How to minimise time between renters
As the old saying goes, time is money and that’s particularly the case if your rental property is sitting vacant.
It begs the question, how do you minimise the time your property sits empty between one rental agreement ending and new renters moving in?
Well it all comes down to proactive property management…
Know your key dates
If a rental agreement is coming to an end and there’s likely to be changeover of renters, it’s important to know the key dates and start working backwards.
Those dates include when the current renters are likely to move out and when the property will become available for rent.
With these key dates in hand, you can determine when to start advertising the property for rent and when to schedule any maintenance that needs to be done between rental agreements.
Advertise early
Once the date has been fixed, it’s a good idea to plan exactly how the property will be advertised, including the price point.
Advertising the property early allows you to schedule inspections and also work through the application process with enough time to spare.
Meanwhile, these inspections will need to be scheduled around the existing resident, and will also need to be mindful of their right to peace and privacy.
Plan any repairs
Between rental agreements is the ideal time to conduct any major repairs which the property might require.
With the vacate date front of mind, talk to your property manager about any work they believe needs to be completed. Then, if possible, schedule it for after the existing residents move out, but before the incoming renters are scheduled to move in.
Effective exits and entries
Once the current renter hands in their keys, the property manager will need to do a final inspection of the property, assessing its condition and whether there is any damage which needs to be fixed.
The sooner this inspection takes place after the current renter leaves, the better. A quick exit inspection allows any issues to be dealt with promptly and also allows the new renter to move into the residence as soon as possible.
Look after good renters
The reality is, when your property sits vacant it’s not earning money, regardless of whether that period between renters is a matter of days or weeks.
That’s why it’s critical to not only minimise that downtime but also minimise renter turnover by looking after good occupants when you have them.
A great renter will not only pay their rent on time and look after the residence, more often than not, they will also stay for the long term.
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.
