I've been reading about the various stages of moving tenants in and out, however I can't seem to find much that puts together the whole timeline. I'm hoping to get some feedback on my general timeline, and also address questions 3, 4, and 5 specifically.
Let's say the existing tenant gives 30-days notice on 7/1 and will move out 7/31.
Immediate next steps...
1. List Property within a few days and set move-in date as 8/10
2. Screen applicants during first couple of weeks of July
3. Let's say I choose an applicant by mid-month - should I give them a couple of days to sign an "Agreement to Execute Rental Agreement" and collect a holding deposit (same amount as the security deposit let's say), and then sign the lease later in the month and collect first month's rent?
4. If they're willing to sign the lease upon approval do you even need the "Agreement to Execute Rental Agreement" form, or do you just jump straight in to the lease and collect the holding/security deposit and first month's rent?
5. Should you do the move-in inspection when you had them the keys on the move-in day? If you do the move-in inspection prior to move-in day, then do you wait to give them the keys on move-in day?
Thanks in advance!
Addressing your questions:
3 - I suggest providing a copy of the lease/rental agreement and provide a deadline. The lease along with the security deposit is due within 48-72 hours. If there are other qualified applicants it should be first come first serve approach.
4- Depends on the location and what the law requires. If there is no specific requirement, I would get the lease sign and streamline the process.
5 - Typically you do the move-in inspection with them and then hand them the keys. If for some reason you cannot coordinate a time you can do the inspection, send them a copy (give them 24 hours to provide any feedback) and leave the keys in a lockbox.
@Milton Rivera Thanks for the feedback. In regards to your answer for #3- would you also collect 1st month's rent then? From what I've read it seems to be recommended to collect 1st month's rent during the lease signing.
If the law allows it in your state/county, then the answer is yes. In general, think of it in terms of the fact that this person is your tenant, whether the move in would be in three (3) weeks or one (1) day the process should be the same.