Thursday, October 24, 2013

HOME TEST-DRIVES ARE HAPPENING IN THE HOUSING MARKET…COULD THE PATH BE PAVED FOR THE NEXT BIG TREND IN THE RENTAL INDUSTRY?


A new trend in the housing market allows potential home buyers to spend time in a home before buying it…a test drive of sorts. This movement has become increasingly popular; the practice already occurring in markets from New Jersey to Colorado.

The arrangement usually allows for around 12 hours (all day or over-night) in the home without the pressure of a hovering realtor or homeowner. Home buyers are able to relax, listen for noisy neighbors, leaky pipes, air traffic or drafty windows. They seem to love the idea as they are able to make a more informed decision and get a real feel for life in that particular space.

Would the same principal work well for the rental industry? Having the option available may be a powerful draw for potential renters and displays a healthy confidence in the quality of the rental property itself. As a property owner or manager, there may be a few concerns about how to best protect your investment while allowing access to your property. Would any prescreening be necessary?

Rental Services suggests that if you decide to jump on the band-wagon and head down this path, that at a minimum, you require the interested renter to complete a rental application and conduct a background check to verify their identity and lack of criminal record.