Have your current tenants given you their termination notice and now you are looking to secure a new tenant without missing any months rent?
Well, you can definitely list your own property for lease while your current tenant finishes their lease term.
This transition period requires careful consideration and strategic planning to ensure a smooth and successful process for all parties involved. Here are some of our tips landlords should consider during this process.
Open Communication
First and foremost, effective and clear communication is paramount when listing your property for lease with a current tenant. Keep your tenants informed about your plan when listing your property. For example, let them know as soon as possible when you’re aiming to put the property on the market so they can anticipate and plan accordingly for showings.
Transparency and honesty can help maintain a positive relationship and minimize potential conflicts.
Property Preparation
Prepare your rental property for listing while respecting your current tenant’s right to quiet enjoyment. Coordinate with your tenant to schedule property viewings and inspections at mutually convenient times, minimizing disruption to their daily routine.
You should communicate with your tenant about encouraging them to keep property clean, presentable and to keep clutter to a minimum.
Should your tenants be open to it, you can discuss the possibility of bringing in some decor/staging items to enhance the aesthetics to attract more interest from potential tenants. For example, if there is a balcony or terrace that is not being utilized, you can stage this area.
Tenant Rights and Privacy
Respect your current tenant’s rights to privacy and quiet enjoyment throughout the listing process. Coordinate with your tenant on when the best time frames would work best with their schedules for property showings.
As your property is not vacant, it can be tricky for schedules to align when it comes to showing appointments. So we suggest for landlords to give their tenants 24 hours notice for all showing requests so the tenants have the time to accommodate.
Marketing Strategy
Develop a comprehensive marketing strategy to attract potential tenants to your rental property.
It is best to work with a Licensed Real Estate Salesperson as they will have the access to listing your property on the MLS market which will reach thousands of tenants that are currently on the search for a rental.
Listing your property for lease while you have a current tenant finishing up their lease term requires careful planning, clear communication, and adherence to legal requirements. By considering the key factors outlined in this blog and maintaining open dialogue with your tenant, you can navigate the transition process smoothly and successfully. With proper preparation and attention to detail, you can attract quality tenants and maximize the returns on your rental investment.
If you are having challenges with listing your tenanted property and would like some support on how to navigate this process, feel free to reach out to us and we’ll be happy to help where we can!
