Eight Pro Tips to Refine Your Move-Out Process

Encourage Two-Way Tenant Communication Early On

As a rental property owner, it is advisable to reach out to tenants to determine their renewal eligibility and their intent to renew the lease. If a tenant does not intend to stay or they are not eligible for lease renewal, knowing this information early is crucial to ensure you list the property as soon as possible. Keep a record of potential renewals and tenants that are likely to leave, as it helps you avoid inconveniences and losses down the line.

Leverage Tenants Referrals

If a tenant issues a move-out notice, you can still turn the loss into an opportunity. Refer them to another property or broker, allowing you to generate revenue if they rent or purchase another property outside your portfolio. In addition, keep a record of all the tenants referred to you, building a strong relationship with your agents and brokers. In case a referred tenant wants to leave, you can send them back to that particular broker.

Organize the Lease Termination Process

If you terminate a lease for other reasons despite expiration, local laws dictate that you follow a particular process to be compliant. Nonrenewal notices have to be sent within a certain period to ensure compliance with local laws. It is important to have an automated email process to ensure timely nonrenewal notifications and ensure your lawyer approves them before you use them. If your tenant terminates a lease, a portal can provide an easy way to trigger a notice to vacate.

Get Ahead of Move-Out Prep

Once a tenant receives a move-out notice, it is time to prepare for the turnover. This process involves four main steps: inspection, maintenance, and follow-up. A pre-move-out inspection allows you to record any damage and generate reports for tenants and landlords. These reports are vital to ensure tenants repair damage ahead of their move-out dates and property owners approve funds for recommended and mandatory repairs.

Take Possession of the Property Judiciously

When a tenant moves out, both the property management company and tenants have to sign a written agreement stating that the property’s possession has changed. In some areas, handing over the keys is enough to turn over a rental property’s possession. When collecting remotes, keys, and other devices for the home, provide tenants with a move-out bag to deposit all items before moving out.

Support Your Maintenance Process with Technology

Maintenance is an essential and time-sensitive step that can become a key factor in the amount of time a home remains vacant. With that in mind, there are efficiencies you can put in place to expedite the process. You can leverage technology to follow the money, collect estimates, and track costs and resources. A trusted property management company has established systems and innovative technology to support and ease maintenance tasks after a move-out.

Templatize Your Security Deposit Disposition

This is another area where you should involve a legal practitioner. Every state has its laws regarding the distribution of security deposits. It is crucial to use direct deposit to release security deposit funds faster and remain compliant with local and state laws. Use a lawyer-approved template to provide the necessary documentation on how much each tenant receives.

Track the Most Essential KPIs

To enhance your move-out process, consider following a list of key performance indicators, which include: vacate notifications, referred tenants, terminated lease-reason, pre-move-out inspections, scheduled move-outs, and move-out pending deposit disposition. Once you tick all these boxes, you can refine your process in ways that strengthen your leasing cycle.

Now that you know the tips to refine your move-out process, you can reduce vacancies and maximize your return on investment. Contact us at 3 Options Realty and schedule a consultation with our property managers to learn more effective tips to ease move-outs.