IT’S TURNOVER SEASON
It may be the return of warm weather or the greater freedom allowed by the end of the school year that makes this the time of year when rental properties are in the highest demand. If you own a rental property or you’ve been in property management for even a little while, you know turnover season is here.
According to Real Property Management Alamo, the average cost of a rental property turnover in the San Antonio area is equal to about 1-3 months’ rent. Streamlining your turnover process can make a huge difference in losses or gains during this busy time of the year. Consider these three tips for making the process go smoother:
- Market Research
As soon as your current tenant gives notice, you should start researching. This is especially important if the tenant has occupied the property for an extended amount of time. If market rents have declined, you may want to consider a decrease in rent a small price to pay to have your property not sit vacant in turnover season. But more likely in the San Antonio area, you may find yourself in the best possible scenario where the neighborhood has become more desirable over time, perhaps experiencing economic development. Do the research or contact a respected property management company to do a market analysis for you.
- Inspection
Prior to your tenants move out, you should consider doing a walk-through to determine any big problems or any improvements that may be needed. This will give you an idea of what to expect for turnover time. Is there only going to be the basic cleaning, or are you going to need more time to repaint, put in new carpet, etc? Get your vendors all lined up and ready to go to minimize the vacant time. Then, once your tenant has vacated the unit, do an immediate inspection to determine damage and get started as quickly as possible. Hire a professional cleaning company and landscaping crew if possible to maximize the curb appeal and the number of potential renters who will pick your property over another.
- Market Your Property
When you’re sure that everything is sparkling and ready to go, it’s time to take pictures. You may also want to consider a video. Do some research on comparable properties in the area. How do their photos look? Yours need to be better! Make sure to highlight any upgrades in your photos. Most people find video more appealing and a better depiction of the property than photos alone. A video can help people visualize the floorplan and make sure it is right for them before wasting your time to come see it. Make sure to get your ads to all the listing sites, if you have questions about where to advertise, please contact RPM Alamo at 210-787-3876 or email amanda@rpmalamo.com. Although you may say you are not interested in using a property management company, you may want to at least consider using them for marketing purposes only.
Taking these 3 tips into consideration will help you minimize turnover time and help you get the most out of your investment. Hopefully you find an amazing tenant and you won’t have to think about turnover season for at least another year.