When a rental occupier leaves
When you own an investment property, there will inevitably come a time when a rental occupier decides it’s time to leave.
This could be for any number of reasons, such as they’ve bought their own property, are moving elsewhere or their family situation has changed.
Regardless of what that reason is, there’s a process that occurs when a rental occupier gives notice.
So here’s what your property manager will do when a rental occupier leaves…
Dates and timeframes
When a rental occupier decides to end a rental agreement, a notice period is required.
Your property manager will let you know their intended vacate date, and ask you about your future intentions for the property.
You might decide the property should go straight back on the market and perhaps the price of the rent should change.
Or you might take that window of opportunity to make some improvements around the home and conduct some minor repairs.
Your property manager will work with you to understand what you would like to do next and help you make that happen.
New rental price?
If the property is to go straight back onto the market, your property manager will talk to you about current market conditions.
They’ll offer an insight into how much demand there is for properties like yours, and the rental price that your property is likely to command.
Readvertising the rental
Once you have decided on the new rental price and understand the current state of the market, your property manager will re-advertise the property for rent.
This might include a sign in their window, a listing on their website and advertising the home on the property portals.
Alternatively, the property manager might have someone on their database in mind who would be suitable to rent the property.
Either way, the aim is to have the property re-let with minimal downtime, so you can enjoy ongoing income from your investment.
And it’s likely this will occur while the existing rental occupiers are still in residence.
Open homes
As part of the advertising process, the property manager will conduct open homes, where interested rental occupiers can come and view the property in person.
This helps gauge how much interest there is in your property, with keen occupiers then making an application to rent the property.
Screening applications
Once a property manager has applications from prospective rental occupiers, they will start to screen the applicants, looking at things like their previous rental history, their employment details, and references.
With a list of qualified people in mind, they will talk to you about who they believe is the most suitable rental occupier.
Exit inspections
In the meantime, the property manager will also be managing the exit of your current rental occupier.
They will ensure the move-out date is adhered to, take receipt of the property’s keys and conduct an exit inspection to make sure the property is returned to its original condition.
Starting a new agreement
Once a new rental occupier has been found, and the existing renter has left, the property manager will start a new rental agreement with your new renters.
They will take receipt of the bond and the rent that’s required in advance, set a date for the rental occupiers to move in, and a new rental period will commence.
Throughout the process, the property manager will be in regular contact with you as the owner, letting you know exactly what’s meant to be happening when and how things are progressing.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
