Target rental turn time?
Hi All, Have bought a couple occupied properties and hitting vacancies for the first time as tenants start to move for jobs / life reasons. If the property is priced right for the area - wondering what is a “reasonable” time frame for your property manager to turn and re-rent the property to a (quality) tenant and at what point would you think your property manager is being too slow? Thanks!
I managed a 120 unit complex, all turns were done in 24 hours,
Painting, carpet cleaning, turn cleaning, locks, we had a well managed crew and averaged 5 to 12 (during usually June) turns a month. combo of 1 and 2 br units.
All depends on what you have and what's needed.
We prepped did a walk thru 2 weeks prior to order any needed supplies, we did some repair work early if we found that we could, Our Painter was not in house he was FABULOUS,, he would work non stop, and others followed as soon as he was done. So as soon as tenant gave notice we started scheduling any needed work for that unit. and anyone leaving early we sent crew in immediately.
We did not have a model unit to show,, I showed occupied units with notice and was usually rented up within 2 weeks of notices, we had a popular location and units were a little higher price but in high demand.
I had occupancy of 98% for 5 years running,, we RARELY ever had a vacant down for more than 2 weeks..EVER..
Cj C. - Is the unit marketed and shown before the existing tenant moves out? I manage a 300 unit complex and all of our units are put on the market before the tenant moves out and 99% of the time units are rented prior to existing tenant moving out. Most units are turned within 24 hours and ready for the new tenant to move in.
YOU need to set up protocol with your PM.. they won't move any faster than what you set as a deadline,, no reason not to advertise while occupied with proper notice.
Get in assess the current condition as soon as you get the vacancy notice so your prepared to know what's needed to turn the House..
Hi Deanna and Chris - Thanks for the replies! The property is currently paid through end of November although the tenant will likely move by second week of November to go to his job in another state. The tenant gave us 60 days notice - and we're through 1/2 of that notice.
I'm somewhat of a newbie (as these are my first vacancies) - but my PM originally told me it would take 2 to 3 weeks to rent and it's been 30 days now and I've only gotten one unqualified tenant which I had to turn down (didn't meet 3x income to rent ratio and had too many recent chargeoffs / collections).
I've been contacting my PM repeatedly and sending prospective tenants their way - but their excuse is the applicants aren't qualifying. In terms of setting a protocol - I could tell them it must be rented by the end of November or else - but wondering what my "leverage" is if it doesn't happen? [Unfortunately, living in SF where investing in real estate is too rich for my blood - I'm an out of state investor in Atlanta].
I have to give them 30 days notice to drop them according to my agreement (which I could start today for end of November) -- but then the property would still remain vacant and being an out of state investor - I'd have to find another PM to take over. Wondering if that turn time is worth the hassle or if there's anything else I can use to enforce your suggested protocol?