Resident turnover is inevitable with rental property investing so having an efficient process for handling this is essential. Being prepared will save you time and money. Today we are going to talk about how to prepare your rental for resident turnover.
What is turnover?
When your residents move out of your rental property, the process of getting the rental ready for a new resident is called resident turnover. The resident turnover consists of the move-out, getting the property ready to rent, marketing, and the leasing process. You want to make the turnovers as efficient and fast as possible because every day that passes by and the property is vacant you are losing money.
The first thing is giving residents a clear description of what is required of them to move out. This includes what cleaning is required, what to do with the keys, remotes, pro-rated rent for the time they are at the property, trash removal, etc. The more clear you are with your expectations, the less work you will have to do on your end after the move-out. It will also lead to an easier time refunding the security deposit. We provide our residents with a list of what is considered wear and tear (owner responsibility) and what is considered damage or cleaning (resident responsibility). For example, we provide them with a home with all light bulbs working, carpets professionally cleaned, and clean air filters. We expect the home those items to be in that condition upon move-out.
How do I prepare my rental for the turnover?
The first thing is the move-out inspection. Some states legally require a move-out inspection, so make sure you check your state’s landlord/resident laws. We would highly suggest that even if you are not legally required to conduct one, you still do it. Inspections are beneficial for both the landlord and the resident. Once the resident is moved out, look for any damage that is not normal wear and tear or any changes to the unit that weren’t previously approved. Make sure you document the condition of the property taking photos. You can compare these photos to the move-in inspection, to easily ascertain if this is new damage or pre-existing damage. Having the pre-move in photos alleviates most disputes from the resident.
Make a list of the things that need to be repaired. This way it will be easy to determine the repair costs and you will know how much money will be taken from the security deposit.
Once the resident moves-out, it is time to get busy and manage the repairs. The first thing is to catch up with any maintenance issues and do any major repairs. Also, do some touch-ups to all interior paint, or repainting if necessary. The next step is to do some deep cleaning. We suggest you use a professional cleaning service. As for the carpets, we would also suggest a professional carpet cleaning or replacing the carpet if necessary. Now, if you are looking to increase the value of your property then you can use this time to do some upgrades like new bathrooms, countertops, cabinetry, and new appliances.
If you have a property manager, this entire process is handled efficiently and professionally for you. At PURE Property Management, we make the necessary repairs and ensure the property is ready to rent as quickly as possible to ensure securing a qualified resident with the least possible downtime.