Your Tenants are Vacating. What should you expect?
Whatever the reason, a tenant vacating your investment property is a crucial time as an investor. It is one that shouldn’t be overlooked.
Your Property Manager should have the appropriate processes implemented to ensure a smooth transition between tenant and landlord and this is to ensure satisfaction of both of the parties. This is a busy time and focus should continue to be paid to the outgoing tenant, rather than focusing purely on the incoming tenants.
Employing a quality property manager can take the stress and work out of being a landlord, with a good Property Manager providing you with feedback on the process for your vacating tenants.
The vacating process
When a tenant vacates a rental property, an Exit Condition Report should be completed. Ideally this is completed by the tenant and the property manager together. This form is compared to the Entry Condition Report and determines whether the property has been kept in the same condition as when the tenant moved in. This is an important step in the bond refund process.
This is a process is one that landlord’s should pay the attention to as the consequences of overlooking a thorough process may not be discovered until much later, particularly if a new tenant starts to report faulty items or defects that you weren’t aware of.
Landlords are welcome to request a copy of the Exit Condition Report from your property manager. In addition, make yourself aware of the Entry Condition Report that your incoming tenants are going to be receiving. This is an easy and effective way to stay abreast of the condition of your property.
As part of this process, become familiar with the comments of the incoming tenant’s on the Entry Condition Report. These comments will give you a good assessment of what the property’s condition is like and how happy your tenant’s are with the property. Lots of negative comments on a new Entry Condition Report should be discussed with your Property Manager.
Ensuring the property is in a satisfactory condition will go a long way to creating and maintaining a positive landlord & tenant relationship. A happy tenant is a good tenant and a good tenant will provide you with value over the long term!