So, one of your best residents emailed you to let you know they won’t be renewing their lease (*dramatic sigh*). Or, maybe they were a nightmare renter and you can’t help but jump for joy. Whatever the case, it’s not the time for complex feelings (save that for therapy) – there’s stuff to be done! Here’s our guide to saying goodbye and preparing for the next hello at your rental property.
Get a Head Start On Advertising
As soon as you’re notified of a non-renewal, start advertising the unit to avoid a vacancy period. Vacant rental units disrupt cash flow at your property and will hurt your bottom line. Hopefully, you already have professional photos of the unit and property. If not, schedule a time with the residents in the unit to take the pictures you’ll need. Then, don’t slack on making a listing for the unit on a popular rental listing site to start generating leads. You may be tempted to rent to the first qualified applicant, but make sure to always conduct a thorough screening of each candidate.
Conduct a Unit Walkthrough & Schedule Repairs
Once the former residents have made the move, it’s time to conduct a thorough walkthrough of the unit. Make note of any wear and tear or damages that must be addressed utilizing a comprehensive move-out checklist. Once accounted for, be prompt in scheduling maintenance and repairs so as to not delay the next move-in.
Take This Opportunity to Make Renovations
If you have the time before the next resident moves in, and the budget to allot for it, consider taking this opportunity to make renovations to the unit. Renovations are a great way to increase your property’s value and attract prospective renters. If you need an idea of where to start, check out our recent blog outlining the 5 renovations we’d suggest!
Arrange a Deep Cleaning
Chances are, even if you outlined in the previous lease terms that the unit must be returned in the same condition it was given in, your past renters are not exactly professional cleaners. If you want to start off on the right foot with your next residents, hire a deep cleaner to take care of what the past renters may have missed. It may seem redundant, but a properly clean space will make a big difference in your new resident’s perception of you and your property.
Whichever of these steps you decide are necessary for your property, make sure to track any extra expenses accrued during the turnover process. Whether it’s the cost of renovations, repairs, or advertising, modern accounting software will ensure no expense goes unaccounted for.
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