Property Management Tips
Turn over of an apartment can be difficult. So much to do and you have to move fast or run the risk of losing a month’s rent. Here are 3 things that you should ASAP:
1) The old rule of thumb was: Always plan to get a unit “rent-ready” within a day or two after it becomes vacated because when you have tenants ready to move in, they usually want to move in as soon as possible. Now, it is best to take a good look at your available property and correct some long standing issues so that a new tenant will happy to rent from you. Things such as dull floors, dirty walls, worn items, and so on should be addressed, corrected, and repaired. You might not want to show the unit until it’s ready. In the meantime, you might want to show a prospective tenant the manager’s unit. if a week is needed to make something look OK to GREAT, it is best to take the time to do it right.
2) It’s always a good idea to change locks each time you have a turnover in tenants. This added security is good for you and your new tenant. Once the existing tenant vacates the unit, simply call a local locksmith and change the locks. The cost is minimal and the benefit optimal. SIDE NOTE: As the landlord or Manager, each building you own or run should be keyed the same so that you can have a master key for each building and a grand master that will open every door
3) Get the word out about an upcoming vacancy instantly. Using signage, advertise in the newspaper, post flyers, worked back in the day but today, social media can help like never before. Make a twitter feed for your building and post pics of and details of your vacant apartment. It is like word of mouth but faster. Also offer a referral fee to existing tenants. It doesn’t have to be $$$, it could be something as simple as some movie tickets.