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Charles Runn…, Real Estate Pro in ,

Has Anyone had sucess holding a brief Open House for a Lease Listing on a Saturday?

Asked by Charles Runnels, , Sat Jan 21, 2012

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Yes! I manage about 50 rental units located all over Silicon Valley, of which only 40 have a resident manager, which means I have to fill the vacancies in the other 10 myself when they occur. I usually show at open houses only in order to better manage my time. Because my client's rentals are almost all in very hot markets, I get great traffic. In Palo Alto, it's now common to have rental "auctions" at the open house. We put a stack of applications on a table along with a sign that summarizes the lease terms (rent, deposit, term of lease, etc.). We specify that our stated rent amount is our "asking price" and that applicants are free to over-bid. Tenants slide their completed applications into a closed box. At the end of the open house, we process the applications, giving priority to the highest bid.
Unless you have time to run back and forth between rental units and everything else that you do to make a living, open houses are the best way to go for filling rentals.
We always get great traffic on Saturdays.
2 votes Thank Flag Link Sat Jan 21, 2012
Yes, we hold open houses on lease listings all the time. It's a great way to showcase your listing, get exposure for your client's property, and also to find people who may be interested in a lease/purchase opportunity down the road.
1 vote Thank Flag Link Sat Feb 18, 2012
Hi Charles,

I do think it would be a great opportunity especially in the high traffic/desirable areas. I know another Realtor did an open house on a Saturday for a house in Crestview and she said that she got 5 applications by the end of the day. I would definitely try it as long as you "market" it and let people know when they call and/or from an ad.

Good luck!

And, if you have any renta houses/properties that you are going to list, please call me. I always know of people who are looking for rentals in the 78756, 78757, 78704, 78701 - mainly central Austin areas! Cheers.
1 vote Thank Flag Link Sun Jan 22, 2012
Wow! Great responses! I had never heard of anyone doing an Open House, but the idea seemed like a good one, to target a given time, and get an application fast. I think this would be especially great if a tenant is in place and you want it leased ASAP, with minimal disruption to the tenant.
0 votes Thank Flag Link Sat Feb 18, 2012
I have had great success with open houses for leases especially if the property is in a highly desirable area with other rentals. Most often I get the most traffic on Saturday afternoons when errands have already been completed. Like Mr. Souerbry says it maximizes your time for a smaller return. Good luck.
0 votes Thank Flag Link Sun Jan 22, 2012
What a great take on a very incredible opportunity.
The secondary and tertiary benefits represent the best ROI imagineable.
Thanks for sharing such a great practice.
As you demonstrated....YOU NEED TO MAKE IT AN E V E N T !!!
Web Reference:
0 votes Thank Flag Link Sun Jan 22, 2012
Open houses on leases?????
Wow...I can't think there can be much money doing that.

Now arranging for everyone who calls over the week to show up within about 1hr period on a Saturday is time management and can create a little excitement. Throwing out an open house sign would be a bonus while you're there, if you think you will get drive by traffic.

By the way....don't look for buyers at open houses....look for sellers. You should be calling everyone in the neighborhood to come by and look. Leave flyers on the doors while you are there....five doors down on either side and across the street.
0 votes Thank Flag Link Sat Jan 21, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
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