Looking to achieve maximum occupancy and revenue?
Read our tips below to learn how you can minimize down time between tenants.
Rental Success $$ = Rate x Occupancy
Here are some ways to minimize downtime between tenants in order for you to achieve maximum occupancy:
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. Someone renting your home through the end of the month may have already left on the 22nd. Find out if the tenant is gone so you can begin preparing the home for the next tenant right away and thereby minimize 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. 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 dates 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 as much as possible to avoid losing a potential renter and income. Good luck!
Tip! Always get all departure information in writing before your tenant moves in or when s/he knows specifics. This way you can hold each party accountable to the agreement without any sort of mutual mystification.
Read More: The Corporate Housing Handbook.
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