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Tenant Turnover

Tenant Turnover

Getting someone new to move into your rental property is always stressful. This is especially true if there are multiple months between your residents. You often rely on your tenants to help you pay things like association fees or taxes, so the longer no one is living there and paying rent, the more money is coming out of your own pocket. Having a fast turnover between one resident and the next is extremely important if you are trying to make money on your extra property, so here are a couple of ideas for a short turnover period.

1. Ask Your Current Resident. One method that some landlords use is to ask their current tenant if they know anyone who is looking for a place to live. Generally, a person who is renting will know other people who are in similar situations with housing. This means that they might know someone looking to move into the area, a location closer to their job, lower rent payments, etc. You might even want to offer an incentive for your tenant to find someone to replace them, such as a discount on the last month of rent or some free boxes to help them move. While you still have to screen the new person, you won’t have to find them yourself, which can save a lot of time.

2. Start Advertising Early. If you know that your resident is going to move out by a certain date, start advertising as soon as you can. While this may be difficult when you have to get people into the apartment to see it, it is always best to start looking early. You might want to show pictures or walk-through videos from before your current tenant moved in to give the new person an idea of what it looks like. You can also ask your tenants if they are okay with someone coming in and looking at the apartment while they are getting ready to move out.

 Having a short turnover time is so important when you are a rental property owner. While you may need to take a couple of days to clean everything to your liking or paint the apartment, it is always best to have someone already lined up to move in as soon as possible. If you need help getting someone, call Talley so we can help you list your apartment and find you the perfect tenant!

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