There are three major components to tenant turnover: 1. Current tenant moves out. 2. Getting property ready for new tenant. 3. Marketing for/and securing new tenant. It is important to have an efficient process during tenant turnover to minimize time your investment property is not generating income. In our many years of managing Charlotte, NC residential rental properties, we have identified 3 major paint points owners come across during the tenant turnover process:
Inflation/true cost of repairs (particularly with paint): While paint and a brush come relatively cheap, hiring a true painting professional is not. A company that is insured, shows up when they are supposed to, and does a great job comes with a price. Hiring a paint company may hurt the pockets a little, the next set of tenants will (likely) be paying a higher price to live in your investment property, and he/she/they deserve freshly painted walls, too! Remember, the better the condition of the rental, the better the tenant will likely care for the property.
Normal wear and tear vs. owner responsibility: "normal wear and tear vs tenant damages" varies in definition from state to state. Also, this is a case by case basis because the definition is so vague. Therefore, we find a lot of frustration when it comes time for security deposit disposition. Two general rule of thumbs to go by: the longer the tenant occupies a rental property, the more "wear and tear" can be anticipated; and, unexpected damages such as large holes in walls, ripped/burned carpet, or shattered windows will be considered damages. However, small holes in the wall, worn down carpet, and/or smudges on walls will be considered normal wear and tear.
Vacancy: Tenant turnover can take anywhere from 10 days to a few weeks, to even months, depending on the process and level of need. Ultimately, any days the property sits empty, money is being lost. Take this into consideration as a lease is coming to an end.
Tenant turnover can be frustrating. Here at Sunnon, we implement a few best practices to reduce the vacancy period AND we offer a vacancy warranty (but we can talk more on that later).
Have a Charlotte investment property that will soon approach tenant turnover? We have a team ready to step in and help! How To Work With Us (charlottepropertymanagementcompany.com)