Property Showings: What Every Real Estate Investor Should Know

Bonus Module

Next, let’s look at requesting showings of properties and then a deep dive into looking at properties as a real estate investor.

Here’s what we will cover in this module:

• Request the Showing

• Essential Preparations Before Scheduling Showings

• Essential Information for Scheduling Property Showings

• Schedule Showings During the Day

• What Happens After You Request a Showing?

• Limit the Number of Properties You See in a Day

• Agent Calls Seller’s Agent or Showing Service to Schedule Showings

• Preparing for a Property Tour

• What Happens When a Showing is Confirmed

• Multi-Unit Showings: Special Considerations

• Information Typically Included on an MLS Sheet

• Looking at Houses

• Don’t Do or Say Anything You Wouldn’t in Front of a Seller or Tenant

• Multiple Buyers at the Property

• Evaluate Neighborhood

• Review of Property Exterior

• Interior Walk-Through

Request the Showing

You've established your buying criteria, and your real estate agent is sending you properties from the MLS that match. However, you'll still need to review each property manually to ensure it meets all your non-MLS searchable criteria.

This review typically involves reading the MLS information, examining property photos, conducting light research on the property and its location, and performing basic deal analysis using The World's Greatest Real Estate Deal Analysis Spreadsheet™ or your fix and flip spreadsheet.

If the property continues to look promising after this initial assessment, it's time to request a showing with your real estate agent to see the property in person.

Essential Preparations Before Scheduling Showings

Before scheduling property showings, make sure you have these key elements ready:

• Pre-Approval Letter - This document from your lender proves your financial readiness and signals to sellers that you're a serious, qualified buyer. It also gives you a competitive edge in fast-moving markets.

• Down Payment Funds - Ensure your down payment is easily accessible in a liquid account, allowing you to move quickly if you find a property that meets your investment criteria.

In real estate investing, being prepared often means being first in line for the best opportunities.

Essential Information for Scheduling Property Showings

To efficiently schedule property showings, your real estate agent requires two crucial pieces of information:

• Property Details - Provide the MLS number or property address. While both are ideal, either one is typically sufficient for your agent to locate the listing accurately.

• Your Schedule - Communicate your availability clearly. Keep in mind that flexibility is key, as your schedule may need to align with the agent’s, seller's and/or tenant's availability.

In competitive real estate markets, swift action is crucial. Don't delay in requesting showings for properties that pique your interest.

Even in slower markets, prime investment opportunities can be snapped up quickly.

Being proactive and responsive can give you a significant advantage in securing desirable properties.

Schedule Showings During the Day

When scheduling property showings, aim for daytime visits whenever possible. Here's why it's ideal to view properties during daylight hours:

• Better Visibility - Daylight allows you to see the property's exterior clearly. You'll be able to assess the condition of the roof, siding, landscaping, and other outdoor features more accurately.

• Neighborhood Assessment - Daytime showings give you a chance to observe the neighborhood in action. You can see traffic patterns, nearby amenities, and get a feel for the overall area.

• Interior Lighting - Natural light helps you evaluate the property's interior more effectively. You can spot potential issues like water damage or worn flooring that might be less noticeable in artificial light.

• Seasonal Considerations - This is especially important during winter months when daylight hours are shorter. If you're only able to view properties after work, you might miss crucial exterior details.

• Follow-up Evening/Night Visits - After a daytime showing, you can always return in the evening/night to get a different perspective on the neighborhood. You’re not usually looking at the property a second time during this follow-up visit, just getting a feeling for the neighborhood.

What Happens After You Request a Showing?

Once you request a showing, your agent takes several steps to ensure everything is ready before you visit the property. Here’s what happens behind the scenes:

• Agent Checks Listing Status - Your agent verifies if the property is still available by checking its current status. They’ll ensure it’s not already under contract.

  • Active - The property is available, and no offers have been accepted yet.

  • Active/Backup - An offer has been accepted, but the seller is accepting backup offers in case the first deal falls through.

  • Pending - The property is under contract, and the seller is not accepting any more offers.

  • Sold - The property has been sold and is no longer available.

  • First Right - The seller has accepted a contingent offer, but they can still accept another offer if the first buyer doesn’t remove their contingencies.

  • Withdrawn - The listing has been temporarily removed from the market, but it could be relisted later.

  • Expired - The listing contract with the agent has expired, and the property may no longer be available.

• Reading “Secret” Broker Comments - Your agent will also check the private comments that are only visible to agents. These comments can provide valuable information:

  • These can indicate if the seller is accepting or presenting offers at a certain time.

  • They might reveal whether there are already multiple offers on the property.

  • Sometimes they include details about tenant availability, such as if scheduling showings with the tenant is difficult, or if the seller is particularly motivated to sell quickly.

• Commission Discussion - Your agent may also call the seller’s agent to verify the commission being offered. If the commission is lower than expected, they can have a conversation with you to clarify how the Exclusive Right-To-Buy Listing Contract works before you see the property.

• Printing MLS Sheets - Before your showings, your agent will often print out MLS sheets for both of you. Having these sheets on hand during the showing allows each of you to take notes about the property as you tour it.

• Scheduling and Driving Route - Your agent will try to schedule showings in a way that minimizes driving time between properties. However, the availability of showings may affect the order, especially when coordinating around the seller’s or tenant's schedules.

Your agent handles all of these details so that your showings go smoothly, allowing you to focus on evaluating the property once you're there.

Limit The Number of Properties You See in a Day

When scheduling property showings, it's important to be mindful of how many properties you plan to see in a day.

Viewing too many properties can lead to confusion and decision fatigue.

Here are some tips to help you make the most of your property tours:

• Quality Over Quantity - Focus on seeing up to 3 properties per day. Rarely should you try to see more than this except in highly unusual, exceptional situations. This allows you to give each property the attention it deserves.

• Prioritize Properties - Start with the properties that best match your criteria. Don’t ask to go see second tier properties. If the first-tier ones aren’t good fits, you can look at second tier properties on another day.

• Stay Organized - Use a system to keep track of the properties you've seen. This could be notes on the MLS sheet, a spreadsheet, notes app, or even a voice recorder. It is usually not acceptable to take photos of videos of the seller’s or tenant’s personal property.

Remember, the goal is to find the right investment property, not to see as many as possible in one day.

By limiting your showings, you'll be able to make clearer, more informed decisions.

Agent Calls Seller’s Agent or Showing Service to Schedule Showings

When your agent calls the seller’s agent or the showing service to schedule a showing, several things can happen, depending on the property’s situation:

• Option 1: Showing Confirmed - In the best-case scenario, the showing is confirmed, and you can “go and show” at the scheduled time. This means there are no restrictions, and the property is ready for you to view.

• Option 2: Permission Needed from the Seller - Sometimes, the seller’s agent needs to get approval directly from the seller before confirming the showing.

  • Seller May Approve - If the seller is available and gives approval, the showing will be confirmed.

  • Seller May Decline - The seller may decline the showing due to personal reasons or other conflicts.

  • Unable to Reach the Seller - In some cases, the agent might not be able to reach the seller right away, causing delays in scheduling.

• Option 3: Permission Needed from the Tenant - If the property is tenant-occupied, the showing may require approval from the tenant.

  • Tenant May Approve - If the tenant agrees, the showing will be scheduled.

  • Tenant May Decline - Sometimes, tenants decline showings, particularly if it’s an inconvenient time.

  • Unable to Reach the Tenant - If the tenant can’t be reached, the showing may be delayed or rescheduled.

• Option 4: Limited Showing Times - Occasionally, there may be specific time restrictions on when you can view the property.

  • Different Days/Times - The seller or tenant may only allow showings on certain days or during specific hours, which may not align with your original plans.

  • 24-Hour Notice - For multi-family or tenant-occupied properties, a 24-hour notice is often required to respect the tenant’s privacy and schedule.

Your agent navigates these different possibilities to ensure that your showings are scheduled as smoothly as possible, but be prepared for some flexibility, especially with tenant-occupied properties.

A common challenge arises when two properties are easily scheduled, but the third remains in limbo—perhaps waiting for a response from the seller or tenant. You might find yourself touring the first two properties without knowing whether you'll be able to see the third one that day.

Preparing for a Property Tour