Do you happen to have move-ins or move-outs in the coming days? Are you unsure about how to go about one of these? Well, you are in luck as this property management post gets to share with you valuable tips on how to approach these two.
When it comes to property management, one of the many questions we get here is about move-ins and move-outs. In particular, landlords want to know how best they can handle incoming and outgoing tenants. One of the main reasons why landlords want to get this part of property management right is its importance or significance. If not handled correctly, these two are known to lead to angry tenants or even financial loss. So whether you are dealing with single-family homes or urban high-rises, it’s important to get this right with every tenant.
Property Management Tips For Move-Ins & Move-Outs
Taking into account the importance of conducting move-ins and move-outs properly, we’ve decided to share with you this property management tips for incoming and outgoing tenants. This way, we hope you’ll be able to streamline these processes by avoiding common costly mistakes.
The tips to a smooth and painless move-ins and move-outs we will be highlighting in this post today are;
- Pay Attention To Lease Expiration Date
- Encourage Tenants To Renew Lease
- Get It In Writing
- Carry Out Inspections
Pay Attention To Lease Expiration Date
As landlords, one thing you need to check regularly is your tenants’ lease expiration date. Once you’ve done this, make sure you note them down somewhere. Once you are done, start dealing with tenants whose’ leases are close to expiring. For these tenants, consider getting in touch with them early, preferably months before the expiration date. Why? Well, many tenants in most cases tend to decide if they should renew their lease months before the expiration date.
Contacting them before their lease expires helps you know of their intentions. Are they planning to renew their lease? Are they moving to a new home? With this knowledge, you can adequately and easily prepare for future move-ins. You will also know in advance which property to market to potential tenants and when.
If you intend on putting your home in the market as a rental, keep in mind that there are several benefits associated with current tenants renewing their lease. If they do, you’ll be in a position to enjoy several benefits. Still, on tenant leases, make sure that as a landlord you are familiar with current law surrounding lease renewals.
Encourage Tenants To Renew Lease
As already mentioned, there are several benefits associated with current tenants renewing their lease. Therefore, it’s advised you encourage current tenants to renew their lease. This is something you can start working on months before their lease expires. Encouraging current tenant to stay has several benefits. One main benefit is cost. If your current tenant stays or renews their lease, you’ll end up saving on several unwanted costs. What costs are we talking about? Here is a brief breakdown.
When tenants move out, you’ll remain with an empty property. To find a new occupant as you know by now is no easy task. Even worse, it can take weeks if not months. During this time your home will be unoccupied and as a result, you’ll be losing roughly $50 every day until someone moves in. Furthermore, you’ll have to invest heavily on things like new painting, landscaping and a number of repairs to have you home more appealing to the current market. If that isn’t bad enough, you’ll need to spend additional money on advertising. To top it all off, you’ll have to set aside time for tours and meeting with prospective buyers. This isa process many landlords don’t like.
With all this knowledge, try and encourage your tenants to stay as much as possible. Consider negotiating with them. Maybe adjust the rent or make any other accommodations they want.
Get It In Writing
When dealing with move-ins, it is important that as a landlord, you have everything in writing. Some of the information that you should have in writing include tenant and property details. Furthermore, if you are dealing with a move-in, make sure the tenant knows what’s expected of him when renting your property. For this, there are several ways you can go about it. For instance, you can have this information on the lease.
Why is getting everything in writing from the very first day important? Well, both parties get to agree on the rights of everyone well in advance.
Having everything in writing is also important during move-outs. Don’t just take verbal confirmation from a tenant that they want to move out of your property. Make sure that they write it down somewhere. As long as the intent by a tenant to vacate is written down and signed by them, it is valid. Furthermore, it helps in avoiding misunderstandings between a tenant and landlord or bad faith actions from either side.
Carry Out Inspections
Carrying out an inspection is very important for any landlord. Whether dealing with a move-in or a move-out, make sure you carry out an inspection. If you are renting out a fully-furnished apartment, carrying out a pre and post inspection is a must. You want to make sure that the way you hand out your rental property is the way you’ll get it when a tenant leaves.
To ensure that there is no misunderstanding between you and the tenant make sure you have an agreement in writing once you’ve conducted your pre-inspection. Furthermore, make sure that when doing the pre and post inspection that the tenant is with you. After doing the inspection, ensure you both sign on the inspection document. Additionally, make sure you both acknowledge that the document reflects what’s in the property. It is advised to further indicate how damages or breakages will be handled. Put everything down in writing. If a tenant is to replace it or hand out an equivalent cost, write it down.
Carrying out inspections is also important during move-outs for non-fully-furnished properties. Doing a thorough inspection can help you know the amount of damage to your property. This will then give you an estimate on the amount of money you’ll need to make the repairs.
Use these property management tips together with your other strategies when there are incoming or outgoing tenants. This will help you protect yourself from a number of negatives that might result from handling incoming and outgoing patients.
For additional information on all things property management, do get in touch with any of our representatives at Altus Realty call us today at: (08) 8180 9025.
You can visit us anytime at: 4/41 Village Terrace, Blakeview SA 5118