Your tenant of 4 years has given you the dreaded 30 day notice. You are probably asking yourself where to start.
What will need to be done in the home prior to homing a new tenant?
A pre-inspection can help you determine if any major items will need to be completed, repaired or replaced.
Can I raise the rent?
A market analysis plus your pre-inspection can help you determine rental rates. You will need to consider any upgrades you plan to do to the home.
When do I start marketing?
You have a couple options here...
- Start advertising the property right away in hopes of having a tenant lined up to take over occupancy.
As long as your lease allows for showings, you can list the property ASAP and start showing, however, there are a few factors to keep in mind when listing a home that is already occupied. First, you definitely want the maximum exposure that advertising 30 days prior to availability will give you. Listing early can reduce your financial loss by affording the opportunity to have a new tenant lined up upon vacancy.
Some drawbacks include juggling your showing schedule to accommodate your calendar, your current tenant’s calendar and the prospects calendar.
- Wait until the tenant has vacated and you have turned the property then advertise.
One advantage to waiting is that you will know exactly what you need/want to do to the home and how much time it will take you before moving in new residents.
You now know that your investment property will be vacant in 30 days. Now is a great time to give us a call to discuss management and to get a full market analysis.