As a real estate owner, you never want to think about tenant turnover rates. Ideally, everyone who rents out your property can afford to pay their way and likes living there. If they need to move out, then that could mean a failure on your part.
Either you didn't screen someone well enough, and you were forced to evict them, or they didn't like you as a landlord. The problem is that tenant turnover ultimately costs you, as you'll miss out on at least a month's rent and need to find a replacement.
Here's how leasing management services can help you keep great tenants on your property.
Prioritize Rental Property Maintenance
First of all, people like to live in places that look great and don't have anything like electrical problems or structural damage. As such, it's worthwhile to invest in rental property repairs before and after a renter moves into your property.
Fixing problems as they pop up shows that you care as a landlord. It also means the renter can save money since they won't have to call in for repairs themselves.
A full-service property management company can perform property maintenance on your behalf. Their services are especially helpful if you have multiple properties in areas far away from one another.
Embrace Tenant Communication
Another area you don't want to ignore is tenant communication. This doesn't necessarily mean becoming friends with a renter or pestering them every chance you get.
What you should do is keep an eye out for any emails or phone calls and get back to them as soon as possible. Even though you may have your own living situation and a day job to handle, a renter's living situation should also be a priority.
Even if you hire a property management company to handle tenant complaints, it helps to send notices yourself. You may also want to schedule routine visits to get a personal look at your property.
With a management company's help, you can provide many of the benefits of an HOA without establishing a board.
Tenant Incentives for Lease Renewal
Finally, you could always introduce tenant incentives to encourage lease renewal. Some of the most common kinds of incentives include cash bonuses, deals on cleaning services, or unit upgrades.
One thing that helps tenants stay is if the apartment or house comes pre-furnished when they first move in. Furnishing a home can be expensive, so including these items can make the space more appealing long-term. It also deters them from wanting to move since they may not be able to bring some of the essentials, like their bed or appliances.
Better Tenant Retention With Leasing Management
If you struggle to retain tenants on your properties, it may be time to reach out for help from leasing management services. These companies are experts at managing your properties and keeping your tenants comfortable and happy. They can also keep you out of legal trouble and handle payment issues.
PMI Spruce Tree offers property management services for New Bedford and its surrounding communities. Get a free rental analysis online and contact us to schedule a consultation.
