Rental Turnovers - What's the hardest part?

Question

For landlords managing their own turnovers - What's the hardest part between tenant move-out and rent-ready?

Nathan Fisher · Answer

Contractors and their timing. Most leases end around the first, which means all the contractors have unit turns at the same time. Maybe they take yours first, or another guys.

Sean McKee · Answer

Placing new tenants... By far the most time consuming part of self managing. It probably takes between 15 to 30 hours of work to place a new tenant. When you add that on to your other work, it can be a real drag.

I've started to try and use agents when it makes sense.

Kenneth Garrett · Answer

@Jawan McGrigg

I think it’s two parts.

1. Getting the unit ready after the tenant moves out.  Some tenants leave the place in great condition while others will require you to do paint, repairs/replace certain components.  I try to have it done within two weeks.

2. Tenant marketing is by far the most time consuming.  Even if you’re the DIY type for repairs, the tenant replacement is by far the most time consuming.  Sometimes we are fortunate and in a few days we have a qualified tenant, but we always get the no shows.  I tend to do open houses when looking for tenants and have had great success finding tenants.  I’ll only have a two hour window or less.  It creates competition when other perspective tenants see others looking at the same time.  Of course, you still need to do your due diligence in screening them.

Bianca Barcelos · Answer

For me it's the coordination of timing in between tenants to maximize rent and minimize vacancy. I try to turn over my tenants as quickly as possible by looking for a new tenant before the current ones move out.  This presents challenges with any work that needs to get done as well as requests to show the property. Can I flip it in a day? A week? Do I need to rely on others for product or labor to get the unit rent-ready again?

I keep communication open and friendly with my current tenants to make sure that if something goes wrong, they tell me! Of course, this is easier said than done... Knock on wood, I've done well with my turnover rates (which is especially tight in my mid-term rentals) and transparency with my current and future tenants.  Good communication and professionalism is my best advice.

Rental Turnovers - What's the hardest part?

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