One of the most critical aspects of Palm Springs, California, property management is tenant turnover. This refers to how long it takes tenants to vacate the property after their lease ends and how quickly landlords can find new tenants and move them in. Property owners benefit from a short turnaround time between tenants because that means fewer days without rental income!
How long should a standard turnaround take? Keep reading to learn what it takes to get a property move-in ready, why a fast turnover is essential, and who you can trust to help improve your make-ready time.
Turnaround Time: The Process
Once a property owner receives notice that a tenant is moving out, the turnaround process can begin. Property management companies recommend some critical steps to complete a make-ready process that takes care of every detail without leaving your property empty for too long. These steps include:
- Giving the current tenant a schedule and move-out checklist. Let the current tenant know there will need to be a move-out inspection, and somebody may come to show the property to the next prospective renter. Try to coordinate schedules for the inspection and find convenient times for showings.
- Scheduling contractors. Most vendors will need some time to put your rental property on the schedule for make-ready tasks. Painters, carpet vendors, cleaners, and others will need advance notice of when the property will be available to schedule the work.
- List the property. Property owners should set up a listing as soon as they know the current resident won't renew the lease and before the rental-ready process begins. Doing this can significantly reduce how long your property sits empty before a new renter moves in.
- Perform a move-out inspection. Before moving day for your existing resident, make sure to check for damages and get the keys from the outgoing resident. Also, check around and behind furniture for hidden damages. This inspection gives you a good idea of what will need repairs once the tenant moves out.
- Find new renters. Prospective tenants should view the house, fill out the application and go through the screening process. Ideally, you want to have the new tenant secured before the house is ready for move-in.
- Manage vendors. Make sure all the vendors are scheduled and on time for their particular jobs. Property owners should make repairs, replace any new appliances or fixtures, and clean the house. Make sure to keep receipts for tax purposes.
- Sign new tenants. Sign the lease with new renters, collect deposits, and perform a move-in inspection with them.
This process takes a lot of work and coordination. If these tasks seem daunting, contact a Palm Springs property management company to take these tasks off your plate and get your real estate investment property ready between renters.
Other Timing Factors to Consider
What can make your rental-ready process take too long? Here are some factors that lengthen (or shorten) turnaround times:
- How long was the previous tenant in the property? If they lived there for more than one lease term, you might have significant repairs, painting, and cleaning to do.
- Does the property need updating or renovations? Tenant turnover is an excellent time to take care of much-needed upgrades, but it can add time to your turnaround process.
However, keeping up with small upgrades and routine maintenance during a lease term can help reduce the time your property stays vacant between renters. Work with a property manager to develop a proactive maintenance plan that reduces costs and minimizes income loss!
Speed Is Vital (But Don't Cut Corners)
When performing a turnaround, speed is vital. When a house is sitting empty, a property owner loses rental income. While there is no "standard" turnaround time, your property shouldn't sit empty for more than a couple of weeks between renters to maximize your annual income. Being quick and efficient during this process helps you see that first new resident's rental payment sooner, but be careful not to cut corners to get a property ready faster.
Skimping on low-cost repairs or rushing through a paint or cleaning job can leave unsafe conditions for your new renter on move-in day.
Who Can Do the Job?
A Palm Springs, California property management company can help you alleviate the burden of property upkeep and a successful make-ready process. Professional property managers are knowledgeable about best practices and know how to find reputable vendors.
If you're struggling to coordinate vendors and schedule repairs without delaying your next renter's move-in day, reach out to a residential property management services company to handle the logistics of preparing a property for a new lease term. When searching for a property manager near me, choose the best local property managers to reduce the turnaround time and ensure the property is in top condition for new residents!
Our Palm Springs, CA Property Management Experts Reduce Turnaround Times
There are a lot of moving parts when putting together a speedy and effective make-ready process. Don't miss out on lost revenue trying to do it on your own without the right help. Contact McLean Company to talk about our process and learn more about our property management services!
Successful real estate investors know that renting a property to new tenants is not always an easy task. The process of getting rentals ready for new...
Rentalproperty owners have plenty of things to worry about—from finding new tenants tomaintaining the property and more. One thing that can be...
Choosing to manage your rental property on your own can be an overwhelming and time-consuming process. A property owner has to set up utilities,...