Finding new tenants to fill a vacant property can be a strenuous process and can also be extremely time-consuming. You could also lose money having to advertise, clean, and prepare properties for new tenants. Here are five tips to avoid the extra work that comes with tenant turnover.
1. Respond to Your Tenants
Everyone wants to feel like their concerns and/or complaints have been heard and taken seriously. When you take too long to answer, you can lose their trust. Thus the importance of responding promptly, professionally, and sincerely to your tenants.
2. Implement a Quality Screening Process
Be sure to take the screening process seriously. Check their credit, ask for references, and perform background checks. Items you may want to look for include past interactions with landlords and how long they stayed in previous rental homes. It goes without saying that you’d like to place a tenant who will stick around rather than one you jumps from place to place.
3. Make Repairs On Time
Tenants notice how long it takes to get the repairs they need. 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 in a prompt and professional manner.
4. Avoid Drastic Rent Increases
Increasing rent the rent by too much or too frequently and increase your tenant turnover rates. Before you decide to raise the rent, ask yourself if you can afford the costs that occur during the move-in/move-out process. If your property is in high demand or your property has a low vacancy rate, it may be acceptable to increase rent. It is also a wise idea to request a market analysis on a regular basis to ensure you’re aligned with other rentals in the area.
5. Hire a Property Management Team
Tenant placement is one of many aspects of property management. When you add them all up, odds are you’ll realize that it’s more time and stress that you’d bargained for. That’s why many investors and landlords choose a property management company. Our job is to take make sure everything runs smoothly so you can enjoy the benefits of real estate investment without all the hassle.
Following these tips can help lower your tenant turnover rate, but there’s so much more to learn. If you live in the San Antonio area and would like to learn about your options at Real Property Management Alamo, contact us online or give us a call directly at 201-787-3876.
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