Working towards a lower tenant turnover is a great way of ensuring revenue in the form of rent. For this, it is important for a property owner to understand the factors that can affect the rate of tenant turnover and work on creating favorable circumstances for tenants to stay for longer durations.
Following are some tips for reducing tenant turnover and ensuring a consistent flow of revenue from rental property:
- Rigorous Tenant Screening: Take tenant screening seriously as this is the first step towards ensuring that you get quality tenants who are likely to stay for longer durations. Quality tenants cause less damage as well as fewer disruptions and maintenance issues. While screening potential tenants, check the criminal background, credit reports, eviction history and more.
- Build Positive Relationships: Establish positive relationships with your tenants by maintaining open channels of communication, responding to them when they need you and maintaining a friendly and non-intimidating tone when talking to them. It will increase their chances of staying with you and spreading a good word about your services.
- Avoid High Rent Increments: Sudden hikes in rent should be avoided if you want a low tenant turnover. Even though, at some point you will have to increase the rent, it is advisable to spread out the frequency of doing so. The amount of rent charged should be in sync with the region, state regulations, improvements made in the rental property and so on.
- Keep The Property In Good Condition: Upgrade your rental property from time to time to keep your tenants interested. Everyone loves staying at a place that is well-maintained and regularly updated as per the latest trends and requirements of tenants. Respond to requests from your tenants regarding repairs and things such as a fresh coat of paint, in-unit laundry, kitchen renovations, etc.
- Tweak Lease Agreements: If you are experiencing issues with tenant turnover, consider making a few changes in the lease agreement. You can change the lease duration or policies related to pets, guests, income requirements and so on.
- Prioritize Tenant Satisfaction: Be proactive about the requirements of your tenants by making a conscious effort of asking them for feedback and suggestions as to ways with which you can improve your services and whether there are any problems being faced by them. Show them they matter by responding to their requests and suggestions promptly. Such a level of care and credibility will surely keep them with you for a long time.
- Ask For Referrals: If you are looking for new tenants as a result of expansion plans, ask your long-term tenants to refer your services to friends and family. There are higher chances of getting high value tenants from such referrals.
Lone Star Realty & Property Management, Inc.
offers property management services to reduce tenant turnover. The agency assists its clients to ensure higher ROI. For more details on tips to reduce tenant turnover, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.