{"id":14917,"date":"2021-03-24T16:28:40","date_gmt":"2021-03-24T23:28:40","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=14917"},"modified":"2021-04-02T16:17:57","modified_gmt":"2021-04-02T23:17:57","slug":"order-of-operations-for-leasing-understanding-the-lifecycle-of-a-tenancy","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/order-of-operations-for-leasing-understanding-the-lifecycle-of-a-tenancy\/","title":{"rendered":"Order of Operations for Leasing | Understanding the Lifecycle of a Tenancy"},"content":{"rendered":"

\"Order<\/p>\n

The order of operations for leasing can be tricky; especially if you\u2019re new to the industry. If you\u2019ve ever struggled to get the right answer to a complicated equation, there are handy acronyms and formulas to guide you. Without them, it\u2019s easy to do all the hard work and yet come to a faulty conclusion.\u00a0\u00a0<\/span><\/p>\n

The same concept rings true for property management. We\u2019ve put together this handy outline to help you not only understand the lifecycle of a tenancy but give you a logical order of operations for leasing and vacancy processes<\/a>.\u00a0\u00a0<\/span><\/p>\n

In this article, we offer a one-stop-shop guide to the best rental industry articles which elaborate on those tasks to help you understand the lifecycle of a tenancy. Each cycle segment is organized in the most logical order for best practices and filled with resource links to additional comprehensive information on that topic and task.\u00a0<\/span><\/p>\n

\n

Table of Contents:\u00a0<\/span><\/h2>\n

Rental Vacancy<\/span><\/a>
\nLeasing Tasks<\/span><\/a>
\nPrep for Move-In<\/span><\/a>
\nMove-In Day<\/span><\/a>
\nOccupancy Tasks<\/span><\/a>
\nEnding or Extending Tenancy<\/span><\/a>
\nMove-Out Process<\/span><\/a><\/h2>\n<\/blockquote>\n

 <\/p>\n

\"Understanding<\/p>\n

<\/h2>\n
\n

<\/a>Rental Vacancy<\/strong><\/span><\/h2>\n

Repairs and renovations <\/strong>— Now that the unit is empty it\u2019s the perfect time to tackle repairs noted in the move-out inspection (see Move-Out Process below). It\u2019s also the perfect time to check the base of the toilets for a good seal, flush the water heater, change the HVAC filters, and check fire and smoke alarms. Check out these articles for more inspiration to make the home tenant ready:<\/span><\/p>\n

Preparing Your Rental for a New Tenant : Steps for a Smooth Turnover<\/a><\/strong>
\n7 Quick and Easy Home Updates to Make Before Your New Tenants Move In<\/a><\/strong>
\n10 Ways to Modernize Your Outdated Rental Property<\/a><\/strong><\/p><\/blockquote>\n

Cleaning –<\/strong>– The unit should have been left clean by the former occupant but move-out clean doesn\u2019t necessarily mean it\u2019s ready for a photoshoot or prospective tenant showing. The cleanliness is a reflection of your business and an example of how you\u2019d like the property treated. Areas often overlooked are the grooves in the seal around the refrigerator door, window blinds and tracks, fingerprints around light switches, and doorknobs. Remember to do a follow-up cleaning after repairs are completed and also routinely between vacancy showings.<\/p>\n

Home & Office Cleaning Tips for a Safe Environment<\/a><\/strong>
\nWhat to do About Foul Odors at Your Rental Property<\/a><\/strong>
\n10 Must-Have Products to Deep Clean Your Rental<\/a><\/strong><\/p><\/blockquote>\n

Photography<\/strong> — <\/span>Shopping for housing online has become the norm. Now more than ever pictures need to showcase the rental home so be sure to get shots of each room at multiple angles. Online listing sites allow for a plethora of photos so don\u2019t be shy to include pictures of the interior and exterior features of the home and community. Remember to open shades and turn on the lights to get the best shots.<\/p>\n

How to Take Better Rental Listing Photos<\/strong><\/a>
\nDrone Photography for Property Managers and Landlords<\/a><\/strong><\/p><\/blockquote>\n

Create or Review the Rental Listing <\/strong>— If a picture paints 1000 words, the listing should corroborate that story. Elaborate on the location, pricing, obvious features, unique features, benefits, community, approval criteria, and application and renting expectations.\u00a0<\/span><\/p>\n

Best Rental Sites & Advice to Fill Vacancies | Anatomy of a Rental Listing<\/a><\/strong>
\nHow to Find Fair Market Rent for your Rentals<\/a><\/strong><\/p><\/blockquote>\n

Marketing<\/strong> — <\/span>You\u2019ve got the pictures and the rental listing — it\u2019s now time to use those to your advantage in marketing efforts. <\/span>
\n<\/span>
\n<\/span>– Syndicate to rental listing sites online through your property management software.
\n<\/span>– Print flyers and put them up on college boards, community bulletin boards, and even laundromats.
\n<\/span>– Other options include ordering and hanging banners and yard signs and posting the vacancy in your community newsletter.
\n<\/span>– Think about offering a referral incentive to the tenants in that community.\u00a0<\/span><\/p>\n

Check out these article for more great rental marketing ideas:\u00a0<\/span><\/p>\n

Easy Rental Real Estate Marketing Ideas for the Busy Landlord<\/a><\/strong>
\nBest Marketing Tips for Filing Rental Vacancies Fast<\/a><\/strong>
\nHow to Advertise Your Empty Unit<\/a><\/strong><\/p><\/blockquote>\n

Rental Prospect Engagement<\/strong> — <\/span>The above 5 items are usually a once and done activity whereas these next 5 will cycle through with each prospect; and it starts by engagement. <\/span>The word is getting out, your phone is ringing and your email inbox is overflowing with interest. Fantastic! In this phase, you\u2019ll be busy answering questions, restating the rental criteria, application process, renting expectations, and setting appointments to show the unit.\u00a0<\/span><\/p>\n

The Easiest Tenant Lead Tracking Solution (That Actually Works!)<\/strong><\/span><\/a>
\nBest Communication Tips for Landlords<\/a><\/strong>
\nQuestions to Ask Your New Landlord – Before Signing a Lease<\/a>\u00a0<\/a><\/strong><\/p><\/blockquote>\n

Rental Showings<\/strong> —\u00a0<\/span>Showing a vacant rental has become a little more tricky in this new remote paradigm. But with new challenges come new opportunities to meet them. Virtual reality software and hardware is bleeding-edge technology that hasn\u2019t hit mainstream as yet but may turn out to be common practice one day. Until then, the four best options for showing your vacant rentals are:<\/span>
\n<\/span>\u00a0<\/span>– In-person showing where both you and they meet together at the unit.
\n<\/span>– Self-guided tour allows the prospect an opportunity to walk around unaccompanied.
\n<\/span>– Virtual tour with the prospect on-site while they have you accompany them on a smartphone or device.
\n<\/span>– Virtual tour where the prospect is virtual while you walk the unit with your smartphone or device.\u00a0<\/span><\/p>\n

Whichever method you choose, be sure to offer a packet (tangible or virtual) that includes an application, flyer, community information, and rental criteria.\u00a0<\/span><\/p>\n

How to Show an Apartment (and other vacant rentals)<\/a><\/strong><\/p><\/blockquote>\n

Application review and tenant interviews<\/strong> —\u00a0<\/span>In many states, it is required to process each application one-at-a-time and\/or in the order received. If the application is denied, then the next one received is processed. In other states, you may be allowed to review and process multiple applications concurrently giving the unit to the first applicant who meets all the criteria. It is important to review your state regulations prior to processing applications. If your state has no regulations it\u2019s best to conduct the following actions in this order:\u00a0\u00a0<\/span><\/p>\n