Open House
We were thinking of doing an Open House on a rental rehab we are finishing up.
We've seen Realtors have open house showings (been to a few) and I may have seen years ago new apt's doing the open house thing. But........I can't remember ever seening just a "house" rental open house.
We believe this may attract not only renters but home buyers and curious others that will help promote our business and what we do - you know the word of mouth idea.
Has anyone tried this or have any suggestions to add to our promotion and showing?
I use open houses for my rentals. Usually on Sunday afternoon. I put directional signs at each intersection to lead them to the house. I say "rental open house" and an arrow. (Just "open house" implies a house for sale.) I have a WELCOME sign on the front door. Inside in a various obvious place, like the kitchen counter, there are stacks of handouts: brochure of the property, rental applications, the rental application process, and any brochures and maps to other rentals that I might have. Next to the information I have a large "Please call with any questions". I usually put quite a few copies out but then I also put some in a kitchen cabinet. No matter how many you put out they seem to disappear. So if someone calls I ask them if there are still X number of stacks of paper. If not I get them to replenish from the kitchen cabinet. Later in the afternoon I pick up the signs and lock up.
It seems to work well for me. Would probably work better to be there but I do not have the time to spend an entire afternoon sitting in a vacant house.
Brenda
Brenda has an excellent plan and package. Since I'm just looking for a tenant, tenant/buyer. My plan pales in comparison to Brenda's.
I have a"rent to own" sign in the front yard. I send flyers to the neighbors in the surrounding community when the sign is planted.
I have a floor plan sketch & the typical house information pasted to the inside of the front window, I leave all window blinds open, my Sunday ad gets callers who I tell "Today, I'll be there from 1pm-3pm for your convenience, inspection, and to take your application".
Seems to work fairly well but not perfectly. I'm going to try Brenda's approach, I sure hate to spend a couple hours in an empty house on Sunday!
Yes I would be there at the open house. Although for realtors open houses do two things. They promote the house, but then again they also bring in lots of leads. I am doing open houses for another realtor on saturdays/sundays just to get leads of potential buyers. Most that goto open houses don't have realtors.
Consider that experienced realtors with plenty of clients don't do open houses because it is believed that open houses rarely result in selling of the house.
New realtors do open houses because it is believed that they are a good source of new listings since a lot of the people who look at the open house are just starting the process of looking at houses and don't have their house listed with an agent yet.
How that applies to a rental property, I don't know.
Thanks.
Brenda your plan is simular to what I had planned. I will incorporate being there off and on during the time the house in open especially since I can be. And I think I'll run it Fri-Sun since this is our High traffic time for out of towners looking for rentals and buys in our area. For during the week Prior and after (if I get no one I approve I will do as Sammy does) This should do well I think. The "Open House" for realtors selling works really well here so I think this twist should be as good.
[ Edited by Dreamin on Date 01/19/2004 ]
I do Sunday opens for my rentals. I have learned that if I get lots of comers, my rnet may be too low. If nobody shows, either your price is too high, it is a bad area, or the Twin Towers are falling (I had one set up Sunday following).
I have happier results limiting my open to one or two hours. No limits mean no commitment is necessary on part of lookers. Limits increase desire, and desire drives decision.
I am always there to keep from getting a pile of trash applications, and to build a list of tenant prospects for other houses. One of my present tenants was on a list over a year old. I had noted what she wanted and when I got a house like that I called her. No advertising was needed. Simplified my life.
[addsig]
We are at a recreational lake which also is a bedroom community for the big city. Over 60% of our residents commute and shop for living arrangements on Fri-Sun especially sunny weekends regardless of temp. It's hard to pull these people in when you limit the time and its a 45-60 mile drive for them. They are the larger wage earners in our area, take better care of our properties and not as likely to skip out on us. Locals we seem to have the most trouble with. I would hate to limit my showing in our area do to the limitations of people weekending for a home.
Local signs and arrows will draw these visitors interests. Other properties we rented were communters looking for a better enviornment, friendlier town and less expensive living than they find in the city. Our local school is a good one so many are also looking around here becuase of the school.
Any weekday goers are to be presumed to be locals and I hope to bring in curious on lookers for a data base not just for prospects for rent, but for selling and purchases. This give us a more diverse data base for our RE machine.
Already had some interest from a local thinking to sell and sees how we are fixing up her old neighbors. Hope the "word" gets around so we can find some other distressed properties. One of my promo's will be the before pictures.