Open houses aren’t just for individuals looking to sell their homes. As a landlord, you can also host open houses to attract potential renters. But if you’re going to host an open house, you need to do more than make things look pretty. Buying flowers and baking cookies will only get you so far. You need to engage attendees in order to earn a return on your time.
If you’ve never considered hosting an open house for your rental properties, then you’re probably wondering why this is helpful. What’s the value in an open house for a rental? Well, here are a few that come to mind:
This should be all you need to know. Saving time, generating leads, and instilling urgency in prospective tenants makes an open house well worth your time.
If you’re involved with real estate long enough – and are fortunate enough to host enough open houses – you’ll learn that the same types of people show up to every single one. Here are a few of those stereotypes:
You’ll have plenty of other people show up, including previous owners who are curious about what the place looks like or folks who just happen to be walking through, but these are the four most common profiles.
Now that you know who’s going to show up, it’s time to turn your attention towards how you’ll engage attendees. Here are a few tips:
You never want to ignore anyone who shows up at your open house. Even if you know the person is just a nosy neighbor or tire kicker. Sometimes your perception can be wrong and it’s rude to avoid speaking with someone who enters your home.
The key is to balance your time. There will inevitably be one attendee who’s a talker and will try to engage you in a lengthy conversation. This is fine, but be sure to politely step away when someone new enters so that you can introduce yourself. If someone is ignored for even 60 to 90 seconds, they may get back in their car and drive away.
Remember, open houses are about more than just the single property you’re showing. If you have other properties – or plan on investing in more in the future – capturing attendee information can help you down the road.
While you can try passing around a clipboard or manually taking information, some people are reluctant to provide their information without some sort of incentive. Having a small drawing or giveaway – such as a gift card – is an effective way to get things like names, phone numbers, and email addresses. Feel free to get creative!
After greeting people at the door, feel free to let them walk around on their own. This is especially important if you see couples. They often prefer to discuss things in private and would rather not be shadowed everywhere they go. You can then approach them after they’ve seen everything and give them some more details.
This is a short and simple tip, but remember that a smile goes a long way towards establishing a positive rapport with people. Even though an open house can be stressful, you should make an effort to smile at everyone. Ultimately, this will put people at ease and help you connect with attendees.
While you’ll be on the receiving end of a lot of questions during your open house, make sure you’re also asking your own. Get to know attendees so that you can determine who they really are and whether or not they’d be good tenants. This also helps you remember who’s who when it comes to reviewing applications after the open house concludes.
There’s value in forming partnerships. As a landlord, you can’t afford to spend your time handling menial tasks and dealing with the small details that take your focus away from the big picture. That’s why you need to partner with us.
At Green Residential, we’re the premier property management company in Houston, Texas, and would love the opportunity to earn your business. Please reach out to us today and we’d be happy to provide you with a complimentary rent analysis!
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