When a tenant moves out of your rental property, you need to work quickly to get a new tenant in place. Reducing the amount of time you spend on property turnovers will help you keep the loss of rent to a minimum.
It’s best to be prepared. We recommend you begin marketing your home as soon as your current tenant provides notice that he or she intends to move. Once the move-out day arrives, be sure to have a consistent and thorough procedure in place for transitioning from one tenant to another.
Today, we have 4 turnover tips for your rental property that might help.
Conduct a Move-Out Inspection
On the scheduled move-out date, be sure to collect the keys from your current tenant. You’ll also want any garage door openers, pool or building passes, and other items that belong to the property. Once the tenant and all the tenant’s belongings are out of the property, you need to conduct a thorough inspection. You’re looking for property damage. General wear and tear is to be expected, and you’ll need to pay for those things yourself. This might be scuff marks on the wall from where a sofa was or small nail holes from where a painting was hung.
Damage is anything beyond normal wear and tear. Use your move-in inspection report to compare the condition of the home at move-out to the way it looked before a tenant moved in. Take pictures and detailed notes. In our leases, we require tenants to have the carpets professionally cleaned. You’ll want to make sure the place is cleaned completely after a tenant moves out. Use a good local vendor, and ask your tenants for copies of receipts and invoices if they took care of this work themselves.
Turn On the Utilities
It’s important to keep the lights and the water turned on during turnovers, so make sure you have the utility accounts switched back into your name once a tenant vacates. As part of our management services we take care of this for our owners and put the account in our business name. This keeps the turnover process seamless and uncomplicated for our owners.
Take Care of Security Deposit Returns
The most complicated part of the move-out process for most owners is the return of the security deposit. Florida law has specific timelines and other legal requirements when it comes to how the security deposit is held and returned. Be sure to get a forwarding address from your tenant so you can easily return the security deposit. You have 15 days to send the deposit back if you’re not going to make a claim for damages. If you do plan to make deductions, you need to send an itemized list of those deductions as well as the remainder of the security deposit within 30 days.
Schedule Vendors to Complete Maintenance
As professional property managers, we can often have same-day turnovers because we have our preferred vendors on standby to take care of any repairs and cleaning. After your tenant moves out, get into the property as soon as possible so you can complete your inspection. Schedule your cleaners and other repair workers to take care of any updates and improvements as quickly as possible. This will enable you to get your new tenant moved in as quickly as possible. You don’t want to lose any time or money on extra vacancy days.
Hopefully, these four tips will lead you towards a successful move-out experience. If you need help with any part of the process, please don’t hesitate to contact us at Realty Group Southwest Florida.