The nature of the single-family rental business is that it is temporary, with doors always revolving. Most families don’t rent the same home for decades. The average resident of a single-family rental home only rents for three years before moving on to something or somewhere else. Stays of up to six years are also frequent; however, chances are, a property manager will rent out the same home multiple times during their career. Transitioning a home between tenants is a big, but necessary job, and there are a few steps you can take to make the transition go smoothly.
- Notice of Move Out- Most leases require a tenant to notify the property manager 60-90 days before the lease is up that they want to vacate the home and not renew their lease. Tenants should always be required to submit their notice in writing.
- Move Out Inspection- Make an appointment for a moveout inspection and turnover of the keys with your tenants. Move Out Inspections will be a determining factor in how much of the deposit the tenants will get back. Make sure the tenant understands any damages or fees they are responsible for paying as a result of the inspection. If the tenant being present is not possible, the property manager should ensure that the inspection is well documented with details and photos.
- Complete Maintenance- Some of the maintenance that typically needs to be completed in between tenants includes painting, repairs of appliances, changing the locks, replacing batteries in smoke detectors and carbon monoxide monitors, carpet shampooing, and professional cleaning. When the new tenants move in, they will expect to be walking into a move-in-ready home that is clean with everything in good working order. Make sure to take pictures for the home file, so there is documentation of what the house looked like at the move-in time.
Once maintenance is completed on the home, a property manager is free to start showing the house. Marketing and scheduling showings can be done while the property is being renovated; however, the real fun begins when the home is brand-new looking and ready to go on the rental market officially.
If you’re looking for a property manager that can easily transition your property between tenants, call Scott Properties at 843-790-0148.