Why does OSPM use the virtual showing model when marketing a property?

While there are many methods used by various management companies to show rental property to prospective tenants,  we are happy to say that we are one of a growing number of companies who have found success with the virtual showing model.  While we have been using this model for much longer, the industry really started gravitating towards virtual, or remote, showings about 10 years ago. We currently use a platform called, Rently, and while any method will have pros and cons, the following are just some of the reasons we have found remote virtual showings to be so successful: 

1. More showings:  Virtual showings have a greater capacity for more prospective tenants to view the property.  Millennial renters especially gravitate towards platforms where they can schedule and view properties virtually.  Statistics on the Rently webpage indicate that 40% of rental showings are happening outside of normal business hours.   With our platform, applicants can schedule showings at their convenience without having to coordinate times with a showing agent; they are also able to more easily schedule appointments during the evenings and weekends when a showing agent may not be available. Unlike showing a property in person, there is virtually no limit with virtual showings to how many showings can be accommodated in a day or week.  Additionally, while the effect of the Covid-19 pandemic has faded somewhat, remote showings encourage those uncomfortable with in-person interactions to still view rental property.  All of this results in a higher number of people having access to view the property.   
2. Less pressure:  Many prospective tenants shy away from agent-led showings just as they would avoid interacting with a car salesman.  Viewing a property without a showing agent present allows a tenant to spend a little more time getting a feel for the house, allows them to discuss the property and imagine themselves in the home without the pressure of feeling hurried or being observed during that process. It's also more convenient for renters to view property multiple times when roommates and partners are available, which inspires more tours and more rental applications. 
3. Greater security: Showing property virtually reduces or eliminates the risks of perceived fair housing violations during the showing process. It also reduces the liability for potential for agent injury and because our system collects ID and credit card information for every prospective tenant and timestamps every property visit, the risk of site-related problems goes down significantly compared to agent tours. 
4. Larger tenant pool: Because the virtual showing model lends itself towards more prospective tenants seeing the property, and because our agents are able to manage multiple prospective tenants simultaneously, the natural result is that we have a larger tenant pool from which to select the best tenant for the property.  The larger the tenant pool, the better rent we can command and the more selective we can be when it comes to tenant quality. 
5. Lower costs: As labor costs have continued to climb (I have seen labor costs almost double in the last 10 years in many aspects of our industry) technology allows us to maximize the time of our experienced leasing agents. Instead of spending hours and hours driving between showings & dealing with missed appointments, etc. . . we are maximizing their time with answering questions, following up with prospects, processing rental applications and negotiating leases. 
6. Honest feedback: Many tenants are unwilling to give honest feedback during in-person visits but are more willing to do so when able to provide that feedback from the relative safety of a digital communication.  Our leasing agents are able to work with visitors after their tour and while not all prospective tenants are willing to provide feedback, what we do get back is generally very honest and therefore useful and helpful as we work to lease the property. 

At the end of the day, it's about renting homes more quickly, for maximum rent amounts and for the lowest cost to our clients. 

Our team is happy to answer any additional questions you may have about this process, but we hope this has been informative and has demonstrated why we have chosen the virtual (remote) showing platform to ensure you experience the best possible outcome with your rental property. If you have additional questions, please reach out to us at 816-545-9009.