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Summer and early fall are busy times of year for rental vacancies. According to RealtyTrac, Fort Collins, Colorado (home of TurboTenant) currently has a vacancy rate of 5.76%. We’ve got tips to help manage your tenant turnover.
Tip #1: Start marketing early and often
Start marketing your rental a month before your tenants are vacating. It’s easy to add the date when your rental is becoming available on your listing. Plus, you can show the property, even if it’s occupied, as long as you give your renters notice.
Tip #2: Post your listing Online
Market your listing online for maximum exposure. Traditional ways of advertising, like signs and newspaper advertisements, can still work for your rental, but posting a listing online will increase your pool of applicants. Don’t limit yourself to one site, either. There are dozens of sites that will allow you to list your unit for free.
Tip #3: Switch to an online rental application
Online rental applications will definitely make both your life easier and the tenant’s life easier. Job applications are almost always online, so it makes sense to use an online application. With online applications, there’s also no filing and applications can be submitted instantly.
Tip #4: Screen your tenants
Knowing details about a tenant’s credit, criminal, and eviction history can help you protect you and your unit, financially and physically. Credit reports can tell landlords about a renter’s financial situation, which may indicate financial stability or a lack thereof. Criminal history and eviction reports can alert landlords to a previous situation that they can avoid. Screening reports do not make the decision for you, but it does provide valuable information that can help.
Tip #5: Reduce Maintenance Time
When renters move in and out, you can do a walkthrough inspection with them and complete a condition report. A condition report is a checklist that landlords and renters complete during move-in and move-out. The list includes items like light fixtures, walls, floors, and appliances. Completing a condition report can help you avoid a surprise repair right before a new tenant moves in, and it can you and your tenants avoid confusion about the condition of the property.