Prior planning is always key to minimizing your vacancy loss. Getting your vendors lined up when you know your tenants are moving out is the best way to save time getting your property rent ready.
Schedule your vendors so they are set to arrive on the day a tenant moves out (or the very next day at the latest). We like to compare this to what would happen if you owned a candy store. You wouldn’t leave the store closed for two days and then HOPE that the business comes back once you re-open. If you aren’t planning your vendors properly and organizing your timeframe beforehand, your business is technically closed.
Pre-rent the Unit
You don’t have to wait until your current tenant moves out before you start advertising your vacancy. In fact, we prefer to get our ads up long before that – as soon as we receive the 30-day Notice to Vacate from our current tenant. Getting your ads up early allows you more time to go through the marketing and pre-screening processes, in order to find the best tenant possible for your situation. Sure, it makes touring the unit a bit of a challenge, as you’ll need to coordinate with the existing tenant, who is likely in the midst of packing up. But the added time this buys you makes this more than worth it.
There is always going to be some downtime with every vacancy. However, if you properly line up your vendors and stagger them, you’ll have a shorter turnaround time. Your goal is to get those vacancies back on the market within three to five days. There might be some bigger items that you need to take care of, such as installing new flooring, but you want to try not to go beyond five days of a vacant property. Ideally, you have pre-rented the property and your new tenant will be ready to move in almost immediately.
Inspect the Property
It’s always important to see your unit in person. Walk through it, and make your own notes before any work is ordered. Relying on others telling you what needs to be done is a quick way to spend way more money than you probably need to. As soon as a tenant moves out, we inspect each vacancy and record the condition with pictures. That way, our clients can see what the property looks like. When we order new carpet, you know we’ve looked at it and decided that it’s absolutely necessary. Our property owners can participate in getting the place ready and be part of the decision making process. Having someone there to look at it really helps because not everything needs to be brand new for every tenant.
Please contact us at LBPM if you have any questions, or you’d like additional information on how to get your property ready for the rental market.