When your current tenant lease is coming to an end, there are a number of different options available to you when you consider the best ways to go about re-renting your property.
- Show the property while the tenant is still there
- Wait until they have vacated to show the property
With each approach, there are certain benefits. However, choosing which one is right for you will depend on your individual circumstances. This post will help you decide which is the best route to take and how best to take care of the situation if and when it arises.
Re-rent the Property with the Tenant in Situ
- You are more likely to have a continued rental income.
- The New Tenant can be ready to move in when the current tenant vacates.
- Easier utility transfer process as it will only need to be done
- The property might not look its best.
- The current tenant might wish to be present during the viewings which can feel uncomfortable for the prospective tenants.
- The present tenant could be delayed unexpectedly and leave the new tenant with a delayed move-in date.
Wait Until the Tenant Leaves
- It is easier to coordinate tenant viewings.
- The rental process is less stressful your prospective tenants can take their time when viewing a property.
- The property will look and probably smell better.
- Loss of rental income.
- Utility transfer will need to go into your name, then into the new tenant’s name.
As you can see, there are pros and cons linked to each of the above options. Work out which is best for you and your situation and always discuss this with your property manager to get their advice. In some situations, tenants will list their interest with property management agencies and they may have a great tenant that is looking to rent a property just like yours ready and waiting!