November 2013: The Tenant Is Giving Notice NOW!

This may be your first reaction if your tenant gives notice to vacate with the holiday season approaching. Your first thought may be that no one will rent a property in November, much less December - the holiday month. There is a prevailing belief that the property cannot possibly rent until the first of the year or even longer.

While it is true that your property can take longer to rent during the months of November and December and the property may be vacant until January, it is also a fact that properties rent every month, including the month of December. 

People rent properties according to their circumstances or needs and that means it does not necessarily fall on the first of the month or avoid the holidays. However, a holiday move does require a different perspective.

Take the positive approach!! 

Thinking negatively does not help the situation - you need a positive approach - just like in life - for any pending notice to vacate, but especially during the holiday season. 

Take the time to look at the property objectively based on our inspection and photos or your personal visit to the property (a tax write off!! Check with your CPA.) and take action to reduce your losses and rent the property as quickly as possible.

What incentives can you offer during the holidays to entice applicants to choose your property? Would you offer a gift certificate at a local market or shopping center for holidays expenditures?

What maintenance will improve the property and attract those tenants driving by or checking out the photos on the Internet? A new exterior paint job? New garage coach and porch lights? Improved landscaping? A custom (doesn't mean expensive) concrete paint job on that oil stained driveway?

What tax benefit will you gain for the current year? If there is any loss of income or maintenance expense, think of it as an additional tax advantage.

While we recognize that the holiday season can present challenges, as your professional Property Management Company, we will work with you to to overcome.

Bonnie Barberini