Becoming a landlord can be one of the most successful financial ventures you can invest in. Nevertheless, this job does not come without its fair share of trials. One of the most difficult parts of being a landlord has to do with turnover. As a landlord over a rental, it is part of the nature of the business that people will move out over time. long periods of time without tenants. Below are ways you can decrease your turnover rate in your rental business.
Keep in Touch With Your Tenants
There is nothing more frustrating for a tenant than working with a landlord who will not answer emails or calls. Simple failure to reply or be timely in your communication can turn off tenants from continuing to rent for you. It is highly risky for a tenant to leave and find another landlord, but if this problem persists, they may be more willing to take the chance. While it is not necessary to constantly email or call your tenants to check up on them, it is crucial that you respond to them when they reach out to you. If you are unable to communicate during certain times of day—for instance, during the hours of your full-time job—you should let them know from the beginning when they can contact you.
Respond to Their Needs Immediately
Not only should you respond in a timely manner, but you must act on their needs immediately. Being a landlord means that your rental property is bound to need repair periodically throughout your career. Plumbing clogs, amenities malfunction, and sometimes termites abound.
When you attempt to fix any issues that arise, do your best to avoid choosing the cheapest option. Not only is this unprofessional for your tenants, but it is also economically unbeneficial in the long run. Make sure all problems are fixed in as timely a matter as possible, in order to keep your relationship smooth. Secondly, choosing the cheapest of repairs over and over will likely cost more money over time. Patching a leak may work temporarily, but if it gets worse and you refuse to replace the pipe, you may end up with larger problems on your hands. Invest wisely in order to optimize your chances of keeping your tenants.
Offer Incentives
Every so often, it is a good idea to update your property. There is no need to wait until your tenants finally move to update simple fixtures, such as paint or window trimmings. Instead, ask them toward the end of their lease whether they plan to leave or stay, and be sure you state that you wish to update some small things. That may be enough to get your tenants to stay.
Keep Up With Trends
It is also in your best interest to keep up to date on the latest trends. The vast majority of renters are Millennials, who range from about twenty-two to thirty-five years old. They are, in general, primarily interested in amenities such as environmentally friendly features, open spaces, and proximity to nightlife. While not all of these things may be possible for you to achieve with your rental on your own, you can make small investments in order to make your property more appealing. Let your tenants know that you plan to install an energy efficient toilet, which reduces water waste. You can also replace shower heads, faucets, and other amenities to reduce waste, which will appeal to their sensibilities and their wallets.
Tenant turnover is unavoidable, but there are many ways in which you can help decrease turnover rate. Use these tips to help you move forward, and use a site such as www.mysmartmove.com to run background checks. Placing a respectful and responsible tenant in your property from the get-go can help you avoid frequent turnovers and costly repairs.
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