If tenant is not re-signing lease, when do you start showing?
Hi All,
My first tenant in my first ever rental is nearing the end of their 1st year lease. I currently have a PM in place, and their procedures are to ask the tenant 30 days prior to end of lease if they would like to stay for another year. If the tenant is not staying, the PM will wait till tenant moves out, then will make the unit rent ready, THEN start marketing the property. All in all will probably lead to 1 month vacancy (a few days to make unit rent ready, and 3 weeks to market and get new tenant).
I believe this timeline is unacceptable, and that the PM should be asking the tenant 90 days prior to lease end, and if the tenant is not re-signing, the PM should begin marketing and showing the unit right away so that there will be a new tenant lined up, ready to move in right after the unit is made rent ready.
Landlords, what are your timelines when asking a tenant whether they're staying, and do you show the unit while the tenant is still in the property? Does this become a problem since the tenant still lives there? I'd like to cut down on vacancy as much as possible, and not sure if its standard practice to show the unit when the first tenant is still there.
Thanks all.