Right now in Minneapolis, we know that rents are increasing and vacancy rates are low. However, your property can still sit on the market unrented if you don’t take the proper steps to get that home rent ready.
Pre Move Out Evaluation
If your property is currently occupied, we suggest doing a pre move out evaluation before the end of the lease. The purpose of this is to note the condition of the property and the things that will need to be done once the tenant vacates. This gives you time to plan for carpeting, painting and replacing appliances. You can schedule in advance and turn your property over quickly.
Communication with prospective tenants is also important. If you’re showing the home to potential renters and these things need to be done, let them know that they will be taken care of before move in. You should also put that in lease agreement. That will have it in writing so the tenant knows what to expect, and it will make move in easier.
It’s very important to plan your turnover. Vacancy is a big deal and when we’re talking about single family homes, every day the property is vacant is money lost. So we want to turn our properties over within 24 hours. That means when one tenant vacates, we want to get the new tenant into the property within 24 hours. So a lot needs to be coordinated, and careful planning is necessary. Knowing in advance what you have to do to get the property rent ready will help you get the property rented faster.