Catch the last of the Summer Wave and ride it through Winter
Landlords know that renters coming in waves following the calendar. Some landlords see twice the number of rental applications in Summer compared to Winter. So how can you ride this last summer wave through Winter without a vacancy?
What we know: Most renters move around the first of the month and, depending on your agreement, are obligated to give 1-2 months notice if they are intending on leaving.
Therefore, you should be searching for a new tenant at least 60 days before your lease end date. And if you are really committed to success, you should be prepping for this search 90 days beforehand.
As a landlord on a mission to build wealth through real estate, your goal is to minimize vacancy months. One month of vacancy will cut your annual income by nearly 10%. Two months by nearly 20%. And three months? You’re probably barely making a profit.
To minimize vacancy time, discuss your tenants plans for moving as early as possible. This is especially true in Winter when it may be more difficult to find a quality tenant replacement.
The prime time for applicants is 45 days out from the lease term. This means if you start looking for a tenant 30 days out, you’ve already missed the best wave. You’ll either have to wait another month to fill the vacancy, lower your rent, or settle for a less than ideal tenant.
With the right amount of planning, marketing, and screening, you can find an amazing tenant for your home.
Here’s your homework: Take a look at your lease agreements. If you are 1-3 months away from a vacancy, call me today: 310-776-5743.
If you have time but would like me to contact you when your vacancy is coming up, fill out this form (link below) and I will reach out to you 3 months prior to your vacancy.
That’s it. You’re ready for the Winter rental season.