The #1 factor??? (by NE [PA]) Jul 19, 2018 12:48 AM
The #1 factor??? (by Still Learning [NH]) Jul 19, 2018 3:36 AM
The #1 factor??? (by Still Learning [NH]) Jul 19, 2018 3:37 AM
The #1 factor??? (by Richard [MI]) Jul 19, 2018 4:28 AM
The #1 factor??? (by S i d [MO]) Jul 19, 2018 5:39 AM
The #1 factor??? (by WMH [NC]) Jul 19, 2018 5:43 AM
The #1 factor??? (by Doogie [KS]) Jul 19, 2018 5:44 AM
The #1 factor??? (by J [FL]) Jul 19, 2018 6:06 AM
The #1 factor??? (by AllyM [NJ]) Jul 19, 2018 6:36 AM
The #1 factor??? (by AllyM [NJ]) Jul 19, 2018 6:38 AM
The #1 factor??? (by BRAD 20,000 [IN]) Jul 19, 2018 10:24 AM
The #1 factor??? (by elliot [RI]) Jul 20, 2018 3:21 AM
The #1 factor??? (by NE [PA]) Posted on: Jul 19, 2018 12:48 AM Message:
I have always guessed that my ratio of inquiries on a rental to an approved applicant was 100 to 1. I'm using new software that is tracking all my inquiries and I am at 92 inquiries on the property that I just approved an application on.
Another property is at 74 inquiries and I still have not approved an application. If I were to improve my system 100%, that would get me down to 50 inquiries to one approved applicant.
What do you think the number one factor would be to cut my inquiries in half? And simply for reference, almost all of my places are remodeled, modern, eat off the floor clean when it comes time to show them. They are priced at market. Most times when I try to price above market, they sit. --174.201.xx.xxx |
The #1 factor??? (by Still Learning [NH]) Posted on: Jul 19, 2018 3:36 AM Message:
100:1 what defines an inquiry? Same people from out of state wanting to move every month that hit the button, I want more info? Someone that you have prescribed? --24.61.xxx.xx |
The #1 factor??? (by Still Learning [NH]) Posted on: Jul 19, 2018 3:37 AM Message:
Pre screened --24.61.xxx.xx |
The #1 factor??? (by Richard [MI]) Posted on: Jul 19, 2018 4:28 AM Message:
I don't think there's much to do other than prescreening. Those 99 percent you reject likely don t even bother to read your entire ad. They just respond to every ad looking for someone who does not check well and might believe their story.
I've just built a list of names and numbers of rejects. When an inquiry comes in I first check the list. Still, the deadbeats use every tactic - change phones, use phony names, fake references, fake paycheck stubs, out of area addresses and more. --66.188.xx.xxx |
The #1 factor??? (by S i d [MO]) Posted on: Jul 19, 2018 5:39 AM Message:
NE, this is the world we live in. If someone pressing the "I want more info" button on Zillow counts as an inquiry, then that's what it is.
Zillow occasionally sends me a survey..."What could we do better?" I respond the same each time: "Give me something to required them to provide me X, Y, Z info." Hasn't happened yet.
Sigh....so I use my "canned" cut 'n paste responses to every clicky-loo (similar to a looky loo).
I used to respond to them right away, but it got very distracting having to get back into my groove. So now I pick 3 x per day to respond and do them in batches. I can respond to 10 inquiries in about 30 seconds... Here's my "click" sequence:
Copy canned response text (one time) then "Reply, Paste, Send. Reply, Past, Send..."
Once your kids are old enough, train them to do it and pay them $2/day. It'll be fun for them and free you up! --173.19.x.xxx |
The #1 factor??? (by WMH [NC]) Posted on: Jul 19, 2018 5:43 AM Message:
Define inquiries. Are you counting the Facebook "Is it available?" and the Zillow "I would like more information." inquiries, or only those that follow directions and complete your pre-screening process?
I can't even quantify the former inquiries any more...
Also, price and time of year make a difference even for the people who fill out the pre-screen questions. We had a $700 space and over 100 people actually did fill out the questionnaire. Recently had a $1200 space and only 25 filled out the questionnaire, dozens more just did the Zillow/FB reply, but we rented it right away anyway to qualified tenants. --50.82.xxx.xx |
The #1 factor??? (by Doogie [KS]) Posted on: Jul 19, 2018 5:44 AM Message:
I would venture to guess my inquiry to approval rate is 100:1 or even higher as well. Most of my places are Class C and the people respond to every ad out there trying to find someone that doesn't do background checks. In fact, a lot of the first questions are "Do you do background or credit checks?" They already know they won't qualify, so it's a numbers game to them.
The key is to let everyone apply that wants to. Do a prescreen before showing or giving them the lockbox code (whichever showing method you do). Although the prescreen takes a bit of time, it doesn't take near as much as showing the place to every tire kicker that comes along. My no show rate for showings used to be around 80% when I was showing to everyone. I have to many places to have this kind of no show rate now. I changed to only showing to pre-qualified folks and now it's close to 0% no show.
To answer your question, I'm not sure there is anything you could do to cut your inquires in half. However, there's a lot you can do to cut your time spent in half or less if you aren't already doing it. --98.175.xxx.xxx |
The #1 factor??? (by J [FL]) Posted on: Jul 19, 2018 6:06 AM Message:
"I've just built a list of names and numbers of rejects. When an inquiry comes in I first check the list."
I started doing that too on my last vacancy, in addition to the "do not answer" thing on my phone, since I do a lot by email now instead of phone.
And I write the reason down too next to the persons name so at least I have some proof of why I ignored them if someone decides to make a stink. --72.188.xxx.xxx |
The #1 factor??? (by AllyM [NJ]) Posted on: Jul 19, 2018 6:36 AM Message:
It's nothing you can do anything about assuming that your units are attractive, in great areas and in tip top shape. It all depends on the weather, the economy, what jobs are available and hiring in your area, the quality of the schools. There are things we can't advertise like close to good schools, such and such church nearby. Those items would help get better applicants. I always put in my ads that the unit is ten minutes from trains to Philly and New York, five minutes to local airport and twenty minutes from Princeton. Some people like to be near fast food so maybe you could put something in about that. Find something that people want to be near and put it in your advertising. --73.178.xxx.xx |
The #1 factor??? (by AllyM [NJ]) Posted on: Jul 19, 2018 6:38 AM Message:
Just an aside. I figured out that our Pres handled the Russkie like a bad tenant that we need to keep in the unit, or a Mafioso with a piece of property we want. --73.178.xxx.xx |
The #1 factor??? (by BRAD 20,000 [IN]) Posted on: Jul 19, 2018 10:24 AM Message:
NE,
Zillow promotes LookyLous in the form of hitting that MORE INFO button. So that technology has greatly increased casual prospects.
Without knowing where all 100 are coming from my general suggestion is to provide as much info as possible on the web. My video walkthrus have helped this. (I know, they still don't read it all!)
We average 98 incoming phone calls per lease. (the answering machine gives info and points them to the website for more info and a free app. We DO NOT answer 98 calls!)
Zillow inquires average 50 per lease. We reply with a cut/paste message pointing them to our website. With multiple homes listed at any given time my helper is sending out TONS of replies, most of which go untouched.
27% of our apps come from Zillow/Trulia/Hotpads.
Average approval rate is 1.5 out of 10 apps.
Average giving the lockbox code is 1-3 out of 10 apps (we give it when they are 95% approved.) Only 1-2 actually use the code.
Also, back to Jeffrey's teaching: target marketing rather than broadcast marketing.
Adapt: In the end I think the question is How do we handle these contacts (from a new technology) to our advantage to make certain we find the good folks.
BRAD
--68.50.xxx.xxx |
The #1 factor??? (by elliot [RI]) Posted on: Jul 20, 2018 3:21 AM Message:
NE, not much you can do to improve the odds. Its location location.
My best $400/month spent.. I hire VA(virtual assistant) to answer calls/emails/text for that and some book keeping.. When we have vacancies, the inquires pour in day and night, similar kind of hit ratio with CL/Zillow etc. We text them pre-qualification form and my VA goes thru facebook, county eviction/criminal background check.. By the time we do showing, they have been pre-qualified.
Comparing to Brad's approval rate, ours is more like 1 out of 2-3 apps. I am guessing mandatory In home visit is something we are lacking. --71.232.xxx.xxx |
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