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When you’re a landlord, a high turnover rate can cost you a serious portion of your income. Not only will you have to spend time searching for the right people to fill the vacancies, but you will also have to put your money and energy into keeping the property in good shape and hosting apartment showings. Plus, a high turnover rate could make your property less appealing to prospective renters. For this reason, landlords strive to find and retain good tenants for their properties. Luckily, there are a few things you can do to fill your rentals with people who will enjoy living there for a long time. Learn more with this guide on how to reduce the tenant turnover rate of your property.
A good tenant-landlord relationship can make your tenants want to stay in the property longer. One of the best ways to build this relationship is to practice good communication with your tenants. Make sure you’re friendly and approachable with everyone living on your property. Respond to questions and maintenance requests promptly. If you can, set up a 24-hour emergency maintenance line so that your tenants can always reach you in case something requires your immediate attention. When you are accessible and open with your communication, your tenants will feel more comfortable living in the properties under your care.
Properties require regular repairs, maintenance, and updates to uphold their market value. Even if you have the same tenant over the course of a few years, you still want to make upgrades to keep your property in good shape. A key part of this is responding to maintenance requests on time. By acting early when your tenants notice an issue, you can prevent more serious and expensive issues down the road. You should also keep an eye out for opportunities to add upgraded features. A fresh coat of paint, new flooring, or renovated bathrooms are a huge draw for prospective renters. They also make a convincing reason for your current tenants to renew their leases, which is why upgrades are one of the best ways to reduce the tenant turnover rate of your property.
It can be tempting to rush through the tenant screening process and fill your vacant properties as quickly as possible. However, it’s important to take your time and get to know each prospective tenant properly. A full tenant screening process allows you to learn more about your potential renter’s background and financial situation. This gives you an idea of whether your tenant is likely to skip rent, cause damage to the property, or create other problems for you. Additionally, be sure to ask about your tenant’s future plans during the application process. This can help you find tenants who plan to stay in the area for a long time.
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