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Attracting a tenant advice - (sorry, long!)
Hello Nesties--
I reply to posts all the time on here and on the Knot, but I'm so excited to write my first one, lol. I know, I know, so dorky!
Anyway, my post isn't "buying a house" related, per se, but it is real estate related and I could use some advice and perspective.
I own a duplex and my current tenants are moving out next Saturday (1/18). I'll be doing some upgrades once they are out and am trying to figure out the best timeframe to start showing the place. I get SUPER stressed out when I am between tenants, I hate the "uncertainty" of it, and even have rental dreams every night. Ugh! So I want to make the transition to my next tenants as quickly as possible in order to maintain my sanity.
The biggest upgrade we are doing is sanding down the kitchen cabinets, repainting them, and installing a granite tile countertop. We are doing that work ourselves. My hope is to have the majority of it done by the next Saturday (1/25) and start showings for hopefully a Feb. 1st move-in. If you were looking for a rental, at what point in a job like that would you "side-eye" being shown the space? For example, would it be a turn-off if the cabinets were done but the counter wasn't...but I could show you the granite tiles and backsplash to be installed within the next few days? Or should I really wait until EVERYTHING is done before doing showings? I'd also be willing to offer a discount on the first month's rent if it wasn't quite in finsihed shape when the showing occurred.
And, for another general question, does anyone have suggestions on how to best close the deal when I find prospective tenants I like? I didn't have too much trouble this last time I rented, but the time before that was a nightmare. I did DOZENS of showings without any nibbles and it was really disheartening. I swear I can't think of anything different I did or didn't do, lol. Should I have the rental application and a sample lease handy? Ask what their thoughts are about the place at the end of the showing? Have chocolate chip cookies baking in the oven, lol?
Last, but not least, I was thinking about trying an open house. Like people do when they are selling their home. Advertise it on Craig's List with my normal rental ad and pics, with an open house invitation in the title. Basically have the house open from 10AM-2PM on a Saturday and/or Sunday where people can swing by and check it out. Would that make you more likely to come see it if it was already a possibility or it wouldn't matter?
If it helps, most people who come see my place are either singles or couples (2 bed, 1 bath). Not families with kids. Sorry to throw a lot at you ladies, but I very much appreciate whatever words of advice/ideas you all have out there. Thanks!
Re: Attracting a tenant advice - (sorry, long!)
I would say be willing to put in writing when the renovations would be done. If they're tenants that you really like, be open with them that you want them and what would help seal the deal?
Part of what I liked about that apartment was that the landlord was on site. I quickly found out that he didn't really into inside handy work, but he was very amenable to me saying my dad was coming over to fix "x".
Thanks, quitedinky! That was a really helpful example and makes me feel better about showing the place even if the kitchen remodel is still underway. And it does make sense to include in the lease when the kitchen will be finished, to give people peace of mind.
I've also gotten the impression that prospective tenants appreciate that I live on-site. While I am not especially handy...like I'm lucky to find the right end of a hammer, lol. My DH is thankfully pretty good with basic to intermediate repairs.
Also, I prefer not to feel pressured by landlords. If I see a place I like I'll thank the person for showing us and call or email them the next day. Or, if I'm super blown away I'll ask for the application. If a landlord approached me with paperwork after a showing I'd leave and probably not rent from them.
Thanks for the response, duckie1905. I definitely don't pressure, or at least I don't think I do, but I have in the past asked prospective tenants at the end of the showing if they would like to fill out an application (but not literally handing them paperwork). I come from a sales background and the first rule is to "always ask for the sale". I also see it as an opening for them to bring up any questions/concerns as well as a logical end to the interaction. Where they can either say they want to fill one out or say "not today, looking at other places, etc."
But, based on your comment, I'll re-think the offering an application. At least test out specifically what I say to friends and see if they think it is off-putting.
I know I did have to really adjust my thinking when I first rented out the space. In the past when I looked for a rental, I did all my research on the front end. Made a very short list of the places I was most interested in...in favorite order first. And only set up a showing for the first 1-3. If my favorite place was as good in person, I'd ask to rent the place/fill out an application right then and there and be done with it. Decision made.
Apparently a lot of people don't do that, lol. I was surprised to often hear, "It's a great place, I like it! But I have four showings later today and five tomorrow that I want to see, but I'll give you a call/e-mail on Monday." Which of course is totally fine, not judging, people have their own systems. But, for my own cup of tea, it just sounds unnecessarily time consuming (for them).
When we were looking for a temporary apartment (selling a house in one place, buying here) we were seeing 3-4 places a weekend for about 3 weeks.
As for showing the place while being renovated, I don't think there's a problem doing that as long as the people you're showing it to know that up front. If it bothers them, they can then choose not to see it. I also don't see a problem having a copy of the application with you when you show the house nor asking what their thoughts are and if they'd like to fill it out. The key is all in how it is done though. It is possible to do it without being pushy about it.
Thanks for the input, jtmh2012. I was thinking after I wrote the above reply that, although I've moved to 7 different rentals in my lifetime (in two areas of the country), I never needed to see more than one place in between. And THAT struck me as super weird when I realized it, lol. But it was just the way things worked out.
I think my typical end of showing spiel is I'll ask if they have any questions or concerns and then (if applicable) discuss whatever they bring up. At that point, (if I like them) I'll usually express that they sound like they would be good tenants...or it sounds like this might be a good fit...because and reference something(s) specific and unique from the conversation. And then ask if they would like to fill out an application. I just had a thought that I am going to change my verbage to "...I would like to invite you to fill out the application, if you're interested." I do only ask once and use a casual tone. At the very, very end I always say how I enjoyed meeting them and thank them for coming.
In fact, the first time I rented the place out...which was the frustrating time...it was like "when it rains, it pours". I initially only had one party that seemed interested and they narrowed it down to my house and another one. They chose the other one. In the meantime I had dozens of showings without any other nibbles. Ugh! But then, as soon as I had a signed lease, suddenly a bunch of people called me back...some that had their showing two weeks earlier...wanting to rent the place, lol.