How long until you hear back from prospective tenant?

[Scott Lyons]

Hey everyone. I am trying to rent out a unit for the first time and was wondering on average how long someone waits to notify you that they want to proceed with the application process after viewing the unit? I have had a lot of interest in the property and folks come visit it, say they really like it, then a few days go by and I don't hear anything. I'm trying to decide if I should lower the price or wait it out to hear back as I get that prospects are viewing other properties as well. Any advice or experience you can share in this area?

[Stephen J Davis]

One: Only show the property once or twice not every time someone calls. I do Thursday at 6 PM or Saturday at 9 AM. I get multiple people to show at the same time putting pressure on whoever is serious.

Two: Close for the sale at the showing. Get the application fee and application deposit immediately. Rarely does a "be back" come back. CLOSE the sale right then and there. 

If you don't have a lot of sales experience, read Zig Ziglar's Sectets of Closing the Sale to get up to speed.