If your tenant is moving out of your rental property, these 5 simple tips will help ensure that your home retains value and is ready for new tenants to move in.
Conduct a Thorough Walk-through of the Property Before Your Current Tenant Moves Out
Once you receive notice that your current tenant plans to move out, it is important to do a walkthrough of your Waco property. Make note of what your tenant is responsible for (per their lease agreement), as well as what you will need to have fixed. Confirm the official date your tenant is leaving the property, and the date your final property inspection will take place. The results of that inspection will determine whether all or a portion of your tenant’s security deposit will be returned. Locks should be changed immediately once the property is vacated.
If You Plan on Making Any Renovations, Now is the Time
If you have been planning to conduct a major home renovation to your Waco rental property, doing so while the property is vacant is truly ideal. Depending on the size and scope of your renovation, it could take anywhere from a few weeks to a few months, so it is important for you to plan and prepare accordingly since you will not be receiving rent during that time.
Schedule Maintenance and Conduct Repairs
Contact contractors, plumbers, and/or electricians to make various repairs within your rental home, and schedule any painting, carpet cleaning, and deep cleaning that needs to take place. It is important for you to ensure all fire alarms and carbon monoxide alarms are in fine working order and that all aspects of the property are up to code. Changing the air filter is also recommended.
Don’t Forget to Tend to the Outside
Remember that maintenance includes the outside of the property as well. Make sure the property is fresh and clean (inside and out) before new (or potential new) tenants arrive. If there are any issues with the property’s siding, roof, or landscaping (overhanging limbs and branches), make the necessary arrangements and have them addressed.
Determine Your New Rental Rate
With new tenants moving in, you have the opportunity to increase the rent more than you could have during an annual lease renewal, so be sure to calculate your rental property’s value to determine what your new rate should be. Most landlords charge between .08-1.1% of the property’s overall value, but this can vary depending on the area and demand.
As a locally owned and operated Property Management company, we help landlords across Central Texas and Waco Texas navigate the tenant move-in and move-out process. Our expertise of the area and vast knowledge of the industry helps us handle each and every detail with ease, navigating any and all challenges so you don’t have to! Contact us today to learn more: 254-651-0576. We would love to hear from you!
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