Effective Property Turnover Tips to Reduce Vacancies in Your Maryland Rental Property
Managing a rental property in Maryland is not an easy task. In fact, there are many roles and responsibilities a landlord has to play that make it even difficult for them to manage the property. And having a vacancy can make the landlord anxious. Every landlord wants his/her units filled to pay the mortgage, bills and taxes, to keep up with the maintenance, etc. So, it’s clearly in a landlord’s best interest to reduce the number of vacancies in the rental property if he/she wants to run the business successfully.
Well, it is quite normal to have vacancies, because tenants cannot stay permanently in your unit. But in order to increase revenue and make a profit in the real estate venture, the vacancies must be kept at a minimum. If you are a proud landlord of a rental unit in Maryland and needs some really good tips on how to reduce vacancies in your property then just keep on reading this article.
As a property management company we know what it takes and how a property can attract quality tenants for your rental property. Also we can share the ideas to keep with the competition and manage your rental property. We very well know what steps every landlord or the property manager should take to minimize or avoid vacancies.
You know that if one lease would end, another would begin immediately after, but unfortunately this happens rarely and property turnover remains a vital responsibility of the landlord or the property manager. The success of the real estate venture relies on a stable process and planning. You will have to make plans and take necessary steps to reduce the vacancy time but be careful coordination of property turnovers. Here’s the process of turnover and also necessary things to do that can help you to avoid vacancies in your property.
Process of Property Turnover
When your tenant give notice to vacate the property, then there are many things that you as a landlord or a property needs to do. You will have to start preparing the house for a new tenant. And doing this includes many things and some of the steps are as follows:
You will get notice by the tenant
If the tenants want to leave the house then they should inform you by giving a written notice signed by the tenant. Once, you will receive the notice it’s your obligation to give response with a written copy of move out instructions and expectations.
Tenant will hand-over the keys back to you
If the tenant will not return the keys to you then the tenant has not officially vacate the property.
Complete the move out inspection
Once the tenants will return the keys you can inspect the property and the tenants should be presented during the inspection. Make a checklist and also ask your property manager to make the necessary document on the condition of the property and also take photos.
Look for damages
Check the property thoroughly and look carefully for the damages occurred during the tenancy period so that you can hold back any of the tenant’s security deposit. But, remember that everything you do must be documented.
Make repairs and maintain the property
Now, your house is vacant so you must make it ready for the new tenants by making necessary repairs or any upgrades to the property if required.
Cleaning the property
You cannot skip this step because you cannot let your tenants live in a dirty property. Just hire trusted professional for the job and get your property cleaned from top to bottom.
These are the things that you will do immediately after a tenant will give notice or handover the keys to you to vacate the property.
Turnover Repair and Maintenance Items to Address
You must make a standard maintenance checklist that can help you to speed up your work and provide clarity during property inspection. Here is the list of the common repairs required in almost every rental unit or residential properties as well.
- Painting the walls
- Deep cleaning the entire house
- Changing the door’s lock
- Repairing the appliances
Besides all these, there are some common repairs required in every property which also include the HVAC maintenance. Apart from them, you must see for the leakages interior and exterior, check water pressure, ensure drains are clear, ensure the appliances are in working condition, check lights and fixtures, etc.
Tips to Minimize Vacancy
When you inspect your property on a timely intervals then you actually get the chance to find out the repair issues. When you will get it fixed before the time, it will therefore save time at turnover.
A tenant give notice at least one month or sometimes two months before moving. This gives you an adequate time to get in touch with multi-purpose vendors to begin the necessary work.
If you will get time to upgrade your rental property. You can check the other properties in your area to see what upgrades can bring the most ROI.
How to Reduce Vacancies in Your Rental Property?
To minimize the vacancies in your Maryland rental property you must do the following things:
Take care of your rental apartment inside and out
It’s not only the tenant’s obligation to keep the unit neat and clean, but it’s your responsibility to take care of the property. We all know that nobody likes to live in filthy building, so make sure the building is clean. Try to keep the areas tidy and trash-free and if your tenants are causing mess in the apartment then set cleanliness rules and make sure the tenants are following. To make your tenants stay longer in the property, you must provide them a clean and comfortable place to stay in.
Make repairs whenever required
When your tenants will inform you about repair then you should not ignore it or delaying in fixing the repair issues. You must keep up with the maintenance and always be ready to fix any repair issues in the property like broken appliances, locks, lights, etc. If you will ignore their calls or messages regarding repairs then your tenants would never like to stay or move in.
Evaluate your rental costs or charges
If the rent of your rental property is too much or too high for the tenants then you will either get no tenants for your rental property or no tenants would like to stay in. Check around to see the rental cost for similar properties in your area and if you feel your rent is too much then reduce the rental cost.
Be a good landlord
Every landlord look for good tenants. Similarly, the tenants also look for the best landlord. If your tenants will be happy then you can be a happy landlord. To being a good landlord you will have to do several things in favor of your tenants like try not to raise the rent every year, always ask about something they need like repair or any upgrades in the property, etc. This will reduce vacancies as the tenants will stay longer in your property instead of searching elsewhere for a cheaper unit.
Talk to your tenants
Be friendly with your tenants, because then they will feel more connected with you and will less likely to leave. But, make sure not to be too much friendly as then the tenants may start to take advantages of your behavior like paying the rent too late, inviting too much guests in the property, etc. You just have to show your care.
Additional Tips for an Effective Property Turnover
Apart from making your rental unit much more than habitable, there are many other things that you must do to minimize vacancies. Here are some additional tips which you may follow for an effective property turnover: -
Professional property managers always keep the detailed records of everything. Whether the property inspection report or eviction of the tenants, they maintain a detailed records. And this is also an essential part of the turnover process. You take security deposit from tenants, but when you want to deduct the damage cost from their security deposit you need documentation. The tenants will ask for the report of the damage cost and if you will fail to show the records or receipts you will not only end up costing you money in legal fees, but you will waste your valuable time as well.
To monitor the status of your rental units in turnover you must follow a process for it. You should also follow up with the vendors as they will know your expectations and also keep everything running on time to minimize the vacancy.
You must ask your tenants to provide notice at least a month before moving out. Because this will give you time to make your property ready to get it on the market at least 30 days before vacancy, which increases the chances of lining up tenants and minimize vacancy.
Over to You
We all know property turnover is a vital property management task, and it is important to complete the leasing process in timely manner. So, to reduce the vacancy time and manage property turns have a standard procedure and tracking system. But, also remember to hire professional Property Management Company in Maryland that can help you in taking necessary steps in order to keep your property maintained and get a stress-free property turnover experience.