A difficult time for any landlord is the period surrounding the end of a lease. You need to find new tenants, while simultaneously getting through the move-out process with your current tenants. Preparing for this time is crucial because it could have an impact on the long-term prospects of the property's management. Having a clear system in place every time a tenant moves out is a wise move. Here are some of the leading tips that expert property managers use:
· Be specific: Communication during the move-in and move-out processes is key. By what day do the existing tenants need to vacate the space? What day can new tenants move in? Will there be a per diem charge based on who's occupying the space? You also want to make sure to do a walkthrough in the unit before the existing tenants leave and note anything that needs to be fixed. Let the existing tenants know that their security deposit is on the line and they need to help restore the unit to its original condition.
· Schedule inspections: The walkthrough should be as close to the end of the lease as possible. It's best to walk through with the tenants so you can communicate every potential problem. At this time, they'll also be able to explain why there's any damage. Take your time during the inspection, and be thorough to avoid issues down the line.
· Cleaning: Make sure you have a cleaning service on hand if the tenants fail to leave the unit in acceptable condition. You may also need to paint a room, depending on its condition. Leaving a buffer of at least 24 hours between existing tenants moving out and new ones moving in is a smart move to ensure that you have time to take care of small repairs or improvements.
· Change locks: You want the new tenants to feel as secure as possible, and being able to communicate to a new tenant that their locks are brand new can go some distance toward accomplishing this. It's possible to change the locks yourself, though you may prefer that a locksmith come in and do the job. Once this is taken care of, you can hand off the new keys to the new tenants.
· Start early: An important general principle is that being prepared for the end of the lease will pay dividends in the long run. You can avoid issues with the existing tenant by making expectations for the apartment's condition clear, and you can impress new tenants by providing a space that's clean, fully functional and welcoming.
The plain fact is that property management is a complex business. Imperial Properties is here with seasoned guidance and expert advice. We offer a wide range of services in property management, including everything from capital projects to day-to-day operations and anything else you could need. Over the years, Imperial Properties has worked hard to establish a strong reputation for delivering effective multifamily property management services throughout the region. Reach out to us today to learn more about how we can help you.