Finding out your rental property is about to be vacant is not something you want to hear.
However, vacancies are a reality that all property owners must contend with, even if you have enlisted the help of the best property management company in Philadelphia.
That said, vacancies don’t have to be seen as the worst thing that can happen.
In fact, if you utilize your time between tenants wisely, you may actually do yourself some favors and make your rental property business that much more successful in the process.
Here’s a look at some of the best ways you can spend your time between tenants in order to make your property more appealing and valuable for the next tenants that sign a lease agreement with you.
Things to Do With Your Time Between Tenants
If your Philadelphia rental has gone vacant, take advantage of the time that has been afforded to you.
1. Transfer the Utilities
Once your tenants leave your rental property, they will be turning off all utilities such as the water, gas, and electric.
It is in your best interest to have those utilities immediately transferred into your name to avoid any reactivation fees the state or county may charge you.
Make sure you know the exact date your tenants are leaving so that you don’t end up paying their last bill.
In addition, make sure the new tenants place the utilities in their name on move-in day so that you don’t end up overpaying on the other end of your vacancy.
2. Start Cleaning
Whether your property management company handles the cleaning of your vacant properties, you hire a cleaning service to do it for you, or you like to take care of it yourself, you should get to cleaning right away.
Your previous tenants may not have cleaned your property as you would have liked, and there’s no better time than the present to get it back in shape.
Starting the cleaning process early will benefit you in several ways.
To start, it will ensure that your property is ready to go once you find new tenants.
Underestimating the amount of time it takes to clean an entire rental property from top to bottom can leave you scrambling, which may mean your property is not ready for your new tenants come move-in day.
In addition, the longer you leave dirt and grime, the more build-up you’re likely to see. By jumping on cleaning quickly, you avoid spending even more time down the line scrubbing through those extra layers of filth.
Lastly, performing a thorough deep cleaning of your rental property will reveal any maintenance or repair issues that need tending to that you may have otherwise missed.
This will keep you ahead of the game, since finding these issues early will afford you time to get them properly resolved.
3. Perform Upgrades
After you have cleaned your rental, you will be able to take a step back and evaluate it as a whole, with no distractions.
This is the perfect time for you to assess where your property could use some upgrades.
Upgrading your property, especially if you haven’t done so in a few years, can add a lot of value to it, and help garner you higher rent rates that your property manager will be able to help you determine.
Here are some great suggestions:
Patch and Paint
With no tenants residing in your property, no furniture in the way, and no pictures hanging up, you have the time to care for the walls properly.
Patch any holes you find – even the small ones left behind from nails.
In addition, consider giving your walls a fresh coat of paint.
Maybe even change up the color if it hasn’t been changed in a while. Choose a light, neutral color that will appeal to a large tenant pool, and will make your property feel inviting.
Now is also a great time to repair, refinish, or replace any old, damaged flooring in your property. You don’t want worn out carpet with stains to discourage high quality tenants from leasing your property from you.
You also don’t want to have an unappealing house that doesn’t fit modern times.
With so many flooring options available to meet all budget needs, there is bound to be a great choice for you.
Don’t forget that the exterior of your rental property is the first thing prospective tenants will see when they check out your property.
Your previous tenants may not have tended to the landscaping as well as you wanted them to while they leased from you.
That’s why jumping in and taking care of this now, while no one is living in your property, is so helpful.
This is also a perfect time to upgrade your backyard oasis so that you can have yet another reason to entice a high quality tenant to lease from you.
4. Seek Out New Tenants
Once you find out your current tenants will be leaving your rental, you and your Philadelphia property manager should begin the tenant screening process.
Although it may seem early to start, you don’t want to spend your time transferring utilities, cleaning your property from top to bottom, making repairs, and renovating it for added value, only to have it sit empty for a few more months afterwards, all because you don’t have a new tenant.
Starting the screening process early is a proactive use of your time.
In fact, even if you find a tenant before the property is ready for move-in, you can easily let potential tenants know when the property will be ready, and have them move in then.
Though rental property vacancies are definitely an inconvenience for any property owner, there is a way to turn them into a positive time. You cannot avoid the fact that at some point, your rental will be empty, so why not make the best of it?
Employing Philadelphia’s best property management company, Bay Management Group, to help you manage your property vacancies is yet another way you can spend your time wisely between tenants.
We have highly qualified contractors on-hand to help you with any repairs or upgrades you want to make. We also have a strict tenant screening process in place so that only the best tenants move in and pay you the highest rent rate possible.
So, if you have rental property in the Philadelphia area, contact Bay Management Group today. We can help you prepare for property vacancies and provide advice as to how to best utilize your time while your property is empty.