While landlords fear vacancy periods in between tenants, there are certain matters your property manager needs to attend to before a new tenant can move in.
It might seem ideal for a tenant to move into your property the day after another vacates, thereby ensuring no disruption to your rental income.
However, this rarely occurs and in the large majority of situations, this is not entirely practical.
Generally, there has to be at least a few days when the property is empty so the property manager can conduct the necessary tenant-vacate checks.
One of the most important tasks to complete when at the end of a tenancy is the final inspection and the completion of a property condition report.
This is necessary to ensure the property has been adequately cleaned and prepared to a suitable condition for the new tenant.
It’s also a chance to identify any excessive wear and tear to the property, if any items have been wrongly removed or left at the property or if there is any damage to the property.
In some instances, the outgoing tenant may be required to revisit the property to amend any issues and, subsequently, the property manager will have to reinspect the property to ensure the problems have been addressed.
Provided these processes have been followed, the bond can be finalised and the appropriate amount returned to the tenant before the property condition report is updated.
While a brief vacancy period allows the property manager time to complete the necessary processes, it’s also a good time for the landlord to consider any maintenance issues.
Ideally it’s better to complete larger jobs when the property is vacant, such as painting, flooring or minor renovations, which will help to optimise rents.
Although landlords do lose rental income during vacancy periods, these times should be used to ones’ advantage because completing tenant-vacate checks and maintenance jobs will ultimately benefit the landlord.