Regardless of the reason, a tenant vacating your investment property is a crucial time as a landlord and one that shouldn’t be overlooked or the importance underestimated.
There are steps and processes implemented to ensure the smooth transition between tenant and landlord and this is to ensure the utmost satisfaction of both parties. However, in such a busy time and sometimes with the eye on the incoming tenant rather than the outgoing, important steps and details can be overlooked.
Whilst employing a property manager can take the stress and work out of being a landlord, there are times when hands on attention is recommended and perhaps none so being more important than when your tenant is vacating.
What is the vacating process?
When a tenant vacates the property an Exit Condition Report should be completed, ideally 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.
As Joel Davis, Image Property Aspley’s Managing Director explains, this is a process that landlord’s should pay the utmost attention to as the consequences of overlooking a thorough process may not be discovered until much later, if a new tenant starts to report faulty items or defects that you weren’t aware of.
Joel’s advice to a landlord is 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 tenants are going to be receiving. This is the most efficient way to stay abreast of the condition of your property.
In addition, become familiar with the comments of the incoming tenant’s on the Entry Condition Report. These comments will give you a fantastic assessment of what the property’s condition is like and how happy your tenant’s are with the property.
Ensuring the property is in a satisfactory condition will go a long way to creating and maintaining a great landlord/tenant relationship. A happy tenant is a good tenant and a good tenant will save you money!
If you have any further question or would like to discuss your property further please get in touch.