What happens if the tenant gives notice?
Episode 33:
What happens if the tenant gives notice?
In today's edition of our video blog, you'll learn what happens when the tenant gives notice.
Start the video here:
Frequently, capital investors ask themselves
- What happens when a tenant of a rented property gives notice?
- When does the management advertise the apartment after receiving the notice?
- How quickly does the management usually find new prospective buyers for the apartment?
- What requirements are important to ensure seamless leasing?
- What is critical to always having a property rented even after the tenant changes?
We answer these and many other questions in our video blog editions.
Here is the transcript of episode 33 to read:
One question that every property owner naturally asks is, "What actually happens when my tenant quits?" First of all, I can tell you: the tenant writes to the management, "Dear management, I want to move out in three months." The crucial thing is: the administration, of course, doesn't advertise the apartment after the tenant has moved out, but immediately after the notice is received. The apartment is usually already on the Internet two or three weeks after the notice is received. On ImmoScout, for all I care. And the management notices within one or two weeks how many interested parties come forward. If, for example, the management adds €100 to the rent when there is a change of tenant and 40 or 50 applications come in on the first weekend, then the management knows that the rent has been set realistically and will arrange viewings, and in my experience the apartment is then rented out again very, very quickly.
Because make sure that you buy top properties. If you buy the best of the best, then in Germany a property is always rented even after the change of tenant. Personally, I have always had a seamless rental in the case of a change of tenant or, in the worst case, a month in between where there was a vacancy. But of course only if my customers or you also agree to the vacancy. So the management has, for example, a tenant who says I would like to absolutely in the apartment, I also pay 150 € more than the tenant so far but can I move in a month later. And then you might say, because it's a very attractive tenant, "Okay, you can move in a month later," and agree to that.
But if you say "no", I don't want to, I absolutely want a seamless rental, then you just take the second or third most interesting tenant, but who comes seamlessly. And if you stick to these rules, that is, if you buy a good quality property in the right location. And if you make sure that you have good management, then a property is always quickly rented out again, even if the tenant changes, and it will always work.
Keywords:
Tenant notice, management, apartment advertisement, rent, viewings, vacancy, quality property
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