Top 8 Tips for an Efficient Tenant Move-Out Process

When tenants, landlords, or property managers terminate a lease, it sets in motion a move-out process that occurs…

When tenants, landlords, or property managers terminate a lease, it sets in motion a move-out process that occurs in several stages. This usually feels like a rush to the finish line because of the extensive tasks your team has to complete in a short time to avoid prolonged vacancies. If you are looking for ways to make the move-out process more streamlined and prepare tenant before the lease expires, 3 Options Realty can help. Let’s delve into the 8 pro tips to help you refine your move-out process without compromising the overall return on investment (ROI).

Encourage Two-Way Tenant Communication

As a rental property owner, there are steps you need to take to determine tenants’ renewal eligibility and the possibility of renewal. If they do not intend to stay or do not meet the requirements, having this information is crucial to successful property management. Begin by looking at a tenant’s eligibility to renew and keep records to help you follow up on these leads. As a reputable property management company in Roswell, GA , we can determine your tenant’s intent and share that information to help you make informed decisions.

Leverage Tenant Referrals

If a tenant moves on, you can still turn the loss into an opportunity by referring them to another broker or property. This is a great way for you to generate revenue for your business in case a tenant decides to rent or purchase a property outside your portfolio. In addition, keeping a record of all the tenants referred to you is crucial when sending them back to different brokers if you prefer. Although this will not generate a referral fee, it strengthens the relationship with your network of brokers and agents, and the likelihood of future referrals.

Organize the Lease Termination Process

When terminating a lease before the expiration date, following a proven process is vital to ensure compliance with local laws. Different jurisdictions have different laws regarding when and how to notify tenants of a lease termination. Most nonrenewal notices have to be sent within a certain time, hence the need to have an automated email process to ensure compliance. Additionally, providing a tenant portal that captures the move-out date, forwarding address, reason for leaving, and date of notice can ease the process.

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Get Ahead of Move-Out Prep

Once a tenant is given a move-out date, it is time to prepare for turnover. This usually includes four main areas where property managers can find efficiencies: inspection, utilities, maintenance, and follow-up. A thorough inspection before the move-out process can help you identify and record damages. Once you have a detailed report and a set move-out date, the maintenance crew can plan for repairs and restorations. As a reputable property management company, we use a tenant and owner portal to follow up with all parties.

Take Possession of the Property Judiciously

When a tenant moves out, the tenant and property manager will sign a written document stating the tenant is turning over possession. In some states, returning the keys is enough when surrendering a rental property, so consult your local authorities or property managers to ensure compliance. If you need a formal agreement, hire a legal expert to craft a template that you can send to tenants to sign.

Support Your Maintenance Process with Technology

Maintenance is crucial after move-outs, as it determines how soon you can lease a rental property. To avoid prolonged vacancies and reduced profits, putting the right efficiencies in place can mitigate such scenarios. Consult a professional property management company to integrate the right technology that tracks resources and provides detailed reports for maintenance staff and vendors.

Create a Template for Your Security Deposit Disposition

When it comes to keeping and distributing security deposits, complying to state-specific laws is crucial. With that in mind, working with a legal professional can expedite the process while ensuring compliance. A lawyer-approved template provides the documentation needed for security deposits and records when and how each tenant received their security deposit.

Track the Most Essential KPIs

To ensure an efficient and effective move-out process, following the most essential key performance indicators (KPIs) can help you make the necessary improvements. These include vacate notifications, referred tenants, terminated lease reasons, and scheduled move-outs, among others. We can help you check all the right boxes to refine your move-out process in an orderly way that strengthens the entire leasing cycle.

Contact us at 3 Options Realty to schedule a consultation with our property managers and ensure a seamless and efficient move-out process. We provide exceptional property management services, integrating innovative technology that refines various property management processes and boosts overall ROI.