Same day tenant turnover is pretty much an ideal scenario
for any DIY landlord. The current tenant moves out and the new renter moves in
on the same day. It means absolutely no break in the rent payments which is
obviously what you as a landlord will want.
As we've already mentioned the main benefit of same-day
turnover is you won't have to deal with void periods. There's no interruption
in the flow of rent payments. This is so important for your business. An empty
property can lead to financial issues with the most serious not being able to
meet buy to let mortgage payments.
It’s bad enough if you’re a single property landlord. But if
you have a portfolio any void periods can have a cumulative effect with
expenses mounting up with no income to meet them. So, for every landlord same
day tenant turnover is a worthwhile goal to go for.
Unfortunately achieving same-day tenant
turnover isn't that easy. Moving different tenants in and out of your
property poses plenty of logistical issues. Any unforeseen delay can cause
problems and if one tenant falls behind the schedule it can cause more than a
little chaos.
But it's not only actually getting the tenants in and out of
the property which poses a challenge. There are so many things to do. You have
to take meter readings, complete an inventory and check in the new tenant. But
you also need to check
out the current tenant. And don’t forget the final inspection.
Unsurprisingly, it all comes down to organisation. And it
certainly does take some organising. But if you're running the business on your
own managing property efficiently isn't always easy. Especially if you have a property
portfolio.
But using the MakeUrMove property management
service will take off some of the load. For a low monthly subscription
MakeUrMove can find you a tenant, conduct viewings, take a deposit and draw up
tenancy documentation, arrange an inventory and check tenants in and out.
So, you can achieve same-day tenant turnover. With a little
help.
There is, of course, one potentially huge obstacle in the way
of successfully moving tenants in and out on the same day. The property has to
be in tip-top condition for the new tenant. But sometimes that simply won't be
the case. You may have to schedule an end of tenancy deep
clean. Or arrange repairs. And it’s
inevitable you’ll need to decorate at the end of a long-term tenancy. All of
these tasks are easier when the property is empty.
An alternative to same day tenant turnover is ending the
current tenancy on the final day of the month and beginning the new lease on
the first day of the next month. This is a 24-hour turnaround but is more
manageable. There’re still no void periods but it just gives everyone a little
more time. It also provides some breathing space, if anything unexpected
occur.
DIY landlords listing their rental with
MakeUrMove take only an average of 12 days to let their property.
Why renewing a tenancy is a good idea and what you need to know if your tenants want to renew the contract.
