self showings, you can enhance the security of the rental property by mounting affordable phone-enabled security cameras on the premises.
What Are the Benefits of Lockbox Self Showings?
Less time on market. Self-showing properties spend 17 percent less time on the market, compared to properties that just do in-person showings. Reduce vacant days, save more money.
Save money on commissions. Self showings eliminate the need to pay outside agents any leasing fees. No third-party commissions means more money in your pocket so that you can invest it in your business.
Scale your business easier. Self showings also make it easier to grow your business, because you can easily list properties for viewings all across your metro area at the same time. You don’t have to worry about spreading yourself out too thin or hiring more staff to do in-person showings.
Less pressure for prospects. Prospective renters often prefer to view a property on their own, because there’s less pressure without a leasing agent. People can openly discuss what they like and dislike about the property, without fear of being sold to.
No-shows are no problem. If someone doesn’t show up for their appointment, it hasn’t wasted your time.
What About the High-touch Experience?
Property managers are sometimes reluctant to offer self showings because they want to provide a high-touch experience for their prospective tenants. But just because you’re doing self showings, that doesn’t mean you have to sacrifice the personal touch.
You can program lockboxes to alert you when visitors 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.
Taking the initiative to reach out shows visitors that you’re paying attention to them and care about giving them a great experience — and it helps increase security at the property.
What’s the Best Type of Lockbox?
Basic lockboxes have a single combination or code that’s entered every time. Anyone with the code can enter the property at any time. Electronic lockboxes are programmed to each person a completely different code that is only good for the day that you've authorized them to view the property. This gives you additional security and ensures that visitors and maintenance crews are only given access according to your desires.
Most electronic lockboxes cost about $75 to $250.
What Are Best Practices for Lockbox Self Showings?
Before scheduling a lockbox self showing, pre-qualify prospective tenants against the leasing restrictions of your rental. Monitor access and use lockboxes that will notify your team each time an authorized person arrives at your rental and requests an access code.
Use electronic lockboxes with one-time use codes that are valid only for a window of time. Visitors’ codes will grant them access during that time frame only.
Follow up with visitors within an hour after their appointment. Send an text message survey that 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.
Not everyone knows how to operate a lockbox, so there can be some frustration when prospects try to access the property. When they make an appointment, be sure to clearly explain what a lockbox is and how to use it. Provide written instructions by text or email so that your prospects have them within easy reach when they go to the property.
Security Dos and Don’ts
Don’ts
- Don’t promote that there’s a lockbox on the property, or that it’s vacant.
- Don’t announce the vacancy from the street with “Enter Property Yourself” signs. (You don’t want to open up the door for would-be criminals to take advantage of the situation.)
- Don’t put the lockbox in clear view from the street. Install it on the side door or back door instead of the front door, or place it behind a screen door so that it can’t be seen.
Do
- Provide one-time use codes to maintenance crews, so that they only have access to the property while they’re working for you.
- Install low-cost cell-enabled cameras to monitor the property. You can also use the cameras to communicate with prospective tenants during their visits.
Related: Self-Showings for Rental Properties: The Pros and Cons
Self showings with lockboxes have grown in popularity during the pandemic, and they show no signs of going away afterwards. As technologies make it more convenient to go contactless, electronic lockboxes will become the new standard of rental property showings.
Use lockboxes to take care of your properties, your agents, and your business growth. Start investing in lockbox showings now.
Discover more about self showings — watch our on-demand webinar “Reduce Vacancy and Scams with Self Showings.”
