As an rental property owner, you likely know that tenant turnover is just a part of the overall process. But because an empty unit essentially costs you money for each and every day that it is vacant, there are ways that you can help to reduce these expenses and turn your unit back into an income producing vehicle.
In addition to the absence of incoming cash flow when a unit is empty, the other ways in which tenant turnover can be costly to you include:
- Cleaning / Prep – When a unit becomes vacant, it should always be cleaned and prepped for showing to the next potential residents. This typically includes shampooing (or replacing) the carpet, putting a fresh coat of paint on the walls, and repairing any items that are not in good working order (such as appliances, heating / cooling systems, etc.)
- Marketing – You will also need to get the word out that the unit is available. Your marketing costs may include newspaper and / or online ads, as well as the time that it takes you to show the property to potential new tenants.
- Application Processing / Screening – Once you have someone who is interested in renting the property, you should ideally screen the individual(s) in order to determine their credit, income, and employment history. This can help you to better ensure that you are moving forward with the right tenant(s) as versus someone who doesn’t pay their rent and / or who is known for creating messes at prior residences.
In order to expedite the process of bringing new tenants in, it can oftentimes be helpful to have a system in place. This is where working with an experienced property manager can be beneficial. For more details on the many ways a property management team can assist you, Contact Us.