As a landlord, one of your main goals is to make sure your property is tenanted. As soon as the old tenants decide they’re moving on, it’s time to find new renters to move in. But while you’ll be keen for a quick turnaround, it’s also important that things are done properly (cutting corners will cause you problems in the long run). Not only will you want to end the initial tenancy correctly, but you’ll also want to start the next one off on the right foot.
In this quick read, we look at how to ensure your tenant changeover goes smoothly.
Communicate with tenants
Before your tenants move out, get in touch and go over what their responsibilities are, as set out in the original tenancy agreement. It’s also an opportunity for tenants to ask about the return of their deposit and giving the keys back. Getting these details sorted beforehand helps move things along.
Managing the turnaround is quite a juggling act, so you’ll need to be organised, proactive and thorough with your admin. For the outgoing tenancy, you’ll need a check-out inspection, meter readings and to release the deposit. For the new tenancy, you’ll need to ensure the paperwork is up to date, prepare an inventory and conduct a check-in report. Then of course, you’ll need to manage the work in between: cleaning, repairs and redecoration. It’s a lot to keep track of, so make sure all the important dates are in your diary, and all the paperwork is properly filed.
Check-in and check-out reports
Whether you do this yourself or get an expert, such as a letting agent, to do it for you, this is a vital part of the process that should not be skipped. During the check-in process, your tenants should have signed an inventory; this report is an important resource for you as a landlord, especially if there are concerns about damage and/or deposit deductions. The reports can be used as evidence if disputes arise and to record important information, such as a forwarding address and meter readings.
Give yourself enough time
You might be tempted to move new tenants in as soon as the old ones have moved out. But it’s advisable to leave a few days (or at least a week) in between just in case the property needs to be professionally cleaned and/or repairs need to be carried out. It’s not fair on the new tenants to move into somewhere that still needs work. Also, if you live far from the property and want to inspect it, you’ll need at least a day to do so.
Use a letting agent
Many landlords use an experienced letting agent to make the turnaround process run more smoothly. From finding tenants, to a fully managed service that covers all the bases, a letting agent can ease the pressure and carry much of the administrative burden.
Find out more about our property management services and how we can help you by getting in touch with us here at Discover Property Management today.