Maintaining a visually appealing, well-functioning space is a key part of any landlord’s job description. Repainting, updating flooring and appliances, and even remodeling spaces to suit the changing needs of new or current tenants is vital for maximizing revenue – and ensuring tenant satisfaction. Here’s what to know about preparing for tenant turnover or tenant improvement in your residential, commercial, office, or multi-family space.
Turnover Means It’s Time to Update
When a lease ends or is broken, good landlords immediately step in to prepare the space for new tenants. This typically involves deep cleaning, repainting, re-keying, carpet replacement, minor repairs, and sometimes even significant updates or remodeling. The longer this takes, the more impact it’ll have on your bottom line, so begin preparations the moment a tenant gives notice.
You can streamline the process by:
- Arranging a final walkthrough, making noting of any potential issues or repairs
- Scheduling vendors in advance, using a one-stop-shop such as Manders to simplify this process
For residential or multi-family properties, a vacancy is also a time to consider whether renovations or improvements can be made to elevate your property and command higher market rents.
For commercial properties, you can “pre-model” a property ready for the next tenant to put their stamp on.
When Turnover Means Remodeling
In some cases, your property might need more than just a simple coat of paint or a deep clean. If you have multiple simultaneous vacancies in a multi-family property, recently acquired a property that is now vacant for the first time, it’s been a while between updates due to tenants renewing their leases, or want to attract a higher-paying tenant, now might be a good time to remodel.
You can improve interior tenant spaces with updates including:
- Capital improvements such as updated electrical, plumbing, HVAC, connectivity, stairs and elevators, security, and doors and windows
- Remodeled bathroom, kitchen, and laundry spaces that bring your property in line with other competitor addresses
- Adjustments to layouts include removing or adding walls to create additional rooms or storage
- Updated light fixtures, bathroom fixtures, and outlets
- Updated insulation and roofing solutions
Planning for substantial remodeling ahead of time will allow you to gather quotes, book contractors, and order materials so that your team is ready to get to work when the time is right. Build remodeling into your property maintenance plan so that you can plan and set aside the required resources for it.
If you’re working with a commercial, medical, hospitality, or retail tenant who will remodel the space to align with their brand and needs, do a walkthrough to see what can or should be retained, then work with them per your contractual agreement on any build-outs or updates.
Remodeling Common Spaces
While updating and remodeling some interior spaces such as apartment units is best done between tenants, other spaces can be updated or remodeled while tenants remain in the building. Repainting or recarpeting can be done during off-hours, on weekends, or bit by bit to avoid disruptions. Remodeling can be completed for commercial properties when the business is closed for minimal impact. Always communicate to tenants when work is planned and what to expect. Before embarking upon an interior common space remodeling project, understand tenants’ rights and make sure that you’re not in breach of your agreement.
Working with an experienced contractor will help ensure that you can stick to your timeline and reduce any inconvenience to your tenants.
Talk to Manders About Interior Tenant Space Remodeling
At Manders, we’re experts at turning over multi-family and single-family residences, as well as commercial and retail spaces. We also have extensive experience with capital improvements and remodels of all types and sizes. With a team that can handle every part of your tenant turnover and interior tenant space remodeling needs, we’ll ensure the process is quick, streamlined, and budget-friendly. For help with interior remodeling or tenant turnover, get in touch today.