Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Tenant Screening
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

494
Posts
285
Votes
Kyle Curtin
  • Real Estate Agent
  • Tewksbury, MA
285
Votes |
494
Posts

Incentive for tenants to tell you when they will move?

Kyle Curtin
  • Real Estate Agent
  • Tewksbury, MA
Posted

Goooood evening BP!

I have something that has been on my mind for a little while. I have a friend who works for a REIT and he was explaining to me at a meetup one night about how his company is only allowed a maximum of 5 days of vacancy at any given time, and this absolutely rocked my world.

Without getting into the weeds too much, essentially you incentivize tenants to tell you months and months in advance when they are going to leave & you go into the unit and make a scope of work for what needs to be done to do the turnover. All of the materials are ordered & contractors are lined up a few months before the tenancy will end, and the day the tenant leaves, the crews come in and complete all of that work in days. Months before that, the unit is marketed and vetted tenants are essentially put on a waitlist for the unit so everything (in a perfect world) lines up very smoothly and the vacancy is ridiculously low.

I am trying to figure out how to implement this system in the residential/small commercial MF world, I was thinking of writing into the lease something along the lines of “If you give me notice at least 3 months in advance of when you are going to leave & allow me to do an inspection solely for the purpose of making a SOW for the next tenant, the day you leave, I will write you a check for $200” or something like that to be able to implement this system.


I am super curious if anyone has tried anything like this and I am all ears!

Thank you!

Kyle

Most Popular Reply

User Stats

18,221
Posts
15,648
Votes
Chris Seveney
  • Investor
  • Virginia
15,648
Votes |
18,221
Posts
Chris Seveney
  • Investor
  • Virginia
ModeratorReplied

@Kyle Curtin

Large companies send out lease Renewal letters 60-90 days in advance and if not signed will market the property. This is not uncommon but five days must be a target as no company will have 99% occupancy / if they do they are not charging enough in rent

  • Chris Seveney
business profile image
7e investments
5.0 stars
16 Reviews

Loading replies...