How Long Should I Wait Before Listing?

Question

I have 3 bed 3 bath rental in Jacksonville, NC with a tenant that will be moving out in the beginning of May. How long should I wait before re-listing the property for rent? Should I even wait, or should I just go ahead and list it and tell potential tenants that the property won't be available until mid May?

Thanks BP!

Jonathan Greene · Answer

With a 3 BR, 3 BA rental you probably need 2-4 weeks (pandemic pending) to get it ready for the next occupant. How long have the previous tenants been there? Many landlords like to turn and burn and never lose a month, but I always spend 2 weeks repainting and fixing everything on my annual rentals and then get it on the market and expect that to take another two weeks so I am out of pocket one month, but have a better unit than one that is trying to be shown with a tenant who is packing. With COVID-19, you may run into more obstacles, but as long as you can do repairs and painting, this timeline should still work.

James P. Hill · Answer

@Tyler Segebarth In our local Jacksonville, NC market is very common to have it in the lease agreement that the property can be shown 30-60 days prior to the end of the lease. Depending on the price, pics, and area, some rentals are leased before a walk through due to the very low inventory of rentals and houses for sale. If you have good pics and the condition of the property is very similar, it is common to reuse the old pics. If you have updated a rooms flooring, cabinets, paint color, appliances, you might want to get updated pics of that room.

Property managers and real estate agents are providing virtual tours and virtual open houses to comply with social distancing right now. This also will help your current tenant feel safer since it will significantly reduce the number of tire kickers. Do as much online and up front as possible to eliminate potential tenants within the guidelines of the fair housing act. It is okay to prequalify people. Ask people before they physically walk through if they are willing to sign a lease, write the check, complete the background investigation prior to seeing the house. You can facetime and email with potential tenants to get most the info you need.

You can also advertise that it is coming soon and not available for showings until xx date to build up some demand. You can screen potential tenants during this time.

Justin V. · Answer

@Tyler Segebarth

Hi Tyler,

Welcome to landlording. I’d list it right now for availability the day after the tenant moves out. If it hasn’t been lived in long/hard and you placed a good tenant who you trust will move out in time, I’d plan to turn it that night.

I typically list 2-2.5 months before move out planning for a one night turn. Packing happens on the last couple weeks tops I believe. Use time between blocks of showings to jot down a fix-It plan or even fix minor items between showings (light bulbs and loose knobs mainly). Get a vroomba (business expense) and find some friend(s) who can paint and/or clean. Vacancy is expensive for me with rent at about $1500 per month. I pay my friends $50 per hour and subtract it from the deposit except for wear and tear. I’d rather pay a friend $200 for a night than not make $750 while it sits empty for two weeks. After 1 year, assuming it started as a fresh unit, I’d consider close to nothing as wear and tear.

Adjust your future leases if needed so that move out is at 2pm on the last day of the lease. Incentivize your current tenant to move out early or do their own repairs (pAint and brushes are

In the basement) if needed or current lease is up at midnight. I send a generic move out charge sheet I found using google and am upfront at move in that do whatever you want, but it needs to look the same at move out as move in.

Last bit, if something looks really bad that I notice during showings, I’ll schedule a time that week to get it fixed while the current tenant is in place (as long as I feel the tenant won’t re-break it in that time).

Good luck,

-justin

Jacob Sampson · Answer

It can be a pain in the butt to show a property that has a current tenant.  My concern is always that a good tenant will come along but be turned off by the current condition.  Very often I wont post the property until tenant is out and everything is clean and show ready.

Tyler Segebarth · Answer

@Jonathan Greene

That's certainly something to consider

Thanks!

Jonathan Greene · Answer

@Tyler Segebarth it is common, but won't get you your best viewings or renters. When tenants are leaving, they are in flux, stuff is everywhere and they have no reason to keep it clean and tidy for you and showing its best. The property won't show as well with boxes everywhere or with tenants who are busy packing. That's why I always allow 30 days of downtime for fixes and repainting and relisting.

Tyler Segebarth · Answer

@Jacob Sampson

Good point.. I hadn't thought of that

Tyler Segebarth · Answer

@Jonathan Greene

Thanks for the input! The current tenants have been in the property for about a year. I did an inspection about two months ago, and everything seemed to be in good repair. I'm not too worried about having to make repairs, but is it common to list a property for rent when there is still a tenant living in the property?

Forgive my ignorance haha

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