With renting, you expect tenants to move in and out of your properties. While you may be sad to see your awesome tenants go, you should be focused on getting that spot filled as soon as possible – but not before doing certain things.
Understand why your tenants are leaving. If your tenants have a specific issue with your property, see if there is any way to fix it. It is much easier (and cheaper) to retain tenants than to find new ones, and keeping them happy will ultimately bring a better reputation for your properties. However, if your tenants are looking to move to a bigger place, for example, understand that you can’t win them all. What you can do, is ask them if they would recommend a new tenant to fill their place. Maintaining a good relationship with former renters is always a good idea and might even bring you new ones!
Do a proper inspection. While it isn’t your goal to stiff your tenant out of their security deposit, it’s important to hold them accountable for any damages they have done to the property. Be sure to send a notice stating why your previous tenant did not receive their security deposit back (or only a portion) within the required amount of time. States require this notice to be sent out by different dates, so make sure you check with your state’s laws.
Put out an ad for the property ASAP. The best time to start putting out an ad for the open property would be as soon as you know your tenant is moving out. This gives you at least a little more time to start the process of finding a new renter – which includes tours, screenings, and interviews with potential people. Most people aren’t ready to move the day an ad is put up, so the sooner it is out being seen, the better.
It can be extremely helpful to tenants who are provided with a checklist of everything they are expected to have cleaned and in good condition by their move out date. This takes away the confusion of what the tenants are liable for and shows what you as an owner expect. Having a property management company that has experience with handling tenant cycling takes away the worry of promising too much or too little to tenants. C.A.B. Group can do it all from tenant procurement, to rental collections, to construction, to landscaping!