When a rental agreement is coming to an end, and a landlord needs to find a new tenant, there are a couple of options. 1. Wait for the current tenant who plans to move out soon to move before showing the property to a new potential tenant 2. Show the property while the tenant still lives there.
There are some pros and cons to each option. To help make the best decision for a rental, it is a good idea to look at them all.
Pros and Cons of Waiting for a Current Tenant to Vacate
This is the easiest way to show a space to a new prospective renter. When the rental is empty, you have the ability to address any issues that the previous occupant may have caused or left behind. You can make the unit or home look pristine again to more easily showcase the property at its best and more easily appeal to tenants. You have the ability to fix things up and even stage without needing to notify anyone and have a more wide-open calendar to set any needed contractor appointments. You also have the freedom to allow the tenant to see every inch of the property.
On the other hand, waiting for a tenant to vacate the property before showing it means that you take on a bit of a risk with the property sitting empty. You will also lose out on at least one month’s rent. In addition to missing out on the incoming rental money, you will also have to pay for any other living expenses on your own dime, including utilities.
Pros and Cons of Showing an Occupied Rental Property
The most beneficial reason to show a property to a new prospective tenant while there is still one living in it is to make an effort to prevent losing as much money as possible from vacancy. Allowing yourself enough time before a current lease is up will allow you to find a tenant that can move right in very shortly after the current tenant has moved out.
It can be very difficult to show a rental property while it is still occupied, however, as you will need to have a good relationship with the current tenant for things to go smoothly. This can include things like the tenant ensuring that the property is clean and in a condition for viewing. That there are no pets running around to make things awkward for a person viewing the property.
Ensuring there are no interesting items out or awkward and off-putting smells. As well as making sure that the tenant has the time to vacate the home so that you can show the property to a new tenant without any awkward situations. As well as be able to give full information about the property without the current tenant listening in.
On some rare occasions, a tenant may fail to leave on time when their lease has ended. This could end in a breach of contract with the new tenant while trying to get the current/previous tenant to vacate. This could result in the loss of your new tenant.
No matter what option you choose for taking a step to find a new tenant for your rental property, you can be successful with the right knowledge and preparation for each situation. If your current tenant is less than ideal and responsible, you may want to take precaution and wait until they move out of the property.
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