For landlords, managing the exit of a current tenant and finding a new tenant directly impacts the bottom line (i.e., cash flow). Over years of trial and error, we believe we have perfected the “tenant turnaround” process. For example, we have a 1 bedroom ground floor condo and we recently received notice from our tenant that she plans to move soon. Our lease requires 60 days notice so that gives us ample time to find a new tenant, while the current tenant is obligated to continue paying the rent. She gave notice on the 2nd of the month.
Since rents have been skyrocketing, we used Zillow to determine the rents for our area. Our Real Estate Broker also provided a list of comparable rents for our area. When determining rents, we usually add $50 – $100 to what we expect to receive. That leaves room for negotiations and flexibility. For instance, if we have found a prospective tenant with excellent credit, stable employment, a good landlord reference, and good salary, we are willing to reduce the rent by $50 per month!
To advertise, we post free advertisements using Postlets. We like military tenants so we spend $49.95 to post an advertisement on Military by Owner. Within 24 hours, we receive inquiries by email and phone. We use our tenant screening process to schedule appointments, show the property, and process rental applications. By the 23rd of the month, we signed a lease with a new tenant!
One of they keys to quick tenant turnaround is requiring the tenant to have the property, including carpets, professionally cleaned. Our lease requires the tenant to provide receipts. We don’t have to spend time or money preparing the property for the new tenant!
To summarize, here are 3 tips to quick tenant turnaround:
- Require 60 days notice in the lease
- Require tenant to have condominium, townhouse or single family home cleaned by a professional cleaning company
- Require tenant to have carpets cleaned by a professional cleaning company
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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.