Should You Consider Self-Showings in 2024?
What are Self-Showings and What Do They Mean for Property Managers?
In the realm of real estate, the emergence of self-showings marks a significant shift in property viewing dynamics. While many property managers and landlords either show properties themselves or allow other licensed agents to show the properties on their behalf, some property managers are making the move towards self-showings to help streamline the process of showing vacant properties to prospective tenants.
The Rise of Self-Showings:
Self-showings have evolved as a solution to the challenges associated with scheduling property viewings. This technology allows prospective tenants to access properties without the need for a licensed agent, utilizing secure lockboxes place on or near property doors, typically containing keys accessed through a unique code provided to the interested party. By removing the licensed agent from this workflow
Pros of Self-Showings:
Convenience and Flexibility:
Self-showings offer a convenient alternative to traditional viewings, catering to the varied schedules of both property owners and potential tenants. The flexibility allows for viewings at times outside regular business hours, expediting the leasing process.
Efficient Multiple Viewings:
Unlike traditional viewings, self-showings facilitate multiple property tours without the need for repeated interactions with an agent. This proves advantageous for those considering revisiting a property or for group viewings where coordination can be challenging.
Time Efficiency for Property Managers:
Property managers benefit from the time saved with self-showings. By minimizing the need for extensive travel between properties, managers can redirect their efforts towards other aspects of property management, enhancing overall efficiency.
Cons of Self-Showings:
Security Concerns:
The primary concern with self-showings revolves around the security of the property. The prospect of unsupervised access may raise worries about theft or damage. However, reported instances of such incidents are relatively low, especially in vacant properties. Additionally, self-showing technology does not provide free access to the property. In many cases, personal information of the applicant is required to minimize fraud. Should any issues arise, they can be tracked back to whoever had access to the property at that time.
Technology Adoption Challenges:
The unfamiliarity with self-showing technology may pose a barrier for some prospective tenants. Issues related to operating lockboxes or navigating the process might deter individuals unfamiliar with this emerging technology. However, by providing information regarding the proper use and standards around the lockboxes, these issues can be avoided.
The Verdict: Striking a Balance
While self-showings offer undeniable benefits, the potential drawbacks must be considered. Finding a balance between the advantages of flexibility, time efficiency, and increased property tours, and addressing concerns related to security and technology adoption is crucial.
Self-showings represent a transformative force in real estate. Those open to embracing this change may find a streamlined property management process and a leasing experience aligned with modern demands. As the industry stands at the forefront of this technological shift, achieving equilibrium will be key to ensuring a positive and efficient experience for property managers and tenants alike.
