No one likes finding new tenants for their property, but it’s often necessary. If you find a tenant that you love, it can be hard to come to terms with letting them go and having to find someone else to fill their spot. As your tenants move out, the issue rises of not only finding a new tenant to live in the vacant property, but also making sure that your property is ready to move in quickly.
Advertise the property
Luckily for you, tenants are required to give a notice before moving out. As soon as you get their notice, start advertising the vacant property! There’s no reason to wait until the property is empty to try to find a new tenant. If you can time it right, you can have the tenant moving in within a few days of the old tenant moving out. This means that you don’t lose any revenue, which is what you should be striving for.
When you’re initially decorating your property, you should try to choose colors and materials that are easy to repair and touch up. Small things like this will make turnovers much easier. Instead of traditional white walls, try a tan or grey color. Both of these will be less likely to show dirt, and therefore won’t need to be touched up as often as white walls will. If possible, use a dark color instead of white when you’re painting trim. Again, it will show smudges less easily and won’t need touched up every time a new tenant moves in.
Make repairs that will last
It’s always tempting to use inexpensive appliances and materials when making repairs, but you’ll really end up replacing these items a lot more frequently. This will end up costing a lot more down the road. Invest in high quality faucets, doorknobs, and cupboards. Your tenants won’t be complaining about things breaking, and they’ll last so much longer than their cheaper counterparts.
If you find yourself with a significant amount of time between tenants, take advantage of that time and make upgrades to the property. Replace the flooring, install new countertops, and update the light fixtures. These are upgrades that will enhance the look and value of the property, as well as be more durable than what you had in place before.