How to Deal with Unexpected Tenant Turnover
What do you do once you receive a 30 days notice to vacate a unit from a tenant? There are several things to consider, including fixing the unit, advertising, and finding the next perfect tenant. Here’s a quick guide on how to deal with a fast tenant turnover and save money in the process:
Start Advertising – Using photos of the vacant unit that you already have on file, create advertisements on Craigslist, Apartments.com, and other rental websites.
Standardize Everything – Make sure that you use a neutral paint color and the same materials are used in all units. It would be best to hire a contractor that you use for all properties that you own. This will streamline the process, making fixing the property exceptionally easier which will shorten your turnaround time.
Invest in Updates – Spend some time and money doing some simple renovations to increase the appeal of your apartment. For instance, you can paint the cabinets a neutral color and replace the door knobs, upgrade the kitchen counters to granite, or change the flooring to laminate wood. Although inexpensive, these minor changes will make your apartment look more expensive.
Exterior Appeal – Most potential tenants will drive by your property or look online on Google Maps before actually scheduling an appointment to look inside. Make sure you have a gardener who’s on top of the landscaping and maintains the premises neatly. To attract better tenants consider either power-washing or repainting the exterior of the building.
Proper Pricing–Make sure that you get rent comparable to ensure that you are getting market rents. Attaining higher rent will increase the cash flow and the value of your apartment building.
Use a Screening Service – When crunched on time, it is the best investment to hire a tenant screening services that will give you a thorough rundown on your applicants. This will save you time and money in the long run.
Overall, it is important to deal with your tenant turnover as quickly as possible because the longer your unit is vacant, the more money you are losing. If you are interested in learning more ways to reduce costs and increase revenue, please call us at 818-915-9118 or email us.