Within the Resident Life Cycle, the Move Out process can be the most intimidating phase. Losing a resident and the income stream they provide while working to fill the vacancy can be quite daunting. On top of it all, this is usually the time your investment requires more investing! That is, the property requires cash to get it move-in ready again. It is Good Steward Property Management's job to make this as simple and as cost effective as possible. This is how we process Move Outs.
PRE-MOVE OUT
Once we receive a formal move out notice from the residents, we will:
- Leasing: Approximately 30 days prior to the end of the lease we get ready to Go Live by placing the property for rent on the marketplace and go through the leasing process.
- Obtain Estimates: If bigger projects are needed to get addressed during the vacancy (Examples: new flooring, tenting for termites, re-pipe, re-drain, kitchen remodel, bathroom remodel, exterior painting, etc.) then this is the ideal time to obtain estimates. Here are the steps taken.
- Dispatch vendor(s) for estimates
- Receive and review the Scope of Work on the estimates
- Present the estimates to an owner and go over any questions
- Make revisions and/or receive owner approval
- Receive funds from owner
- Schedule The Turn Process
- Confirm Move Out: Approximately two weeks prior to the resident’s move out day, we will confirm with them that they are still on track.
- Utilities: We transfer all utilities into the company name the day we get possession. This allows us to have all services on during the move out walk-through and for the vendors during the turn process.
POST MOVE OUT
We will be there first thing in the morning the day we get possession and complete the following:
- Rekey: We rekey the property or change locks to the Kwikset SmartKey.
- Photo Documentation: We take photos to document the condition of the property. If we need to make deductions from the security deposit, then these photos come in handy to be able to justify the deductions.
- Maintenance Checklist: We fill out our Maintenance Checklist to identify maintenance needs.
- The Turn Process: We initiate The Turn Process. If only small maintenance items need to be addressed, we budget 7-10 days. Larger projects can take 2 to 6 weeks. Click HERE to see a review of how we did on one of our full remodels.
- Disposition of Deposit: We have to process the Disposition of Deposit within 21 days of the residents moving out. This is a simple one-page document that shows the security deposit being held minus any deductions. Some of the most common deductions are drywall repair, painting costs (minus depreciation), cleaning costs, removal and disposal of any trash or personal property, etc.
CONCLUSION
By following the process outlined above we can make sure that an owner’s investment is move-in ready for the next resident as quickly as possible!
