Strategies for Minimizing Downtime Due to Tenant Turnover
Being a corporate housing landlord can be frustrating at times – especially when you have to frequently transition between tenants. But there are ways to make the transition less taxing, enabling you to optimize your rental’s income potential. Here’s how:
Know the tenant’s exact move out date – Oftentimes tenants won’t tell you that they’ve moved out before the end of their lease. For example, you may have someone renting your home through the end of the month when indeed they may have left a few days before the end of the month, especially if the month’s end falls on a weekend. Find out if the tenant is gone so you can begin preparing the home for the next tenant right away and minimize any downtime between tenants.
Have everything cued up and ready to go between tenants – When you know the exact move-out date of your tenant, have your transition team cued up and ready to go. Don’t dilly dally. Your cleaning company and carpet steamers should be ready to come in immediately and you should have a formal plan in place to transfer the key without delay.
Keep your CHBO availability calendar open on the first days of the month – Many travelers like their rent date to start on the first of the month, so try as much as possible to have the first of the month shown as available on your CHBO availability calendar, even if your last tenant is moving out the last day of the month prior. You may be able to incentivize your current tenant to move out a day ahead of schedule so you can prep the home for the next visitor.
Remember, it’s important to minimize your property’s downtime due to tenant turnover as much as possible to avoid losing a potential renter and income. Good luck!
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