Most Arlington real estate investors know that vacancy is expensive. You’re not earning any rent on an unoccupied home, and you’re also paying out of pocket for things like utilities, lawn care, marketing, and cleaning.
Turnover is even more expensive. You have to fix up any wear and tear items that occurred during the previous tenancy, and there may be improvements and upgrades needed to keep your property competitive in the market. How can you save money during tenant turnover periods?
It isn’t always easy. The cost of tenant turnover can be a shock.
We have some tips on saving money that you might find helpful.
The more time you have to prepare for a turnover and a new tenant, the less costly the process will likely be.
Most lease agreements require 30 days of notice before your tenant moves out. You should require at least that much notice; 60 days is even better. With this much notice in writing, you can begin to strategize how you’ll efficiently prepare the property for the next tenant.
As soon as you receive your tenant’s notice to vacate, send a list of things that tenant will need to do before move-out. This will prevent any disputes or confusion about what kind of cleaning needs to be done and how the
security deposit will be returned.
Schedule the vendors you know you’ll need.
The sooner you have appointments on the books, the faster you’ll be able to manage your turnover process. You don’t necessarily know what kind of damage or wear and tear will need to be handled, but you do know you’ll need cleaners. There’s a good chance you’ll need to have the property painted. Landscapers may also be always necessary, no matter how the property is left.
When you have good tenants in place who are communicative and responsive, it’s likely they have taken good care of the home. This will reduce your turnover time and expense.
Get to work on your marketing plan as soon as you know you’ll have a vacancy.
Whether or not you show the home while it’s still occupied by the current tenant is up to you. This is possible when you have a cooperative tenant who keeps the home clean and well-maintained. If not, you should wait until the tenant has moved out and the property is vacant. While you’re waiting for that, however, you can begin to craft your listing and decide where you will share it. Decide how you’ll
handle showings; is this the turnover period when you’ll invest in an automatic keypad or other self-showing technology?
Hold your tenants accountable for any damage that they’ve caused at your property.
The security deposit is held by you in case there’s damage, unpaid rent, or other covered expenses after a tenancy. Conduct an inspection and document any damage you find. Pay for this out of the tenant’s deposit, and send a complete accounting that reflects what you withheld and why.
One of the best ways to reduce your vacancy costs and your turnover time is by working with a professional Arlington property management company. We can help you save money on tenant turnovers with our exceptional maintenance vendors and our strategic marketing plans. Please contact us at Arlington Realty Property Management.
