Getting a new tenant into your rental property is always a struggle. The one thing you always want to avoid at almost all costs is having months where you don’t have a resident. You generally rely on your tenants to help you pay things like association dues or property taxes, so the longer it goes with no one renting your space, the more money is coming out of your pocket. Having a quick turnover between one resident and the next is extremely important if you want to make sure that you don’t lose money on your extra property. Here are a couple of ideas to help you skip those gap months.
One method some landlords use is asking their current tenant if they know anyone who is looking for a place to live. Often, a person who is renting will know other people who are also renting. This means that they might know someone looking to move into the area, searching for a location closer to their job, etc. You may want to offer an incentive for your tenant to find someone to replace them, such as a discount on the last month of rent or some free boxes to help them move. While you still have to screen the new person, you can save some time by having your current tenant suggest someone.
If you know that your resident is going to move out by a certain date, start advertising the vacancy as soon as possible. While it may be difficult to actually get people into the apartment to see the location, it is always best to start looking early. You might want to show pictures or videos from before your current tenant moved in to give the new perspective tenant an idea of what it looks like. You can also ask your tenants if they are okay with someone coming in and looking at the apartment while they are getting ready to move out. Most residents are okay with this as long as they are also home at the time.
Having a seamless transition between tenants is so incredibly important when you are a rental property owner. While you may need to take a couple of days to clean and paint, it is always better to have someone already lined up to move in. If you need help finding someone, call Talley so we can help you find your perfect tenant!