The turnover timeline is a crucial part of property management. Reducing the number of days on the market and keeping expenses low is why you need us. The rental property turnover process refers to the transition between tenants. One tenant moves out and a new tenant moves in.
Prior to Move Out:
- Notice from the Current Tenant: The current tenant typically provides notice of their intent to move out, usually about 30 days.
- Preparing the Property: Typically, the property has been rented for a few years and we need to refresh the marketing descriptions, look at the previous work done and consider what to expect this time around.
- Rental Rate Analysis: Prior to your move out we are analyzing the rental market for the area and property type. What is fair market value?
- Advertising and Finding New Tenants: The property manager markets the vacant property to attract potential tenants. This can involve listing the property on rental websites, advertising through local channels, and conducting property showings.The application process can take up to 72 hours and requires a keen eye.
- Initial Inspection: 2 weeks before you move out the property manager inspects the property to assess its condition and identify any necessary repairs or maintenance tasks. This may include addressing issues such as painting, cleaning, carpet cleaning, or replacing damaged items.
- Move-Out Inspection: When the current tenant moves out, the property manager conducts a move-out inspection to compare the condition of the property against the move-in inspection report. Any damages beyond normal wear and tear may be documented and deducted from the tenant’s security deposit. This is sent within 21 days.
After Move Out and before Move In:
- Cleaning and Repairs: After the move-out inspection, the property manager arranges for any necessary cleaning and repairs to restore the property to a rent-ready condition. This may include tasks like deep cleaning, painting, replacing broken fixtures, or repairing appliances.
- Tenant Screening and Selection: Interested prospective tenants submit rental applications, and the property manager evaluates them based on criteria such as credit checks, background checks, income verification, and references. A suitable applicant is selected, and the lease agreement is signed.
- Property Walk through and Move-In: Prior to the new tenant moving in, the property manager performs a walkthrough to ensure the property is in good condition and ready for occupancy. The keys are provided to the new tenant, and they are guided through the move-in process.
- Follow up after Move In: Check in with the residents to make sure everything is working and to see if they have any questions or concerns.
Throughout the turnover process, effective communication between the property manager or landlord and the tenants is crucial to ensure a smooth transition. This process is extremely detail oriented and requires significant multi-tasking between the past and present.