What happens if the tenant gives notice?

We answer these and many other questions in our video blog episodes.

Here is the transcript of episode 33 to read:

A question that naturally every property owner asks is: "What actually happens when my tenant gives notice?" First of all, I can tell you: the tenant writes to the property management: "Dear property management, I would like to move out in three months." The crucial thing is: the management obviously doesn't advertise the flat only after the tenant has moved out, but immediately after the notice is received. As a rule, the flat is already on the internet two or three weeks after the notice has been received. On ImmoScout, for example. And the management notices within a week or two how many prospective tenants are getting in touch. If, for example, the management slaps an extra €100 on the rent for a change of tenant and then 40, 50 applications come in over the first weekend, then the management knows the rental price has been set realistically and will arrange viewings. And in my experience, the flat is then let 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 let, even after a change of tenant. I personally have always had a seamless tenancy change so far, or in the worst case, a month in between where there was a vacancy. That is, of course, only if my clients or you also agree to the vacancy. So, for example, the management has a tenant who says, “I really want to move into the flat, I’ll even pay €150 more than the previous tenant, 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.

However, if you say "nah", I don't want that, I really want a seamless tenancy, then you simply take the second or third most interesting tenant, but one who moves in without a gap. And if you stick to these rules, meaning you buy a good quality property in the right location, and if you ensure that you have good property management, then even when tenants change, a property will always be let again quickly and it will always work.

Keywords:

tenants notice of termination, management, apartment listing, rental price, viewings, vacancy, quality property