Lots of traffic but no actual applications

[Bryan N.]

So, I've had a property listed on craigslist and postlets for almost two weeks now.   I get multiple calls, texts, and emails almost daily.   I've been showing the property almost daily and sometimes more then once a day.   I have yet to get a single application returned.  I clearly explain the screening criteria over the phone (3x monthly rent, no felonies etc, no evictions, and credit don't worry too much about), first months rent and security deposit (normal in this area).  95% of people pass at that point.  I have even offered the application fee to be applied to first months rent if approved.  Still no applications....

Any ideas?

[Jon Holdman]

This statement:

Along with the fact you're renting this unit for the first time, brings me back to price.  If "features" means bedrooms and garages and you're priced in line with other comparable units then your price is probably OK.  If features means granite counter tops or other cosmetic things that are above comparable units then you need to forget about those "over improvements" and price your unit in line with other units in the same area.

The fact you're getting showings tells me you're in the right ballpark.  Otherwise people wouldn't even be looking.  But is there something more subtle?  For instance, you have four bedrooms but they're small and the overall size is small vs. other four bed units.  Or missing a garage.  So, the property sounds good, but when people actually look its not what they're expecting.

Don't ask prospects what they don't like.  Most people aren't going to say "it smells like dog poo" or "the floor plan is screwy".  Instead try asking what else they're looking at and what they're finding in the area.  Or, "what are you looking for in a home?"

I also really encourage people to fill out the application right there.  Rarely do applications come back.  Most times when I've actually got a new tenant they filled out the application on the spot.  So, have pens and a place where they can sit and fill out the app.  And "ask for the close".  Say "would you like to fill out an application" with the app and a pen in your hands.

I make an effort to prequalify folks on the phone.  I list off the key requirements to rent from me and then ask "will any of that be a problem?"  So, if they show up I have a pretty good idea they will qualify.

I only show once a week.  I pick a time slot on Saturday or Sunday and tell everyone the same time.  Usually they show up a little before or after that time, so there's usually no overlap.  But even if there is that's OK.  A little competition never hurts.