Benefits of Implementing InstaShow Tour Fees:
- Commitment Filter: A fee can deter casual browsers, ensuring only serious prospects book tours.
- Enhanced Security: Biometric verification paired with a financial commitment enhances security and accountability.
- Higher Quality Renters
Landlords and property managers are constantly seeking innovative solutions to enhance tenant quality. With rental application fraud more prevalent than ever, strategies we’ve relied on for years simply aren’t as effective as we need them to be. With over 70% of fraudulent tenants discovered after they’ve entered a lease, the industry is scrambling to plug the holes in the tenant screening process to little avail.
An exciting strategy is coming into play that combats fraudulent applications, improves the value of our time, and offers properties a way to contribute towards expenses associated with managing vacant units – charging a fee for property tours. Here’s why implementing a nominal fee, such as the $5 charge facilitated by InstaShow, can be highly beneficial for landlords.
1. Reducing No-Shows and Ensuring Serious Inquiries
No-shows for scheduled property tours are both incredibly common and a substantial waste of time and resources. By implementing a fee at this stage, we can significantly reduce the likelihood of no-shows. Prospective tenants who are willing to pay a small fee are more likely to be serious about renting the property. This leads to more productive showings and a better allocation of the landlord’s time.
2. Enhancing Tenant Quality and Deterring Fraud
Charging a fee for property tours can act as a preliminary filter to enhance the quality of tenant applications. When prospective tenants are required to pay a fee, it adds a level of commitment and indicates they are serious about the rental process. This pre-screening method deters fraudulent applicants and helps landlords avoid appointments with casual lookers or individuals who might not meet rental criteria.
3. Verifying Prospective Tenants
The requirement for prospective tenants to purchase tokens or pay a fee through a credit card serves as an additional layer of verification. This ensures that those touring the property have a valid form of payment, indicative of their authenticity and financial stability. Such verification helps landlords minimize the risk of dealing with fraudulent applications and enhances the security of the showing process.
4. Promotes a Streamlined, Single-Platform Process
InstaShow’s property showings software not only facilitates the fee collection but also automates and manages the entire showing process starting with the prospect’s initial search. By capturing prospective tenant data such as IDs, background checks, and payment methods, in a single platform, we reduce the administrative burden on landlords, allowing them to focus on more critical aspects of property management. For prospective tenants, the ease-of-use and swift scheduling provided by the Instashow app justifies the minor tour fee.
5. Competitive Advantage in the Market
While many property management systems do not charge for tours or charge significantly less, InstaShow believes that a $5 fee helps prioritize quality over quantity. This approach not only reduces the number of unqualified tenants but also positions InstaShow as a premium service in the market, providing landlords with a more reliable and efficient showing process.
6. Aligning with Industry Trends
Although specific industry statistics on tour fees need more time to take shape, closely-associated application fees are well known and widespread among property management companies. These fees act as commitment signals from prospective tenants, ensuring only serious applicants move forward. Applying this mentality to property tours can similarly ensure that only genuinely interested tenants are booking tours, aligning with broader industry practices aimed at improving efficiency and tenant quality. Additionally, by limiting the number of people going through your property, our software helps reduce the chances of theft, damage, and other potential issues, providing landlords and property managers with greater peace of mind.
Conclusion.
Implementing a fee for property tours can greatly benefit landlords by reducing no-shows, enhancing tenant quality, and streamlining property management. InstaShow’s approach to charging a $5 fee for tours provides landlords with a competitive edge, ensuring a more efficient and secure showing process. By adopting this strategy, landlords can focus on high-quality tenant interactions, make the most of their time and resources, and protect their peace of mind.
