Summer turnover is upon us soon – how long does it take to re-rent your property?
Did you know that studies have proven closing on real estate rentals are taking on an average of 50+ days now?
Real Property Management Salt Lake City does a lot of behind the scenes things for our clients. We also do a lot of things on the forefront that most of you know about. We coordinate all of the maintenance, collect rent, market properties, do open houses, evictions, legal proceedings, collections, inspections, move ins, move outs, lease renewals, portfolio reviews and analysis, goal meetings, investment seminars, educational webinars, blog writing, preferred network experts to get our clients discounts, and quite a bit more! We are not just a property management company, but a wealth management team for you!
As we approach our busy season, where tenants move out, move up, and you add new properties to your portfolio we thought it would be a great idea to share a little more in depth insight into what we do and to help educate you on how long it takes to re-rent your property! Of course, there is how it all should go, and then there is how it actually goes sometimes 🙂
From notice to occupied.
We begin working and planning on your vacancy the moment we get notice of A- your tenants are moving out, or B- you are adding a property to your portfolio.
Day 1 – That exact same day of notification quite a few things happen. Your tenant receives confirmation of their move out, and we confirm all of the details to ensure their notice was submitted with proper information. We also send their move out packet, which includes information about cleaning expectations, how to turn in keys, information about utility transfers and all that they need to do know to be prepared, and do a great job leaving the property to get as much if not all of their deposit back.
Day 2 – We notify you, the owner that we have received notice, with all of the information regarding the move out, and the turnover process – a reminder of the breakdown of everything and what you can expect – this allows our owners adequate time to decide what they would like to do, expense to prepare for, and being aware of all that is taking place.
Day 4 and 5 – We reach out to the tenant again to confirm details, we also send our owners. We schedule the move out inspection. It is crucial to book this 25 day in advance especially during the busy season so we make sure we can follow our company process!
2nd week – We connect with the utility companies to set up any interim billing needs. We also schedule the turnover cleaning and carpet cleaning with our preferred vendors! We also ensure that we connect with the tenant to set up open house dates to show the property way before it is even vacant to attempt to reduce your vacancy time as much as possible. We will begin our marketing to over 100 websites and collecting leads to fill those open houses with! 3rd party sites can take up to 72 hours to syndicate – and unfortunately we do not control all the information they place, once in a while there are duplicate ads, or an ad that has some incorrect information, but this is where our leasing agent and screening process does a great job to make sure they meet all criteria before even moving forward!
3rd week – Right before the week of move out, we check in with all parties involved, make sure everything is good to go. We will do a pre-move out inspection with the tenant should they choose to participate in that service to help ensure they get their deposit back. This also gives us a heads up on any larger maintenance items we may need to address. We will connect with all the utility companies to ensure they have a move out date for the tenant and a start date for interim billing finalized. By this time we have already had opens houses (provide that this is a tenant that was cooperative and the property in showable condition – sometimes that is not the case and we must wait for move out and cleaning!) The leasing agent is running application for prospective tenants before the current one is even ready to leave! Everyone in the office is made aware of our timeline, and scheduled maintenance up until this point.
Week of move out – The busy part of the turnover! Tenant turns in keys and remotes, and returns possession of the property back to us. We notify the owner immediately that they did so, and the inspection is always scheduled for the next business day after keys are turned in. The inspection is completed – the maintenance tech takes a ton of pictures, documentation of damages, recommendations even if it’s not tenant damages, it’s a perfect time to take care of items while the property is vacant that would cause disruption to a tenant living there. Once the report is completed it is sent to our maintenance coordinator and property manager, who review it, compile an easy to read list for the owner to look through to decide which items they would like to take care of that are non-tenant related, such as repainting, replacing fixtures and appliances, or any upgrade that may need to happen. Especially if the property was vacant for many years – it could use some freshening up! Anything that is tenant damage we get working on right away, and are schedule for 2 days after the inspection. We typically get all turnover work done within 5 days of the tenant moving out – however during the busy season or if the tenant left it in rough shape, that is increased to about 10 days. There are a lot of moving parts the week of move out! We like to make sure that our owners are ready so they can decide right away what they would like to do as far as additional rent ready items to cut down on time as much as possible.
We hope by this time in the turnover we already have an approved application with a lease signed and tenants ready to move in as soon as the work is all completed! That is our goal for all our vacant properties! Of course there are some where there may be an eviction happening, or a tenant not cooperating or the property is just not showable, in which case we hold off until cleaning to let all of the interested leads into the property. 99% of the time though, we have a tenant lined up before the old one even moves out!
One week after move out – For most of our properties that turnover, we already have a new tenant living in it, but in some cases if we have large renovation or upgrading jobs this is the week that vendors are out getting things looking amazing for a new tenant! If there are major renovations being done – as soon as those are completed, we will take brand new marketing photos to upgrade the advertisement and make sure we attract some great tenants with an open house date!
For us, re-renting your property starts immediately as soon as notification is received so a minimum of 30 days of work happens to reduce your vacant empty property days as much as humanly possible! For our owners, they should experience no more than a 2-week turnover period during the busiest months, with a decent amount of work done. We like to have an average of 5 days, and have even reduced that down to 2 with new tenants moving in 1 day later!!
Our goal is always to ensure the best outcome for the owner – which is finding a new amazing tenant as quickly as possible! Our behind the scenes work starts right away so our owners can benefit from reduced vacancy time!
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