Tips/Experiences Using Open Houses to Find Tenants?

[Nancy H.]

Hi, Everyone,

My niece has a five-unit MF in Portland, Maine. She's also a full-time cardiac nurse who works ungodly hours. To minimize the amount of time she invests making arrangements and then showing a unit to individual potential tenants, when she has a vacancy, she has *one* open house (posts date/time on Craigslist) and is done with it. She says she gets good traffic, which lends the appearance that there is high demand for the unit, generates solid leads and, ultimately, results in good tenants. In the CL post, she includes a description of the unit and encourages visitors to bring the required documentation with them to the open house to expedite their application (pay stubs, copy of license, etc.)

During the open house, she makes herself available to answer questions and reinforces the CL ad in terms of 1) what the rental criteria is to be considered a qualified applicant; 2) that she, all things being equal, rents on a first-come, first-serve basis from among the pool of qualified applicants; and requires a check for the first month's rent plus security deposit at the time of application--most applicants of which complete the application on the spot. Interestingly, she does not charge a fee for the background check. (She, of course, does not deposit the rent/security deposit checks; holds until she has a signed lease and says this weeds a lot of time-wasters out from the get go. Gives applicant option of completing a a pre-stamped envelope so she can return checks by mail easily if they do not get the unit; or she destroys the checks, depending on applicant's preference.)

I'm considering trying this approach but wanted to tap into the hive on a few questions first...

1. Do you use open houses to find tenants?

2. If so, what's been your experience (the good, the bad, the ugly)? If not, why not?

3. If you do use open houses, is it the only way you attract tenants; or do you run open houses in conjunction with other forms of advertising (and what types)?

4. What do you think of the idea of collecting rent and security at time of application? Any potential risk to this?

Thanks everyone!

Nancy