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Updated over 6 years ago,
Normal conversion rate for applications
Hi Everyone,
I'm hoping some of the seasoned landlords can help me out here.
My business partners and I recently bought a duplex in Columbia, SC. It's an older duplex that could use some upgrades but we have kept the rent down to compensate for that. Immediately after purchase one of the tenants moved out. We are now trying to place a new tenant. We have everything setup through tenantcloud.com and its advertised on all the major sites.
The problem I'm having though is that it seems like our conversion rate from inquiries to applications is low. Then even after we get someone to apply the process just stops for those few that have applied. I also have a full time job so I cant just drop everything to show the property at anytime.
Here are some of the the things I have tried and noticed:
1) We have had 43 inquiries via email through various sites such as Zillow and Trulia that I immediately respond to with a standard email response stating that they should apply online (no initial application fee) and that we will schedule a showing if they meet our initial requirements. They will then pay directly for background and credit checks if they want to proceed. Only 4 applications have been received so far with 3 showings. 1 has met requirements to proceed. It's been listed for almost 3 weeks now.
2) basic qualifications are income is 3x rent and 600+ credit score. No felonies or evictions in the last 10 years.
3) Google voice phone number goes directly to voicemail explaining how to apply in case they didnt read the listing explaining the process.
Is it normal to seemingly get a lot of interest but not many that want to actually go through the process or is there something that I'm blatantly doing wrong that's turning people off? Listing can be seen at the link below if anyone wants to take a look and critique it.
https://ajpproperties.tenantcloud.com/listing/219747
Thanks!
Andrew