How Far Out? (by Dee Ann [WI]) Nov 29, 2021 12:14 PM|
How Far Out? (by WMH [NC]) Nov 29, 2021 12:21 PM
How Far Out? (by myob [GA]) Nov 29, 2021 1:40 PM
How Far Out? (by Robert J [CA]) Nov 29, 2021 2:38 PM
How Far Out? (by Alan [CA]) Nov 29, 2021 3:05 PM
How Far Out? (by myob [GA]) Nov 29, 2021 3:19 PM
How Far Out? (by Ray-N-Pa [PA]) Nov 29, 2021 5:57 PM
How Far Out? (by Mike [PA]) Nov 29, 2021 10:51 PM
How Far Out? (by WMH [NC]) Nov 30, 2021 8:56 AM
How Far Out? (by myob [GA]) Nov 30, 2021 1:03 PM
How Far Out? (by Mike [PA]) Nov 30, 2021 11:06 PM
How Far Out? (by Dee Ann [WI]) Dec 1, 2021 3:18 AM
How Far Out? (by Dee Ann [WI]) Posted on: Nov 29, 2021 12:14 PM
How far out do you advertise your upcoming vacancies? If they are 3 months away, do you begin advertising right away, or do you wait a month or? --75.11.xx.xx
How Far Out? (by WMH [NC]) Posted on: Nov 29, 2021 12:21 PM
60 Days if possible to start advertising. 3 months is too long, I think, but 60 days is ideal. I can vette the prospects, set up showings and hopefully get someone signed up about 15-25 days in - they then have plenty of time to give ample notice to their current place. --50.82.xxx.xxx
How Far Out? (by myob [GA]) Posted on: Nov 29, 2021 1:40 PM
we don't. When we get inside and get close to finishing we start he ad. Flyer is placed in window and as MM finish's up he's there with applications for those we send over. Works out well since the vacancy rate is about 1 or 2 days here. --99.103.xxx.xxx
How Far Out? (by Robert J [CA]) Posted on: Nov 29, 2021 2:38 PM
When a tenant give me notice they are moving, I schedule a walk-thru and determine the amount of work needed to fix the property up to be re-rented. Since I'm a good screening and only take tenants that like to stay years at a rental before moving again, my properties will always need something done to them before re-renting. I only give a first 1 year fix term lease and my tenants stay around 5 to 7 years on average. But I do get tenants that have issues and need to re-locate.
Even a tenancy that lasted only 1 year, there are paint touch ups, minor repairs and some upgrades.
I do NOT advertise until the old tenants are out and I've done most of my repairs/remodeling. So when I schedule showings, I can be doing other things while waiting for applicants to show up.
On my last 5 apartments, non of them could someone just move in after a tenants moved out. Then needed detailed cleaning, re-painting, new flooring (laminate) and blinds. So figure 2 to 3 weeks to get them in shape, then I advertise... --47.155.xx.xxx
How Far Out? (by Alan [CA]) Posted on: Nov 29, 2021 3:05 PM
We do exactly the same as Robert J. --71.198.xxx.xxx
How Far Out? (by myob [GA]) Posted on: Nov 29, 2021 3:19 PM
since I re-fresh my tenants regularly 1 or 2 days is the turn time-- not 3 weeks.
If it took 3 weeks I would fire my MMan.
We have what's called "do and go" ........ sounds crazy but you finish up in a day or 2-- you get time off.
When I worked at a major a/l in Atlanta I learned do and go's and as I became a boss used it extensively.
When you have passengers waiting for a plane to be fixed-- what better incentive than to do a "do and go". They would work like ants on an ant hill-- work through breaks and through lunch to complete the job. Then kick back and go home. Do and Go. --99.103.xxx.xxx
How Far Out? (by Ray-N-Pa [PA]) Posted on: Nov 29, 2021 5:57 PM
what shape is the place in?
Also do you have a waiting list of folks you know looking ahead?
COVID has been a blessing in creating a list of folks looking to move.
If the place is in good shape, the residents leaving are on good terms with you, now is the time to start lining up the replacements --24.101.xxx.xxx
How Far Out? (by Mike [PA]) Posted on: Nov 29, 2021 10:51 PM
Depends on what is needed to bring it to great showing condition. I cannot understand anyone who shows it while current tenant is still there. There's ALWAYS things to fix or improve upon. --24.115.xx.xxx
How Far Out? (by WMH [NC]) Posted on: Nov 30, 2021 8:56 AM
Mike, Mr. Landlord teaches that cooperation is the number one virtue to look for in a tenant. He teaches how to show an occupied place. Waiting until a place goes empty means lots of rent money left on the table.
If you have a cooperative tenant, you can fix and even sometimes improve with tenant in place.
We always show (and re-rent) occupied places. --50.82.xxx.xxx
How Far Out? (by myob [GA]) Posted on: Nov 30, 2021 1:03 PM
WMH I follow your posting all the time and I'm a fan of your operation. When dealing with money posts I try to get into he nuts and bolts aka nickles and $100's in evaluating rentals.
Of course we all agree the less time DOWN the more we make. With that said I've kind of analyzed the cost of vacancy's.
Using the pre leasing: say 1 month out. There's advertising and then showing -- showing consists of a place that may or may not be ready for that-- called spinning your wheels.Time showing with maybe or maybe not a rental made. BUT you still need to get inside and do your thing-- which is a time VS new tenant task. What have you really gained?
The BIG show when you get it back. We use the first day to do basic tasks-- lights down and in dishwasher- putty walls replace broken things change locks and VACUMN VACUME VACUME and carpet fresh. Than first thiing that same afternoon list it on who ever you use with 1 picture. Ad tells location and basic info. Next morning paint sticks are a Rollin-- people start showing up around noon-- just when paint is done. Application's are on the counter or have been brought already by the prospects. Carpets are cleaned afternoon of day 2. Day 3 is rent day-- prorate rent to end of the month-28 or 29 days with all cash to move in. 2 days rent at 50.00 a day- maybe 3.
Try doing that with long term tenants!!! no way no how. Rent is always kept up to market cause your refreshing refreshing refreshing. --99.103.xxx.xxx
How Far Out? (by Mike [PA]) Posted on: Nov 30, 2021 11:06 PM
A cooperative tenant while ideal is not reality. I've had excellent tenants who once they decide to move on their priority is elsewhere. Yes they cooperate in part but regardless the place will still need some things done.
I never show a property until its 100% spit shine ready. Im always looking to improve my clientele and showing a place with tenant belongings or even marks on walls lets your prospective tenants think thats acceptable. I go for the wow effect upon entering and if it takes some time to get there so be it.
How Far Out? (by Dee Ann [WI]) Posted on: Dec 1, 2021 3:18 AM
I most often show a place occupied, especially if they have nice furniture and decorating. I like people who plan, so decided to try for those that need to give a60 day notice. Advertising 75 days out seems to be the sweet spot for them. Pre covid, I would get a few calls, most all qualifying. Then narrowed down to one, maybe 2 showings and it was rented. The timing allows a showing with place intact, no boxes or interruptions for departing tenants trying to pack.
Am leaving 2 weeks to get a place ready in between, unless I know the tenant is not much on housekeeping.
My lease requires a 3 month notice. Started this when I decided I wanted a life and my aging mom needed attending to.
Covid so far has seemed to throw a wrench in this timing of advertising so I'm playing around with it to see what sticks. Sometimes I think it's just the luck of the draw. --75.11.xx.xx