5 Tips to Avoid Tenant Turnover
Finding new tenants to fill a vacant property is a strenuous process. It can be extremely time consuming. Along with that, it can also be costly having to advertise, clean, and prepare properties for new tenants. Here are five tips to avoid the extra work that comes with tenant turnover.
- Have a screening process
Be sure to take the screening process seriously. Check their credit and references. Be sure to get a background screening and see how long they have stayed at past rentals. It’s better to have someone who stays in one place for a long period of time, to avoid tenant turnover.
- Make repairs on time
Tenants are aware of the length of time it takes to make repairs. It can impact their opinion on the rental and help them choose to either stay longer or leave sooner. Give them every reason to stay by keeping up with repairs.
- Respond to tenants
Everyone wants to feel like they are heard. Nobody wants to be ignored. Be sure to respond promptly to your tenants. Taking a long time to answer them can break their confidence and trust in you. Reply to legitimate complains as soon as possible.
- Think about hiring a property management team to help
Managing properties can be time consuming and stressful. Hire a property management team to relieve stress and to ensure that each of your properties are being well taken care of.
- Avoid big rent increases
Increasing rent can be a final push for tenants to leave their rental. Before deciding to increase rent, keep in mind the extra costs that can occur during tenant turnover. If your property has a low vacancy rate and your property is in high demand, it may be acceptable to increase rent. But if you decide to increase rent be sure the benefits outweigh the costs.
Following these tips can help lower your tenant turnover rate. Be sure to continually look for ways to improve your relationship with your tenants and be willing to help them whenever needed. If you live in Southern Utah, close to Cedar City, and you have any questions about property management please contact Real Property Management Cedar City at (435) 586-1777. 