Being a landlord can be a lucrative and relatively simple way to make the most of an additional property.
Many landlords would prefer a reliable and long term tenant, but with a report in Letting Agency Today suggesting that the average private tenant stays just 4.1 years in their rental property, it seems that dealing with tenants coming and going is an ongoing issue for many landlords.
But what should landlords do when a tenant moves out?
When your tenant gives notice it’s important to get the property back on the market as soon as possible. Replacing tenants quickly avoids any shortfall in income – a particular worry if their rent is going towards mortgage payments on the property. Advertise exactly when the property will become available to ensure that you only get relevant enquiries. Some people will be looking to move immediately and won’t be able to wait for the notice period to be up.
Inspect the property
Most good landlords recognise the importance of carrying out a property inventory prior to tenants moving in. When conducting the ‘move-out’ inspection, timing is crucial. You’ll want to do the check on the day that they leave so it is an accurate representation of how the tenants left the property and gives them no argument that any damage was caused after they left. Property inventory software is a great tool to log everything from the state of the decor to any damage to fixtures and fittings. And in the event of any costly damage, a signed inventory from iproperty inventory software from Inventory Base will ensure that you get the appropriate funds from the tenancy deposit back.
At the time of the inventory check it’s also worthwhile taking meter readings and informing the local council that the property is unoccupied. Should your tenants be up to date with their bills then there won’t be any problems. If you have doubts that they have been paying the utilities then you have the option to either let them settle their outstanding accounts or to take the money from their deposit. Be aware that legally you should release any deposit money within 10 days – so it’s important to act fast in this regard.