Why Rental Property Owners Should Stop Being Afraid of Self-Showings
By Doug Brien @ Bigger Pockets
June 15, 2017
Landlords and property managers who utilize self-showings aren’t just willy-nilly handing over a set of keys.

EXCERPT:  At first glance, the notion of allowing a prospective resident to tour a rental property on his or her own may seem reckless. I’ve been hearing people make arguments against self-showings for years. But I’d venture to guess most of the skeptics haven’t tried to use self-showings and therefore don’t realize how safe (and effective) they can be.

The key—no pun intended!—lies in the advent of new technology.

Landlords and property managers who utilize self-showings aren’t just willy-nilly handing over a set of keys. Advanced technology ensures there is a number of protections put in place first. For instance, we use a detailed vetting system before agreeing to let someone self-show a unit. We collect personal information about the person, including a copy of their ID, to ensure the person is who they say they are. You can even integrate software that charges someone a small fee to ensure the credit card fee they provide is indeed valid. People planning to wreak havoc on a unit tend to be recalcitrant about providing this type of documentation.

Why Self-Showings Will Become the Norm for Rentals

As technology advances, we’ll be able to integrate other self-showing protections. We’ll be able to leverage data, artificial intelligence, and public records to coordinate a series of questions to validate a person’s identify.

Sure, not everyone will want to provide said information just to tour a rental property. But in my experience, those who do tend to be higher quality applicants. Over time, self-showings will become so common that providing this information will be the norm.

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It’s also important to realize that we aren’t using the traditional, single-code lock boxes of yesteryear. We use “smart lock boxes” that issue rotating codes that expire after just two hours. Once someone has verified their identity, they’ll schedule a self-showing through an online portal. A few minutes before their appointment, they’ll get an email or text notification containing a unique code to unlock the lock box. This way, a prospective resident only has so long to enter the unit and cannot give the code out to others, adding yet another layer of security.

After the showing, the prospect simply returns the keys to the lock box. Technology can sense whether the keys have actually been returned and can send a message to the owner of property manager if not. In any event, we will follow up with the person by phone, text, or email to ensure the key was returned properly and answer any questions they may have about the unit. If someone is interested in leasing the unit, great! We will forward the paperwork along accordingly.

Making the Leasing Process Easier for Renters AND Landlords

Self-showings, when supplemented with advanced technology, make the whole leasing process seamless. Prospects can tour units at their own leisure, day or night (typically until dark), seven days a week. Today’s renters are impatient. They want what they want, and they want it now. Self-showings speed up the showing process and allow prospects to tour units faster than they’d be able to otherwise. Better yet, nobody has to worry about a pushy salesperson breathing down their neck.

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