One of the most important things we take into consideration when managing a property is to minimise vacancy periods and ensure your property is always in line with the current market.
In this blog post, we’ll discuss how we handle tenants vacating your investment property.
First and foremost, it’s essential we have open and honest communication with your tenants from the start.
Two months before the fixed term lease ends, we start having conversations with your tenants about their plans, asking them whether they intend to stay or leave the property. Understanding the tenant’s next move enables us to better prepare.
We will start advertising the property at least three weeks before they move out. Doing open homes while the tenant is still living in the property will help minimise your vacancy period. Ideally, you want to have someone ready to move in shortly after your current tenant moves out.
By starting early and advertising the property well in advance, we can maximise your chances of a quick lease turnover.
On the other hand, if your tenant plans on staying, we look at the current market and comparable properties to see if there is room to increase your rent.
Starting negotiations with your tenant to lock them into a new lease, but also at a new price will ensure your property is always in line with the current market.
You don’t want to be undercharging for your property and missing out on potential income especially during a high interest rate environment.
Having an experienced property manager can also help you better manage tenants vacating your property. At Ray White Carlingford, our team has the experience, knowledge, and resources to manage your investment property effectively. We can help you navigate the complex world of renting, from handling tenants vacating your property to finding new tenants quickly.
Reach out to my team today or myself you’re looking for stress free property management!