Ask the right question first
2026 reference point
What to inspect
How to document it
Auditable decision
Common failure modes
Vacancy and Tenant Turnover Plan
A turnover plan should start before the current tenant leaves: confirm notice and handover dates, marketing start, inspection, cleaning/repair scope, utility continuity and the earliest realistic new-tenant date.
Budget the full turnover gap, not only lost rent. Include advertising/leasing, cleaning, repairs, lock changes, utilities, inventory work and any furnishing replacement required for the target tenant.
Do not promise a zero-vacancy changeover unless access and handover are contractually secure. A delayed surrender can overlap with commitments to a new tenant and create double obligations.
A tenant-turnover plan prevents evidence from disappearing between leases
Start the vacancy cycle before move-out: record notice date, contractual end date, keys to be returned, meter-reading plan and the expected furniture/fixture inventory. At handover, create a dated photographic inspection and a signed record distinguishing damage from ordinary wear. Reconcile the deposit under the lease and applicable law, preserving the reason and evidence for any deduction instead of treating the deposit as an undocumented repair fund.
After possession returns, sequence work by safety, necessary maintenance and optional improvement, while recording vacancy days and turnover cost separately from the next lease’s rent. Before a new tenant enters, recheck utilities, insurance where relevant, keys/access devices and inventory, and establish new meter/photo baselines. This creates a clean evidence boundary between two tenancies and prevents old debt, damage or consumption from being attributed to the incoming tenant.
Measure each turnover to improve the next leasing decision
After every cycle compare plan to outcome: vacancy days, repair days, labour/material cost, marketing time and serious enquiries. If the same damage recurs, investigate whether the underlying cause is unsuitable materials, maintenance or weak inventory evidence rather than automatically charging every tenant. Record non-sensitive reasons for move-out and the rent range that ultimately attracted the next tenant. This history helps decide whether better preparation, faster repairs or a different leasing strategy creates more value than cosmetic spending that does not reduce vacancy or improve tenant quality.
A turnover plan converts vacancy into a measurable period: notice date, handover, inspection, repairs, marketing and the earliest realistic new occupancy date. Budget lost rent and turnover work separately so the owner can see whether a faster re-let actually costs more than a short planned vacancy.
After acquisition, asset quality depends on management, records, insurance and maintenance as well as the market.