Living in a managed property comes with numerous advantages, and one of Mareka PM’s priorities is to ensure that the tenants have a continuous pleasant living experience. Our condo management in North York is dedicated to providing exceptional service to all residents as we work collaboratively with landlords, managers and administrators to create a fantastic living space.
When you, your tenant, or your rental owner decide to terminate a lease, the move-out process commences. Our property management company in the GTA can create opportunities to make the process more efficient and get the next tenant to line up before the lease has even expired. If you have several properties that you are managing at once, it is especially important to increase your efficiency to have a steady flow of income and keep residents happy.
Five ways to simplify the move-out process
In this article, we are going to provide you with five ways to optimize the move-out process and increase your chances of success.
- Organize the lease termination process. If your tenant wishes to end the lease, a tenant portal can provide an efficient way to give the notice to vacate. This portal can include fields that capture move-out dates, forwarding addresses and reasons for leaving. Once the move-out process has commenced, you can refer back to the portal for key dates and what actions must still be completed.
- Take proactive steps in the move-out inspection process. A pre-move-out inspection will allow you to record any damages in real-time and generate reports for tenants and rental owners once the inspection has been completed. In turn, tenants can use this report to repair any existing damage ahead of their move-out date, saving you time and money, while giving you the perfect opportunity to recommend a renovation that will further maximize the space.
- Updated upcoming vacancies. Once the inspection report has been completed, you can start notifying maintenance crews on the status and tasks of the upcoming vacancies, ensuring that any set maintenance is paused to give the tenant the privacy of moving out. This is also a great chance to examine if you have the funds to cover the estimated turnover expenses.
- Encourage clear communication throughout the moving-out process. It’s important to consider the steps you should take at 120, 90, 60 and 30 days to reach out to the moving tenant and determine their renewal eligibility, their intent to renew and if they wish to sign a new lease. If they do not intend to renew, it’s vital to know early so that you can list the property as soon as possible. Establish a clear communication platform with the tenants, whether it’s through a direct telephone line or a social platform, that allows frequent and clear communication throughout the process. When there is clear communication present, the chances of success for all parties are much more likely.
- Don’t make premature move-out promises. Promising a tenant their security deposit back before an inspection is highly discouraged, as it can cause preventable financial implications. Only a thorough inspection will reveal if there have been any damages to the property, and from there proper deposit steps can be taken.
Strengthen your property’s move-out process and hire our expert property management team in the GTA!
A successful – and quick – turnover will save you and your residents’ money while ensuring your property is compliant every step of the way. Give your tenants a great and pragmatic way to end their lease with your property.
Contact us today at 416-255-7722 to find out how you can maximize your move-out process!