The old adage is that time is money….and in an owner’s case, time is rent and rent is money! The more time you take thinking about whether to re-rent or sell, when a tenant gives notice, the more potential rent you loose.
When a tenant gives notice, be prepared to start the leasing process immediately! Don’t wait until the unit is vacant. In many cases, you can have a replacement tenant ready to move in as your old tenant is moving out! Nothing lost.
In a recent situation, a client pondered for over a month after the tenant moved out, then told us in late September to re-rent the unit. The unfortunate thing is that we lost the entire notice period PLUS the extra month, putting us out of the hot season for this property, and in this case, the home has a pool. VERY difficult to get market value for a swimming pool (unheated) after summer.
The time to make decisions regarding your property is BEFORE they go vacant….not after. Use every second to your advantage.