During summer and early fall, the rental business becomes a fast-paced, mad dash of turning over properties and filling vacancies. Don’t let the craziness overwhelm you. With a proper plan of action you can handle tenant turnovers with ease. Check out our five easy tips for managing tenant turnover during your busy seasons.
Tip #1: Start Your Marketing Early
Don’t wait until your rental is truly vacant to begin marketing. Create a listing ahead of time. It is recommended to begin marketing at least a month in advance of the property becoming available. When you market the property be sure to include the date when the rental will become available. You can even show the property while it is still occupied. Make sure you give your renters notice before you show up and check with local laws and regulations for the required amount of notice you need to give. By marketing early, you can save yourself from a gap between renters.
Tip #2: Post Your Listing Across The Web
When you start your marketing, make sure you are starting it right. While traditional advertising methods, such as signs and newspaper ads, can still be used, your online presence will be the most valuable form of marketing for your rental property. For maximum exposure, market your listing on multiple online channels. Instead of posting your listing manually to each website, use a rental marketing program that allows you to syndicate one listing out across the web. This will save you time, while still allowing you the most exposure possible. The best part is that advertising your rental property across the web can be done for free.
Tip #3: Use An Online Rental Application
When it comes to tenant turnover, the best thing you can do for yourself is cut down on the amount of time you spend handling each step of the process. One easy and free method to shortening the amount of time you spend handling the application process is to switch to an online rental application. With online rental applications you will spend less time printing off paperwork, waiting for paperwork back from a potential tenant, and trying to decipher handwriting. Simply send the link to the application to an interested party and receive their application the moment they click submit.
Tip #4: Screen Potential Tenants
It can be easy to skip over steps when you are in a rush, but one step that should never be skipped is tenant screening. While you may feel like you are saving yourself time by not screening tenants, you will cost yourself time in the long run. Running credit checks, criminal background reports, and eviction histories can protect you and your rental unit from financial and physical hardship. A credit report will help alert you to the state of a potential renter’s financial situation. This can help you determine how stable the tenant will be. Screening reports won’t provide you with a guarantee of who will be a perfect tenant, but they go a long way in helping you discern the best candidate. Better tenants equal less turnover and less hassle for you.
Tip #5: Cut Down On Maintenance Time
When you have a renter move out, you should do a walk through inspection with them to complete a condition report. The condition report should be the same checklist as you used when the tenant moved-in and should cover the condition of items around the home. Things to include on the list are light fixtures, floors, walls, appliances, windows, and other notable items. When a tenant moves out, take note about anything that needs repair or maintenance and schedule it right away. When a new tenant moves in, go through the same procedure and make note of the condition of the property. By keeping a written record of the property’s condition, you can save yourself from finding unknown damages far down the road. By handling repairs and maintenance as they come along, you will cut down on the amount of time you spend on them. You will also cut down on confusion about when the damages were incurred.
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