Tenants can give a notice to vacate at any time during the lease term — and for a multitude of reasons. Whatever that reason may be, as a landlord, here are the top five steps you need to take:
1. Contact the tenant immediately to determine the reason behind their decision. Try working with the tenant to see if you can do anything to help them continue renting your property.
2. Arrange for an inspection of the property with the tenant. Compare the condition of the property to when the tenant moved in. This is necessary to determine if the tenant is responsible for any damage to the property. Point out all damages outside normal wear and tear. It’s essential that you document all damages to the unit with photographs and video. This is also a good time to verify the tenant’s new address.
3. Begin showing the property to prospective tenants. By law, a tenant cannot “unreasonably” refuse to allow showings after giving notice. It’s important to work with your tenants and establish a showing schedule that works for both parties. Schedule all showings at least 48 hours in advance. If the tenant does not cooperate, you will need to send notices by mail with sufficient time to allow a showing within 48 hours of the tenant receiving the notice. If you find this difficult, consult with a property manager.
4. Prepare the Security Deposit Disposition itemizing all deductions from the security deposit and the amount to be returned to the tenant. The disposition document and deposit should be mailed to the tenant within 14 business days after you receive the keys from the tenant.
5. Quickly and professionally prepare the property for rent. You should ensure it is clean, safe and has good curb appeal. A fresh coat of paint can make your property attractive to prospective tenants. Begin marketing the property when the repairs are complete. This includes fair pricing and focused marketing. Setting the right rental price is difficult and can be costly if you don’t have the tools to do a proper market analysis. If you price your property too high, it will sit on the market for a long time; too low and you will lose money. Property management companies are expert at setting rental rates. Consider hiring one so you get the right compensation for your property.
Contact us at Crest Premier Property Management if you need help when tenants serve you notice to vacate your property.
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