WHAT HAPPENS WHEN A TENANT GIVES NOTICE AT MY NEWCASTLE INVESTMENT PROPERTY?

What happens when my tenant gives notice to vacate my Newcastle investment property?

There is more to the vacating process than a final inspection and releasing the bond. Below is a checklist to follow to ensure that all of the bases are covered before you release the tenants' bond.

  1. Tenant responsibilities: Has the tenant given the correct notice in writing (14 days notice leading up to the expiry of their lease, 21 days notice if their lease has already expired)? Are they breaking their lease (no notice required however break lease fees are payable)?
  2. Will the property be re-let?
  3. Review the rent. Does the market allow for an increase or is it best to maintain the current rental amount to give the best chance of finding a tenant in a timely manner.
  4. Start the advertising process as soon as possible to give maximum advertising time.
  5. Confirm in writing to the tenant their vacate date, monies owed and the expectation in relation to the final inspection regarding what needs to be cleaned, removed, etc.
  6. Book a final inspection. When conducting the inspection, be thorough. The property needs to be handed back in the same condition as it was offered to the tenant. Is the property clean, gardening done, all furniture removed, rubbish removed, damaged caused by the tenant repaired?
  7. Verify that all keys are returned by the tenant including any copies that may have been produced.
  8. Review the condition of the property – is it ready for the next tenant, or will maintenance, repairs or improvements need to be carried out?
  9. Organise any cleaners, gardeners, tradespeople, etc.
  10. Do not release the bond before all expenses are covered where applicable, including rent to vacate or required notice period, cleaning, gardening, rubbish removal, outstanding charges for water, break lease costs, damage caused by the tenant repaired, etc.
  11. Does the outgoing tenant need to be listed on a default database?

Remember: Never begin a new tenancy too close to the end of the previous one. Here at Century 21 Novocastrian, we usually allow 5 business days between tenancies to ensure the property is presented in a satisfactory condition for the ingoing tenant.