This Week’s Tip comes directly from our Online Video Training Course: Impact Induction
As a Property Manager, you’ll need to know the benefits and downsides of both types of viewings in order to secure the most suitable tenant.
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Benefits of an Open for Inspection
Time: time is a precious commodity in Property Management and the single biggest benefit of conducting OFI’s is to save you time. By creating one inspection you could show an unlimited amount of prospective tenants through a property both quickly and efficiently.
Property Run: It can be typical for an Agency to conduct OFI Property Runs on a weeknight and definitely on a Saturday. As most potential tenants are at work during the week the best time for them to view the property is going to be after hours or on the weekend. A property Run is when a group of viewings are conducted one after another. By grouping the viewings together in a run you again are saving a lot of time.
Urgency: OFI’s can create a sense of urgency. When prospective tenant realise that there are other parties also interested it makes them complete their application process faster which allows you to secure a good tenant after only one viewing.
Downside of Open of Inspections
Control: A downside to an OFI can be that too many people turn up and you loose control of the situation. It can be overwhelming when there are a large number of people all trying to get a look in, in a very short space of time. You also have a duty of care that items are not stolen and that no-one is perhaps casing the property for future crimes.
Attention to Details: By showing a large number of people through you may miss some important things like having a extended conversation about the type of character your potential tenant is and weather they would be most suitable as a future tenant. A lot of Property Managers will use their intuition and instinct when selecting a great tenant and this part could be lost if there are too many people at the viewing.
Benefits of a Private Viewing
Determine Suitability: By conducting a Private Viewing it allows you the time to get to know your potential client. By asking their reasons why they are moving and where they are now it can tell a lot about the type of person they are and weather they’ll make a great tenant. Use this one on one time to really get to know them. You can also allow them to really decide if this property suits their needs such as bedroom sizes, fridge size, laundry facilities… allow then to ask as many questions as possible because ultimately what they see is what they end up getting.
Begin Creating a Relationship: Use this time to begin setting an expectation and develop a relationship with your potential client.
Downside of Private Viewing
Wasting Time: Conducting multiple Private viewings can certainly slow you down so I would recommend you asking some of the following qualifying questions
Tenant Qualify Questions:
- Are you ready to move in on the available date?
- Can you sustain paying the rent amount advertised, proof of income/rental history?
- Are they prepared to sign a 12 month lease (if that is the owners expectation)?
Please email us if you’d like to know more about our Property Management Courses or need any further assistance.