How To Reduce Turnaround Time In A Rental Property
When tenants move out of your rental property, it’s so important that you get some new tenants in there as quickly as possible. Every month that the property is empty, you need to cover the cost of the mortgage yourself, so you will lose a lot of money. However, it’s not easy to get tenants moved into the property right away because there is a lot of work to do. You need to make sure that the property is in good condition and any maintenance is taken care of before you start showing people around. In some cases, that may mean that the property is left empty for a few months, which is very costly. However, you can save money and reduce your turnaround time if you follow these simple tips.
Take A Larger Deposit
The deposit is there to pay for any damage that is caused by the tenants. It doesn’t cover general wear and tear, but if there is any serious damage that will be costly to fix, you have the right to keep the deposit to pay for it. However, even though you have the deposit to cover it, fixing the house up still takes time and makes it harder to get new tenants in quickly. If you want a quick turnaround, you need to make sure that tenants look after the place properly, and taking a larger deposit can help with that. If they have more to lose, tenants will take care of the place and make sure that it is left in good condition so they can get their deposit back. However, be aware that an excessive deposit will put some tenants off, making it harder to fill the property, so you need to find a good balance.
Do Thorough Background Checks
Another simple way to make sure that tenants look after your property is to conduct background checks before allowing them to move in. Check to see whether they have a criminal record and get references from previous landlords. Their old landlords will soon tell you if they are a difficult tenant that left the property in bad condition. As long as you can find reliable tenants, you shouldn’t have too many problems when it is time for them to move out.
Keep A Stock Of Replacement Furniture
If you manage multiple properties, there is always going to be some damage. Even the best tenants may accidentally break things and old furniture won’t last forever. That’s why it’s a good idea to keep a stock of replacement furniture so you can easily swap things out if they do get broken. This will save a lot of time because you don’t have to go out and buy new furniture every time you turn the property around. You can also save yourself a lot of money because you can pick up cheap furniture when it’s on sale. If you find a unit with a company like tiger storage, you can keep it all in there until you need it. Having a stock of replacement furniture and equipment means that you can replace things at short notice, which will keep your tenants happy and encourage them to stay for longer.
Give Them A Cleaning Checklist
The property needs to be spotless before you can start thinking about showing new tenants around. Your current tenants have a responsibility to make sure that they clean the property to a good standard, and you can make this a lot easier for them if you give them a cleaning checklist to make sure that they don’t forget things, like cleaning the oven out, for example. Once you give them the list, it’s up to the tenants to either follow it themselves or give it to a cleaning company. Either way, your property will be left in good condition. When you give tenants the cleaning checklist, it is important to let the tenant know that if they don’t complete all of the tasks on the list, you may deduct some money from their deposit.
Along with the cleaning checklist, you should give them a list of helpful resources. Things like large rubbish item collection companies or charities that will collect old furniture, for example, will help them to clean the house out easily.
Give Them Notice
The more notice you give tenants, the more likely they are to leave the property in good condition because they have time to sort everything out. If they are on a fixed contract for a set period, you should ask them around 60 days before the end of the contract whether they plan to renew it or not. If they are on a monthly rolling contract, you need to specify that they are required to give at least a month’s notice when they want to move out.
As long as you follow these steps, you can make sure that your property is in great condition when tenants move out and your turnaround times are as short as possible.