What is the expected turn around for getting a property ready for a new renter by a property manager? My old renters lease was up on 6/30. My property only needs minor touch ups supposedly and I am still waiting for bids as of today.
Depends on your market of course.
I've had one Class A vacant since 6/30 as well. Strong school district.
Maybe a little more work than you're discussing. Had my PMs price it high for 2 weeks cause I was bored.
So far has over 1,100 views on Zillow, 47 saves, 4 showings and all 4 turned into applications submitted. No standouts yet.
I lowered the price down closer to market rate (a rate we had previously set as the community high) to get it moving now. I expect it will be rented within the week.
In my town for the student housing your property manager should have your place released to someone before your lease even expires. All that’s need is the repairs
Sorry my question is about getting the unit ready for a new tennant not finding a new tennant.
It really depends on the property manager and your communication with the property manager. The ideal property manager will have contractors lined up to view before or right after the move out. From your description, the work should be done within a week.
Depending on the PM operation, you may need to be more hands on by reminding them to get this work coordinated ASAP. Waiting for bids 2 weeks after lease end doesn't sound right to me. If you reminded them before the lease ended and they are still dragging their feet to get the work done, you may want to start looking for someone else.
To limit the impact of this delay, can your PM get the home on the market now? This would allow you to show and get work done at the same time.
5 days to 2 weeks depending on what work needs to be done
The timeline might also depend upon how much control you give to the property management company to make decisions on your behalf. If they have to contact you with bids on little things like touch up paint, carpet cleaning, or other small stuff then this will lengthen the process. If it's little stuff to get done, you can probably start marketing the property prior to the work getting finished, but only if that won't impact potential tenant's opinion of the unit.
@Phillip Dwyer yea I forget how much we set as the limit for when they need to contact me before doing some work. I think its a couple hundred.
It has been me doing all the pushing really. I have been calling and emailing to get updates. The manager supposedly walked the property on 7/3 and today we are still waiting for bids to do the repair. It’s been a while since I have had to find a new renter and I can’t remember the experience last time and was also curious what an expected timeline would be.
It should be a 30 day turn around or less
@Brian McPheeters What is the scope of the repair? Two weeks to get a bid on a minor repair seems like a long time.
Supposedly its just paint touchup, drywall holes and trash haul away.
I guess you could put the 4th of July holiday to blame for part of the delay. This still seems like a long time to get this rolling.
Minor touch up, trash haul away, seems a little paltry for getting multiple bids on. I'd think you would have a go-to guy that you know treats you right, and just tell him handle it.
I would find this concerning. Here, you must return or itemize deductions from damage deposit within 30 days. If after 2 weeks, you don't even know what it's estimated to cost, how are you going to complete the work and know what to refund to the previous tenant?