Summer is moving season. So these are the days when leases are expiring, tenants are packing boxes, and units across Michigan are turning over. For residential property owners, that means it is time to bring your very best in expertise and efficiency, in order to maximize your ROI during this season of change.
Whether you’re approaching your very 1st vacancy or your 50th, how you handle the next 5 – 15 days will directly impact your bottom line.
Here’s what you need to know to move fast, market smart, and set yourself up for a great next tenant:
Efficient Turnover Process
As any real estate investor can tell you, apartment turnover is the most substantial cost in property management. In the best of worlds, we’d never need to turn over a unit at all.
But that’s not the way this business works. So we target the next-best things:
- Minimizing turnovers to the maximum extent possible
- Making each turnover lightning fast and uber efficient
For a deep dive on the ins and outs of quick turnovers, the financial and operational factors at play, and the secrets to minimizing them in the first place, read Maximize ROI with More Efficient Apartment Turnover:
The Tenant Move-Out Process
When a tenant decides to move out—whether by lease expiration, notice, or eviction—it kicks off a multi-step process that can quickly become overwhelming for landlords and property owners.
From legal compliance to physical turnover, there’s a lot to juggle. So it’s crucial to understand the tenant move-out process thoroughly, and have a clear and organized process for handling it.
This step-by-step guide outlines the typical move-out process:
Marketing & Presentation
From highlighting unique property features to understanding what appeals to local renters, a good landlord knows how to market their property effectively.
For instance, showcasing amenities like off-street parking or modern appliances can make a property stand out. Using multiple marketing channels ensures maximum exposure and faster lease-ups.
In addition, we’ve discovered 1 major secret to marketing success, and it relates to photography. The approach has led to drastic improvements in quality, lease-up time, and streamlining of our listing process, all resulting in increased income for our owners.
If you want the inside scoop on this, as well as more marketing tips, checkout the Marketing & Presentation section of our Guide to Success in Property Management:
Tenant Screening That Works
With quality tenants comes a lower risk of evictions and damage, protecting your bottom line from day one.
And not all tenants are created equal.
That’s why data-driven screening processes are essential to check, cross-check, and verify everything from credit to criminal background to rental history to income. A simple online screening tool is not enough.
Conclusion
Turnover season doesn’t need to be a scramble. With the right processes, marketing, and tenants, you can come out the other side of this season in better shape than you started.
One of the best investments you can make is in a buttoned-up, strategic property-management partner to handle it all. That’s where we come in.
Please reach out today, and let’s talk about how highly efficient, fixed-rate property management can change your business.