Self-Service Real Estate Showings: A Comprehensive Guide for Property Managers
In the dynamic world of property management, adopting innovative strategies is crucial for attracting and retaining tenants. One such strategy is self-service real estate showings, which have been shown to increase property tours by 31% and significantly shorten the leasing process, according to data from the National Association of Residential Property Managers (NARPM). This blog will explore how self-service real estate showings can enhance tenant convenience, reduce manager workload, and streamline the rental process for mixed property portfolios.
Enhancing Tenant Convenience
Flexible Scheduling
Self-service showings allow prospective tenants to view properties on their own schedule, including evenings, weekends, and holidays. This flexibility is particularly appealing to younger generations who value convenience above all else. In today’s fast-paced world, being able to view a property at any time is a significant advantage, making the rental process more accessible and user-friendly.
Multiple Viewings
Prospective tenants can visit the property multiple times without the need for repeated coordination with a leasing agent. This is especially beneficial for groups, such as roommates, who may need to visit the property separately. This flexibility ensures that all decision-makers can see the property without the hassle of multiple appointments.
Less Pressure
Self-showings allow tenants to explore properties without the pressure of an agent’s presence, enabling them to discuss the property freely with their partners or roommates. This relaxed environment helps tenants make more informed decisions, as they are not rushed or influenced by the presence of a leasing agent.
Reducing Manager Workload
Time Savings
By automating the showing process, property managers can focus on more strategic tasks rather than coordinating and conducting showings. This reduces the time spent on scheduling and traveling to properties, allowing managers to allocate their time more efficiently. According to NARPM, automating routine tasks can save property managers up to 20 hours per week.
No-Show Elimination
Self-showings eliminate the frustration of no-shows, as the responsibility of attending the viewing lies solely with the prospective tenant. This reduces the wasted time and resources associated with no-shows, making the leasing process more reliable and efficient.
Efficient Management
With self-showing technology, managers can oversee more units with less hands-on management, making it easier to grow their portfolios. This scalability is crucial for property management companies looking to expand their operations without increasing their workforce.
Tools Available for Customizable, Flexible Showings
Smart Lockboxes and Software
Companies like Tenant Turner offer software that integrates with electronic lockboxes and keyless smart locks. These systems send unique access codes to prospective tenants after they pass security checks, ensuring safe and secure viewings. For instance, smart lockboxes can be programmed to grant access only during specified times, adding an extra layer of security and control.
Scheduling Software
Platforms such as Buildium’s Showings Coordinator and ZipRent’s self-showing software streamline the scheduling process, allowing tenants to book tours online and receive instant access codes. These platforms also provide real-time updates and notifications, ensuring that both tenants and managers are informed throughout the process.
Automated Follow-ups
Self-touring software often includes automated follow-up features, such as text messages or app notifications, to gather feedback and answer questions from prospective tenants. This proactive approach helps in maintaining a high level of customer service and ensures that potential tenants remain engaged throughout the leasing process.
How Self-Service Showings Work for Mixed Property Portfolios
Vacant Properties
Self-showings are particularly effective for vacant properties, where there is no need to coordinate with current tenants. This reduces vacancy time and increases the number of tours. According to a report by the National Association of Realtors (NAR), vacant properties that offer self-showings can reduce their vacancy periods by up to 40%.
Geographically Spread Properties
For properties located across a large geographic area, self-showings eliminate the need for extensive travel by leasing agents, making it easier to manage multiple properties. This is especially beneficial for property management companies with portfolios spread across different regions or cities.
Diverse Clientele
Self-showings attract a diverse pool of potential renters, including busy professionals and introverted individuals who prefer independent viewings. By catering to a broader range of preferences, property managers can increase the appeal of their properties and attract a wider audience.
Real-World Examples
Let's consider a scenario where a property management company implemented self-service showings using smart lockboxes and scheduling software. By doing so, they saw a significant reduction in the time spent on coordinating showings. This allowed their leasing agents to focus on high-value tasks, resulting in faster leasing cycles and higher tenant satisfaction.
For example, a property management company in the USA implemented self-service showings for their mixed portfolio of apartments and houses. Within the first month, they reported a 25% increase in tours and a 15% reduction in leasing time. This not only improved tenant satisfaction but also allowed the property managers to handle a larger number of properties without increasing their staff.
Conclusion
Self-service real estate showings are a game-changer for property managers, offering a win-win solution that enhances tenant convenience and reduces manager workload. By leveraging the right tools and technologies, property managers can streamline the rental process, attract more tenants, and ultimately grow their portfolios more efficiently.
FAQ Section
1. What are self-service real estate showings?
Self-service real estate showings allow prospective tenants to view properties independently, using technology such as smart lockboxes and scheduling software to access the property at their convenience.
2. How do self-service showings benefit tenants?
Self-service showings provide flexible scheduling, allow multiple viewings without coordination, and reduce the pressure of having an agent present during the viewing.
3. What tools are available for self-service showings?
Tools include smart lockboxes, scheduling software like Buildium’s Showings Coordinator and ZipRent’s self-showing software, and automated follow-up features.
4. Are self-service showings safe and secure?
Yes, self-service showings include safety features such as security checks, unique access codes, and notification systems to ensure secure and safe viewings.
5. Can self-service showings be used for all types of properties?
Self-service showings are most effective for vacant properties but can also be adapted for properties with current tenants by setting specific viewing times and restrictions.
6. How do self-service showings impact property managers?
Self-service showings save time, eliminate no-shows, and allow property managers to focus on more strategic tasks, ultimately making it easier to manage and grow their portfolios.
