Make $ with lockbox show?
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Make $ with lockbox show? (by Jason [VA]) Apr 16, 2018 5:56 AM
       Make $ with lockbox show? (by Vee [OH]) Apr 16, 2018 6:09 AM
       Make $ with lockbox show? (by NE [PA]) Apr 16, 2018 6:12 AM
       Make $ with lockbox show? (by Jason [VA]) Apr 16, 2018 6:13 AM
       Make $ with lockbox show? (by NE [PA]) Apr 16, 2018 6:23 AM
       Make $ with lockbox show? (by S i d [MO]) Apr 16, 2018 6:25 AM
       Make $ with lockbox show? (by RB [MI]) Apr 16, 2018 6:32 AM
       Make $ with lockbox show? (by myob [GA]) Apr 16, 2018 6:42 AM
       Make $ with lockbox show? (by Ken [NY]) Apr 16, 2018 6:48 AM
       Make $ with lockbox show? (by Vee [OH]) Apr 16, 2018 6:58 AM
       Make $ with lockbox show? (by AllyM [NJ]) Apr 16, 2018 7:09 AM
       Make $ with lockbox show? (by Jason [VA]) Apr 16, 2018 7:22 AM
       Make $ with lockbox show? (by elliot [RI]) Apr 16, 2018 7:48 AM
       Make $ with lockbox show? (by Robert J [CA]) Apr 16, 2018 8:30 AM
       Make $ with lockbox show? (by Jason [VA]) Apr 16, 2018 8:40 AM
       Make $ with lockbox show? (by NE [PA]) Apr 16, 2018 8:49 AM
       Make $ with lockbox show? (by Don [PA]) Apr 16, 2018 9:19 AM
       Make $ with lockbox show? (by Sisco [MO]) Apr 16, 2018 10:16 AM
       Make $ with lockbox show? (by razorback_tim [AR]) Apr 16, 2018 10:29 AM
       Make $ with lockbox show? (by Jason [VA]) Apr 16, 2018 11:02 AM
       Make $ with lockbox show? (by razorback_tim [AR]) Apr 16, 2018 11:16 AM
       Make $ with lockbox show? (by Mike45 [NV]) Apr 16, 2018 11:29 AM
       Make $ with lockbox show? (by DJ [VA]) Apr 16, 2018 8:23 PM
       Make $ with lockbox show? (by don [PA]) Apr 16, 2018 9:43 PM
       Make $ with lockbox show? (by BRAD 20,000 [IN]) Apr 16, 2018 10:49 PM
       Make $ with lockbox show? (by BRAD 20,000 [IN]) Apr 16, 2018 10:49 PM
       Make $ with lockbox show? (by BRAD 20,000 [IN]) Apr 16, 2018 10:51 PM

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Make $ with lockbox show? (by Jason [VA]) Posted on: Apr 16, 2018 5:56 AM
Message:

In the days of instantaneous everything, I've found myself prescreening applicants over the telephone and then giving them lockbox access if they prequalify. I feel like I'll be behind the competition if I don't offer an immediate way to apply.

However, the only way I can think to do this is to use a pre-paid service offered by one of the major credit bureaus. It gets the job done but is a problem because I'm not making a penny off of it. They do give the option for me to pay for it myself, which would enable me to collect an application fee, but I wouldn't be there to collect the application fee. (I don't WANT to be there to collect the fee).

What I would like to do is maybe email them my application electronically (Maybe using PDF Filler as previously mentioned) and then collecting application fees online (maybe paypal, but I'm still unsure which direction to go). However, this would still leave me with the dilemma of where I could get their reports processed electronically and immediately. I have an OLD service I used, but they require the reports to be faxed. It's 2018 and I don't have/want a landline anymore.

I don't have enough units to justify having a dedicated web page.

Long question short: How do you all make money off of lock box showings? (Make more by doing less!) --170.224.xx.x




Make $ with lockbox show? (by Vee [OH]) Posted on: Apr 16, 2018 6:09 AM
Message:

Another dilemna, how to verify you are screening the person you allowed into the house? Prolly need to interact or hire someone who will. --76.188.xxx.xx




Make $ with lockbox show? (by NE [PA]) Posted on: Apr 16, 2018 6:12 AM
Message:

I prefer to get the money from the people when they fill out the app.

"Oh man, the app fee is $xx.xx?!?!" Flag.

"I can't write you a check, I don't have an account." Flag.

"Oh there's an app fee? Can I take it with me and get back to you?" Flag.

There are some things I don't like automated, because the visual screening aspect of it is important to my process.

--50.107.xxx.xxx




Make $ with lockbox show? (by Jason [VA]) Posted on: Apr 16, 2018 6:13 AM
Message:

Vee, I do check IDs at the lease signing. --170.224.xx.x




Make $ with lockbox show? (by NE [PA]) Posted on: Apr 16, 2018 6:23 AM
Message:

You need to be checking ID's WAAAYYY before that. --50.107.xxx.xxx




Make $ with lockbox show? (by S i d [MO]) Posted on: Apr 16, 2018 6:25 AM
Message:

Hi Jason, I'm glad to hear there are others who have found the benefits of being "open" for showings 24/7 (sort of). I've been doing lock box showings for (almost?) 5 years now, and had few issues worth mentioning. Save hours of time, gas, hassle...

Master Ben Franklin said, "A penny saved is a penny earned." I can show my house via lock box while doing other things like signing leases. If it frees up time for little or no cost, that is a win to me.

I average somewhere between 30-50 showing requests per vacancy. In my Class C hoods, folks want to see NOW...not tomorrow, not at an open house on Friday when today is Monday. I have lost applicants for taking 3 days to turn around an application they've paid for.

10 miles round trip to a rental * 30 showings = 300 miles. My truck (27 gallon tank), gets about 12 MPG. So I'd burn up almost a full tank of gas. Showings take about 30 minutes. 30 showings * 30 minutes = 900 minutes or 15 hours. Almost two full work days.

--173.17.xx.xx




Make $ with lockbox show? (by RB [MI]) Posted on: Apr 16, 2018 6:32 AM
Message:

Screen x3. (Effort)

I 2nd NE.

--47.35.xx.xx




Make $ with lockbox show? (by myob [GA]) Posted on: Apr 16, 2018 6:42 AM
Message:

I've heard that some require the prospect to take a pic of their car tag and send to manager. We say show the home let the others get AHEAD. --99.103.xxx.xxx




Make $ with lockbox show? (by Ken [NY]) Posted on: Apr 16, 2018 6:48 AM
Message:

I don't charge an app fee,maybe process an app to the point that the only thing left is the credit report then charge them if they still want it --72.231.xxx.xxx




Make $ with lockbox show? (by Vee [OH]) Posted on: Apr 16, 2018 6:58 AM
Message:

I did say screening didn't I? Classic got sister ID for the place and then try to collect damages... --76.188.xxx.xx




Make $ with lockbox show? (by AllyM [NJ]) Posted on: Apr 16, 2018 7:09 AM
Message:

I don't do lockbox showings due to NJ lax attitude toward squatters. I phone screen and don't do application fees because then I am not faced with an angry applicant when I have to decline. --69.141.xxx.xxx




Make $ with lockbox show? (by Jason [VA]) Posted on: Apr 16, 2018 7:22 AM
Message:

I've had a lot of success with lockbox showings and am willing to accept the risk associated with them. I pre-screen and ID applicants after they've passed screening. If after screening I find out they've misrepresented their identity, then I move on. Not a big deal. I'm not going to live in fear of "what could" happen. I'd never make it as a landlord if I did.

However, I'm trying to poll the landlords that already use lockbox showings to find out how they make money from using them, not discuss the pros & cons of lockbox showings. I understand they don't work in many areas but its common around here.

95% of my applicants don't make it past the initial prescreening anyways. --170.224.xx.x




Make $ with lockbox show? (by elliot [RI]) Posted on: Apr 16, 2018 7:48 AM
Message:

how much do you plan to make? is it really worth your effort?

showing is an expense center since someone somehow has to spend time on it regardless.. Unless you have prospects lining out of the door, who or why would people pay you to see your apt?

Interesting concept.. out of box idea. kudos! --144.160.xxx.xx




Make $ with lockbox show? (by Robert J [CA]) Posted on: Apr 16, 2018 8:30 AM
Message:

Imagine you give me your lock box code for a showing. I go to the house, open the lock box and remove the key. Then I enter the house, call the phone company and ask them to Turn On Service. I then replace the front door lock and remove your lock box. I am now your new tenant.

You come to the property because other people you gave the lock box code to say, "there's someone living in your house and there's no lock box anymore".

So you drive to the property and contact the police. The police show up and I present them a fake lease, phone service that's in my name and a fake rent receipt. Now the police say, it's a civil matter and you have to take me to eviction court.

If your lucky, you re-gain control over your rental after six months. The insides have been gutted and all copper pipes, wire, fan's, faucets an lights are missing. No A/C system, heater or appliances. You've just lost $15,000 in rent and $35,000 in repairs. All because you were too lazy to have an open house and limit access to your rental. Bad landlord! --47.156.xx.xx




Make $ with lockbox show? (by Jason [VA]) Posted on: Apr 16, 2018 8:40 AM
Message:

Now imagine the same thing occurs. Only instead of the tenant gaining access through a lock box, he does so using 30 seconds and a credit card. Or 30 seconds and a pry bar with a window. And now he's taken an extra 2 minutes to change the locks. Could it happen? Sure. Am I losing sleep over it? No. --170.224.xx.x




Make $ with lockbox show? (by NE [PA]) Posted on: Apr 16, 2018 8:49 AM
Message:

Credit card door pick? Deadbolt. Pry open Window? Breaking and entering with probable damage. No probable damage with a key given with a key code.

Some people do it, that's fine. I feel the risk outweighs the reward. Damage, squatters, missed opportunities to lay eyes on the people that will live in my units for the next X # of months. Not worth it in my opinion. --50.107.xxx.xxx




Make $ with lockbox show? (by Don [PA]) Posted on: Apr 16, 2018 9:19 AM
Message:

I am with NE. Neighbor's see people going in themselves, they call and do the same thing. Squat or rob fixtures. Would you leave your car doors open for anyone to enter? Even if not malicious, slobs bring their kids in eating ice cream cones, spilling stuff on the rugs, they don't bother to make sure the door is locked when they leave, etc. --73.141.xxx.xxx




Make $ with lockbox show? (by Sisco [MO]) Posted on: Apr 16, 2018 10:16 AM
Message:

NE, Don, Robert, other non lockboxers:

We who are getting our leads through Zillow and FB Marketplace are receiving 100s of inquiries. These are low conversion rate inquiries. But it is what it is. We deal with it.

Prospects thumb a "I'm interested" button, I thumb my copied reply

When your local CL stops being effective and you remain committed to "looking them in the eye", you too will be required to adapt to different conditions by using different tactics.

--72.172.xxx.xx




Make $ with lockbox show? (by razorback_tim [AR]) Posted on: Apr 16, 2018 10:29 AM
Message:

I have been doing showings almost exclusively by lockbox for the last 10 or so years. I’m having a hard time connecting making more money off of lockbox showings than you do off of in-person showings. Maybe if you could explain what’s different to you between in person and lockbox showings specifically related to making money that would help me connect the dots. --166.137.xxx.xx




Make $ with lockbox show? (by Jason [VA]) Posted on: Apr 16, 2018 11:02 AM
Message:

Sure thing razor: When showing in person, you're there to collect the application fee. But when we do lock box showings, I'm not there to collect the application fee.

Using the service from the credit bureau, I can have the applicant pay the credit bureau directly, which satisfies the "instantaneous" aspect of the screening process. But I'm not getting a cut of it. . .which I'd like to be.

When I screened the old fashioned way, I'd collect a $45 application fee per person, and then spend $25 (at the time) out of pocket to run their credit. This was slow but it gave me a small profit from every application.

I no longer use the old fashioned way because they require me to maintain a landline/fax line, which I have no need for. I'd like to find a way to collect the fee electronically and then acquire the screening information electronically.

--170.224.xx.x




Make $ with lockbox show? (by razorback_tim [AR]) Posted on: Apr 16, 2018 11:16 AM
Message:

Now I follow.

Here’s how I do mine.

My application is with jotform - so after they view they are sent a text and an email with a link directly to the jotform application.

Once I’ve received the applications I use Square to send an invoice and they pay by credit or debit card. Square gets a little cut but I increased my app fee to cover this. My app fee is $30 per adult So by the time Square takes their cut it covers the cost of the credit report plus a few bucks.

But many (most on some properties) applicants are DQ’d by court records, LL references, or lies on their application and those app fees are all mine.

So I’m not “making money” just because they are lockbox showings but I adjusted my system to make the same amount as I would from an in-person applicant. I put making money in quotes because I would much rather have an occupied unit with a tenant paying rent than I would be collecting app fees. But the app fees of the prospects who are DQ’d before I pull their credit does help ease the burden of having an empty unit.

Hope this helps. --166.137.xxx.xx




Make $ with lockbox show? (by Mike45 [NV]) Posted on: Apr 16, 2018 11:29 AM
Message:

I make enough money as a LL and in my day-job that I don't need to sweat over not making money on the application fee. Plenty on "low-hanging fruit" such that I don't feel a need to go after the hard-to-reach fruits.

I don't charge the applicants anything over my cost to run the credit/background checks.

--71.38.xx.xxx




Make $ with lockbox show? (by DJ [VA]) Posted on: Apr 16, 2018 8:23 PM
Message:

BTW: My Ring Central phone number can send and receive faxes using my email on my laptop using wifi. No phone line or fax machine needed. And it is still handy once in a while to be able to fax something. --68.10.xxx.xxx




Make $ with lockbox show? (by don [PA]) Posted on: Apr 16, 2018 9:43 PM
Message:

My last ad on zillow I got a ton of responses. I wrote out a standard reply: Thank you for inquiring about my rental at 111 Xyz Street in Phila. Due to the large number of responses, I cannot respond individually to everyone. I am having open houses from 6-8pm this Tue., Wed., and Thur.and you are welcome to come view the house and make an application.I pasted it into each email response. --73.141.xxx.xxx




Make $ with lockbox show? (by BRAD 20,000 [IN]) Posted on: Apr 16, 2018 10:49 PM
Message:

Jason,

Ya got me thinkin dude! What a great concept!

Right now, lockbox showings help my business move faster than my competition and keep me my business running without my presence.

Our system to to point them to the website to see pics, video, and a free app. We start screening and if things look good we give the lockbox code.

They are to text us when they enter and again when they lock up.

We average 1.5 approvals out of 10 apps with drivers licenses and toms of personal info, so we only give out a handful of codes.

We don’t spend a minute of personal time on them other than texts until the In Home Visit where we see them face to face.

Perhaps we could charge them for the code or the Visit. Perhaps a “code deposit”.

Right now my approach is ease and volume to find the good ones rather than weeding them out before we even see their info.

I want to know if you come up with a plan!

BRAD

--68.50.xxx.xxx




Make $ with lockbox show? (by BRAD 20,000 [IN]) Posted on: Apr 16, 2018 10:49 PM
Message:

Jason,

Ya got me thinkin dude! What a great concept!

Right now, lockbox showings help my business move faster than my competition and keep me my business running without my presence.

Our system to to point them to the website to see pics, video, and a free app. We start screening and if things look good we give the lockbox code.

They are to text us when they enter and again when they lock up.

We average 1.5 approvals out of 10 apps with drivers licenses and toms of personal info, so we only give out a handful of codes.

We don’t spend a minute of personal time on them other than texts until the In Home Visit where we see them face to face.

Perhaps we could charge them for the code or the Visit. Perhaps a “code deposit”.

Right now my approach is ease and volume to find the good ones rather than weeding them out before we even see their info.

I want to know if you come up with a plan!

BRAD

--68.50.xxx.xxx




Make $ with lockbox show? (by BRAD 20,000 [IN]) Posted on: Apr 16, 2018 10:51 PM
Message:

PS

My topic for presentation at Convention is the creative ways we screen and show. We basically do it the opposite of tradtional LLing and get homes rented fast on autopilot while I play.

BRAD --68.50.xxx.xxx



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