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Handling “No-Show” Buyers/Tenants

Handling “No-Show” Buyers/TenantsOne of our members had a question on how to reduce the amount of “no shows” he has… that is, people who set an appointment to look at the property, then don’t show-up.  It stinks to drive to, and wait for a tentative buyer or tenant, only to waste your time.

A few thoughts:  One, is you can put the properties on the MLS… using either a regular listing, or a flat fee listing. (one in which you pay to list it but there’s no commissions paid to the listing agent)  In those cases, you can have the buyers Realtor show the property. (if a buyers Broker contacts you)

Or, find a local Realtor who’s willing to show the property for a cut of the $. Most will do it for half of one months rent if the person takes it. (we do both of the above, depending on the deal)

Another idea is hire a “salesperson”. It’s his/her job to do ALL of your showings for you. Then someone else deals with the no shows. As you grow, you’ll want to do this anyway. Pay them a % or flat fee… it lets you spend your time finding deals too.

Another way some people do this, is have them drive by the house and take a look, and have them call you back if they’re still interested. When they do and are, have them complete an application before taking them “through” the house.  If they’ve driven by, AND completed and faxed or emailed you an application, it’s a pretty good bet they’ll show up to look at the inside…

Still another way to handle it, is either (A) if the place is empty, put a lock-box on it and just give people the combination, or (B) have the SELLER show the house.  I know… you lose control and risk them “going around you”, but most won’t.

Most have no idea how to close the deal, what paperwork, etc., so they need you to make it all work.  I know people who run big companies and show ALL the properties that way. If you choose this, make sure you have the seller sign something protecting you.

Finally, and likely the best way for a smaller, new investor, is schedule an “open house” where you show the house to all interested parties at one time. Not only does it create competition, but certainly “someone” will show up, lol.

You “can” call the prospects and confirm the appointment, but that’s typically a mistake… because it gives them a great opportunity to back out and cancel the appointment.  I’d rather waste time and hope they show, than help them cancel, lol.

Finally, if this is happening to you on a regular basis… the no shows… you may want to evaluate/change what you’re saying to people on the phone as well. In any case, no shows are a part of the business… so don’t get too hung up about it.

Nick Cifonie

www.realestateinvestoronline.com

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