The most stressful thing for a property owner is when a good tenant says they are moving out.
This means the money they have been earning is about to be disrupted and they might all of the sudden have no rent coming in. Time is of the essence when you get the notice they are not renewing the lease.
You have to immediately get an ad up and start fielding phone calls, scheduling viewings and screening new tenants.
One time I had the example of what great tenants should be. They took great care of the property, had their rent in on time every month and seldom called with maintenance requests. Tenants this good are hard to find. But all good things must come to an end and the tenants contacted me at 9pm on the 31st and gave their 30 day notice they would be moving out.
Although it is hard to see such good tenants go, and the owner was very pleased with them, the sadness was short lived. The rental unit was in a high demand area in Land O Lakes, Florida and it would not stay on the market long.
The advertisement went up immediately, the phone started ringing the next morning, viewings were scheduled and by 4pm the next day, we had secured what we believe will be a good tenant, at $200 more then what the old tenant was paying.
Having no vacancy, finding another good family a place to live and increasing your monthly income are some good things that will help you move on from great tenants moving out.
The demand for rentals has increased from the glut of bank owned homes, former homeowners with rough credit, and unemployed. Investors are making out good on their investments and prospective renters know they have to move with speed if they find something they like.
In this market, homes should not be available for rent long. If your property is for rent for longer than a month in the Tampa Bay area, then something is wrong. The price is too high, the property is not clean or damaged or your property management company is not advertising it well. There are a ton of homes that sit vacant because they are owned by banks and are not on the market. For each one of these bank owned homes there is a displaced family, with bad credit that cannot buy a home and will need to rent for at least several years. This creates a demand for quality rentals.
When you let your property sit vacant for months at a time, you are losing a lot of money. When good tenants go, you have to forget the past, move on and get to work. Keeping your investment property rented and bringing in money is the key to successful real estate investing.
Relevé Real Estate is an expert, full service property management company in Tampa, Lutz and Land O’ Lakes, Florida, for more information contact us today.