Rent Ready Time from tenant vacating to back on the market

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Rent Ready Time from tenant vacating to back on the market

Robert Burge
Real Estate Agent · Memphis TN · Member since 2013 · 9 posts · 0 votes

If you know the date when the property will become vacant, how long should an investor wait for their property manager to turn the property over and get it rented?  I have waited just about 2 months now for them to get the property back on the market and it still is not ready to market.  Am I being unreasonable?  It didn't need a heavy rehab, and I am not referring to it sitting vacant on the market.  

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Steve Vaughan:

This kind of apathy warrants a no fee vacancy-fill IMO.  So each vacancy is going to cost you 3 months rent?  Get them to waive the placement fee or get a new PM.

 Steve  the real risk in addition to lost revenue depending where the property is located is a vacant home for 2 months can be a big target for theft and other mischievous events.  Also the OP  should double check with their insurance companies many times your insurance is void if the unit is vacant for 60 days or longer you need a vacant home policy..  its worth a phone call to your insurance agent.. 

I know the few times we have had fires.. the first words out of the adjusters mouth are when did the tenant leave ? and they will also bang on the neighbors doors to figure it out.. 

I have had more than one client take a total loss becasue of fire insurance small print.. ... Just sayin...

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  • John Meirose
    Brandon, FL · Member since 2017 · 70 posts · 32 votes
    8y

    Hello Robert,

    It should not take more than a few days to a week to get a property back on the market, assuming no major rehab or a lot of replacing of flooring/appliances.  In my opinion, without knowing all the facts, this is taking way to long to get back on the market. Good luck

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    8y

    I manage mine myself. It generally only takes me 1 to 3 days max.

    I advertise ans show house while tenant that is leaving is still in house.

    If there are things that need replace like flooring or some painting then it might take a max of 1 week.

    0Reply
  • Ned J.Pro Member
    Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
    8y

    If its just a matter of light work and cleaning, it should be a matter of days

    If there is bigger work it may be longer due to scheduling/availability and the sheer time of doing the work. The goal is to have that all planned and scheduled BEFORE the tenant leaves, so it can start as soon as they are out....but sometimes that doesn't work out perfectly, but that's the goal.

    If you are using a professional PM, it should be VERY quick to be back on the market if they are any good...... couple of weeks at best....unless there is some major work or other hiccups that you just cant control

    I work full time and do all my own rehab and I just did 1330 sq ft of LVT, paint, appliances and a bunch of smaller stuff in 3 weeks....just me and my wife doing it as we can. Probably saved 3k+ in labor....but it probably took 2 weeks longer than a pro....so I still come out pretty far ahead for $$...but commit a lot of my own time.....

    2 months is WAY too long unless there is some MAJOR work....... your PM sucks

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  • Michael Plante
    Deland, FL · Member since 2017 · 2k+ posts · 1k+ votes
    8y
    What did they say when you asked why it is taking so long to get back on the market?
    0Reply
  • Christopher Finn
    Real Estate Investor · East Brunswick, NJ · Member since 2017 · 94 posts · 71 votes
    8y

    @Robert Burge

    If they were a good property management company they should have been aware of what potential work needed to be done from their periodic inspections. They should have also performed a thorough inspection the day the tenant moved out, then made you aware of exactly what work needed to be done, in order to make it rentable again.

    They should have also provided you with an estimated timeline and pricing for the work and should have had a plan in place to market it, and fill it with another tenant.

    There is no reason why it should still be sitting vacant after 2 months unless there was major, major damage. They are costing you money and I'd recommend looking for a new PM or managing yourself.

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    8y

    I generally try to "pre-inspect" with the current tenant. That will give me a good idea of what to expect once they are out. I usually have to force a 3-5 day vacancy so I have time to do a final inspection, clean, and get it ready for the new tenant.

    If it's a larger rehab with painting or replacement of flooring, then I can expect 15 - 30 days. Two months is either due to poor planning or a serious rehab project.

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  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    8y

    Hello Robert!  From what I know and have heard many times your answer is ASAP but with a longest date of 30 days of completion of any non-rented unit.  I would be upset about the management company or individual.  I would ask them what their problem is and why has an empty unit still empty and not started 60 days?  I would give them about a week to start making that unit ready for a new tenant within 7 days or I would fire them.

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  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    8y

    This kind of apathy warrants a no fee vacancy-fill IMO.  So each vacancy is going to cost you 3 months rent?  Get them to waive the placement fee or get a new PM.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Steve Vaughan:

    This kind of apathy warrants a no fee vacancy-fill IMO.  So each vacancy is going to cost you 3 months rent?  Get them to waive the placement fee or get a new PM.

     Steve  the real risk in addition to lost revenue depending where the property is located is a vacant home for 2 months can be a big target for theft and other mischievous events.  Also the OP  should double check with their insurance companies many times your insurance is void if the unit is vacant for 60 days or longer you need a vacant home policy..  its worth a phone call to your insurance agent.. 

    I know the few times we have had fires.. the first words out of the adjusters mouth are when did the tenant leave ? and they will also bang on the neighbors doors to figure it out.. 

    I have had more than one client take a total loss becasue of fire insurance small print.. ... Just sayin...

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • Dick RosenPro Member
    Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
    8y

    @Robert Burge I think you need a new PM. Properties that have already been rehabbed or just don't need any rehab can easily be turned over and new tenant moved in within 1 or 2 days.

    0Reply
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