You’ve purchased your first rental and now you are advertising for tenants. Why not hold an open home? Prospective tenants can come at the advertised time and you won’t have to be on call to show people around individually.
How can you make sure your open home is a success?
Always be prepared. There is no other way around this. You need to be prepared. Be confident with your property and the open home will go a lot smoother.
Arrive at least 30 mins early
You can guarantee that people will show up early if the property is in the right location and ticks lots of boxes. So be there before everyone else. Maybe even get there an hour before, just to be safe.
Have all your paperwork organised
Telling prospective tenants to ‘go online and download the forms’ may put off your ideal tenant. Have multiple application forms on hand, and more than you think you may need. It’s always better to have too many than not enough.
Get your property ‘show-ready’
First impressions matter so walk around the property and see things with fresh eyes. People will be put off if the carpet is rolled up along the wall and paint cans lying around. It doesn’t matter if you promise that the carpet will be in and the place repainted before they move in. Complete all of your tasks before you hold the open home.
Complete all your last-minute jobs
Is the outside looking good, garden tidy and the lawns mowed? Is everything working inside? Are the light switches all functioning and there are no missing lightbulbs? No leaking taps or broken tiles? Smoke alarms are working with new batteries. You want to avoid receiving 15 phone calls straight after the tenants have moved in asking to come and look at this and take. It will save you time and money in long run by making sure everything is in working order now.
Make sure you know the answers to these questions that tenants will no doubt be asking you:
- How much is rent?
- When is rent due?
- What is the length of the lease?
- What is the neighbourhood like?
- What is the crime rate in the area?
- What additional expenses are there?
- What is the policy on pets?
- When is rubbish collected?
- What is your decorating policy?
- Why did the last tenant move out?
- What ongoing issues are there with the property?
You really have to know your property inside and out to have a great open home. You have to get it to a ‘move-in’ ready state and be prepared with all of the paperwork and know the answers to frequently asked questions.
Alternatively of course, you can employ a property manager to take care of all these things for you. But it is still wise to be involved in this process. Remember that investing in property doesn’t mean that you set it and walk away.
What other things can you do to ensure you have a successful open home?