Creating a 30-60-90 Day Plan for ZERO vacancies
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.
With the right amount of planning, marketing, and screening, you can find an amazing tenant for your home.
Creating a 30-60-90-day plan is a fantastic way to stand out from your competition and build wealth as a landlord. I’ve seen it help help newbie landlords beat out others with substantial experience. I've seen it boost the value of the properties. And I've seen it help landlords and investors earn more money.
"But I am already planning ahead and still getting vacancies," you say? Take a looking at your planning. Is it too short? Is it too long?
Why a 90-Day Plan is the perfect amount of time:
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 intent on leaving.
Therefore, get ahead of the curve. Start looking for new tenants 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.
The first 30 days should focus on:
Discuss with your tenants plans for moving as early as possible.
Start planning for your marketing campaign once you realize there's a vacancy coming up.
The second 30 days should focus on:
The prime time for applicants is 45 days out from the lease term. This means precisely during this time period you should be communicating and reaching out to these tenants.
What happens if you don't? You’ll either have to wait another month to fill the vacancy, lower your rent, or settle for a less than ideal tenant.
The third 30 days should focus on:
Getting a quality tenant placed into your unit.
Putting in your calendar the next time you have a vacancy coming up and doing it all again,
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.