Vacancies and turnovers are an inevitable part of being a landlord in Chandler, Arizona. However, it’s how you handle these periods that separates you as a successful property investor from an amateur landlord.
Unfortunately, tenants won’t stay in your Chandler rental property forever. There are factors, such as job opportunities, family growth, or preferences, that cause them to move out of your rental.
This is known as tenant turnover.
It can be costly and stressful if you don’t have an action plan to quickly and efficiently process a tenant turnover.
By the end of this article, you’ll learn exactly how to handle tenant turnover in a productive and efficient process that will save you time and money.
Tenant turnover is the loss of a previous tenant and the search for a new one. In other words, it is a vacancy period between tenants.
Sometimes, this period can last for months if the proper precautions and steps aren’t taken.
However, with the tips and methods in this article, you won’t have to worry about a drawn-out tenant turnover.
Losing a tenant and finding a new one has a pretty high price tag for rental property owners. Between professional service fees, such as cleaning, painting, tenant acquisition, property repairs, and advertising fees, landlords can expect to spend around between $1,000 and $5,000 in turnover fees.
While the best way to avoid this situation is to prioritize tenant retention, turnover isn’t always avoidable. When you experience tenant turnover, being proactive and prepared is crucial to your success.
When preparing a lease for tenants to sign, it’s a good idea to include a move-out notice requirement.
This means if your tenant does not plan to renew their lease, they must notify you beforehand. Typically, this time period is 30, 60, or even 90 days before the lease expires.
Requiring a move-out notice allows landlords to fully prepare for the tenant turnover and find a new tenant as soon as possible.
When the end of the lease approaches, send the tenants move-out instructions detailing the process and their responsibilities.
Most tenants think they just have to pack up and leave the property, but there is more to it than that.
These instructions should explain that they are expected to clean the property and repair any minor damages. They will have to schedule a walk-through inspection and hand over the keys on move-out day as well.
Also, let the tenants know that you may have to enter the property to conduct showings for potential new tenants. Remember to always provide at least 24 hours notice before entering.
About a month before the lease ends, start advertising the rental property online. Make sure to use high-quality photos of a clean or empty property and write an enticing property description.
Receiving inquiries from potential renters before your current tenants move out can drastically reduce the vacancy period and accelerate the turnover process.
About a week before your tenants expect to leave the property, schedule a move-out inspection with them.
During this walk-through, you will identify any damages that the tenants should repair before moving out if they want to avoid covering the damage with their security deposit.
Most landlords hire a professional cleaning company and painter to prepare the property before the new tenant moves in.
For a quick tenant turnover, we recommend scheduling a cleaning service for the afternoon after the tenants move out and the painting for the next day.
This allows at least 48 hours between the previous tenants moving out and your new tenants moving in.
The day your tenants move out, meet them at the property to collect the keys. You’ll want to make sure you receive all copies of the keys to avoid security issues in the future.
During this meeting, it’s also a good idea to do a final inspection of the property and point out any damage that may need to be covered by the security deposit.
Also, make sure to collect the tenant’s forwarding address so that you can return their security deposit or an itemized list of repair costs.
If you already have new tenants lined up to move into the property, it’s a good idea to wait at least two days after the previous tenants move out to allow them into the property. This gives you some time to clean and prepare for the new tenants.
When done correctly, you can experience practically zero vacancy time during a tenant turnover!
Turning over a property and finding new tenants is a lot of work and a high bill. For this reason, many landlords prioritize tenant retention.
When they offer quality service, pay attention to repairs, and build good relationships with their tenants, landlords can increase tenant retention and avoid high tenant turnover costs.
The best way to achieve a high tenant retention rate is with a professional property manager. Let’s face it; most landlords don’t manage their rental properties full time. They have full-time jobs, families to spend time with, and hobbies to enjoy.
With a professional property manager, landlords can rest assured their tenants are receiving top-quality attention and your property is being well-maintained, all while decreasing tenant turnover.
Are you ready to level up your Chandler rental property, maximize your ROI, boost tenant retention, and have quick tenant turnover?
Then Stratton Vantage is your answer!
As Chandler, Arizona’s leading property management company, our team of real estate professionals offers top-quality white-glove service to both tenants and owners. We guarantee satisfaction while working to maximize your ROI.
Curious to see how much your rental property can earn in rent each month with new tenants?
Request our free rental analysis to get started today!
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