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Property Management
VHow to Speed Turnaround Time on Vacancies By Ari Chazanas, Lotus West Properties
acancies are never a good thing because This should be ample enough time for a property owner it means you are not generating income to have the unit on the market and ready for occupancy on your property. If a tenant has within a short vacancy period.
decided to vacate the premises, and
hopefully given you adequate advance notice, your top priority is finding a new renter as quickly as possible. That
means taking a proactive approach to preparing the unit, marketing your property, and identifying the next tenant in a short period of time.
The longer your property remains vacant, the more it can impact your bottom line over the long-term. These are the steps you should take as soon as you are informed that one of your current tenants intends to end the lease.
Start Advertising Early
Most rental leases require that a tenant offer a 30-day advance notice of his or her intent to vacate the property.
Keep in mind, the unit is still occupied and off the market during those final 30 days so it may be tough to actually show the property to prospective renters. It could also work against you as the outgoing tenants are packing up and the unit may not be in the best shape. That doesn’t mean you can’t start listing your property on the popular online rental sites to begin drumming up interest and gathering contact information of potential tenants.
As for your listing, try to be as transparent and specific as you can about the property and all the amenities it offers. Be up front about what you expect from a prospective tenant so potential applicants know what to expect when they come to view the property. You may lose a few prospects who are looking for features your property may not provide, but it
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