When it comes time to finding new tenants to replace the ones moving out, you have two options: wait until the current tenants vacate or show the unit while it’s still occupied.
Why would you wait until it’s vacant?
For one thing, it’s less stressful to show an empty property and it usually shows much better. It gives the you time to make any needed repairs or updates. With an unoccupied property, there’s no worry of notifying the resident tenants.
If you show the property while the existing tenants are there, you cannot be sure it will be as clean and organized as you want. But if you go ahead and show it while occupied you can count on better cash flow with less chances of losing a month’s rent or more. It’s also an advantage to only transfer the utilities once.
On the other hand, by not showing it while it’s occupied, you will likely lose money. That depends on how long it takes to locate new tenants, of course. And you’ll need to keep utilities on (at your own expense), since it would be awkward to show it without electricity and water.
If your current tenant has stopped paying rent or shown signs of hostility, it would be advisable to wait until they have moved out before showing the property. Tenants like these can often create issues when you’re showing the property. It might come down to pay the bad tenant to leave or at least without paying the arrears. The sooner they leave the better.
Of course, the most manageable way to deal with keeping great tenants in your rental property is to rely on experts like Cousin James Management. We go above and beyond from locating and screening your tenants to keeping your property well-maintained and ready to show. We will even collect your rent for you!
Rental property is a valuable, smart investment, so why not make it work for you instead of the other way around? Give us a call. We’re here to help.