We have developed a method for showing properties that greatly reduces the vacancy rate in between tenants. We call it the Pent Up Demand (PUD) showing method. Here is how it works:
On the first day of vacancy after the outgoing tenants have moved out and returned possession of the property back to HPM, we complete our move out inspection and determine how long it will take to get the property rent and show ready.
While completing the move out inspection and getting the property rent and show ready we list the property for rent with the pictures we already have on file and place a sign in the yard.
Before being allowed to schedule a showing via our automated system prospective tenants must complete a list of pre-screen questions. These questions screen out those that can't afford the rent, aren't moving in the next 45 days, violent felons, sex offenders, those that have ever broken a lease and those that have pets if a no pet listing.
We notify prospective tenants up front when scheduling thier showing that they may be sharing their showing time with other prospective tenants for efficiency.
If the prospective tenants pass the pre-screen questions they are allowed to schedule a showing via our automated system. The only showing we make available is one showing on a specific date and specific time that we have predetermined based on the date we think the property will be rent and show ready. We stack all prospective tenants for the same showing on the same day at the same time. This allows us to accumulate prospective tenants for showings during the time frame it takes to make the property rent and show ready.
We then show the property on one specific day and time to all prospective tenants and explain to them that applications are accepted on a first come first served basis. When multiple prospective tenants see each other looking at a property at the same time it creates a sense of scarcity and urgency that just looking by themselves doesn't create. We usually get applications soon after the showing is over if the traffic is there. If not we open the property up to individual showings.
The Pent Up Demand (PUD) showing method is a win for all parties involved. Think of it as a open house but with pre-qualifications. We show the property less but get it rented faster which lowers the property owners vacancy rate, saving everyone time & money.
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