MARKET THE PROPERTY TO LINE UP A NEW TENANT
Don’t wait until your current tenant moves out to line up a new tenant. If your tenant’s lease is up and they advise you that they’re moving, start marketing your property (with a move-in date) to line up a new tenant so you don’t waste time and lose out on income. If your goal is to have 100% occupancy and bring in the most income possible for your property, you want to have a new tenant lined up to move in right after the current tenant moves out.
PREPARE FOR THE NEXT TENANT
Now it’s time to prepare your property for the next tenant. Clean it thoroughly. Make any upgrades or improvements, as necessary. If there’s damage, get it fixed. Any repairs needed, repair them. If you go through the house and notice something that can be improved, and you have the time and extra funds, make the improvement. Get new door handles. Add that wall sconce. Paint that room. Now’s your chance!
HANDLE THE SECURITY DEPOSIT
Once you’re done inspecting, preparing, and improving the property, you have to handle the security deposit. Familiarize yourself with the laws and requirements for your area when handling the deposit so that everything is legal. Consult your attorney, if needed. Don’t forget to check your property for damage before returning the deposit, in case you need to take money out to repair the damage. So now you know everything about the rental process, from A through Z, and how to run a successful, risk-free rental property business for yourself.
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