Landlords hate the idea of having a high turnover rate for their rental units. It means that the units are vacant too often, and that cuts into the amount of money they will be able to make. It can even cause issues with paying the mortgage of the rental unit on time, and that’s the last thing that a property owner wants to face. Knowing how to reduce the turnover rate is important for anyone who is a landlord. While you can’t always keep your tenants, you can do a few things that should help you reduce your turnover rate whether you own one property or a dozen.
Tip #1 – Prescreen the TenantsOne of the reasons that tenants leave is because they aren’t a good fit for the condo or house you are renting in the first place. Perhaps they didn’t have enough income to afford the place. Maybe they have a history of leaving other apartments as soon as their lease is over. They might have a criminal history that has caused them to skip out on apartments or be evicted. Prescreening can make sure that you find better quality tenants. You should never skip a screening.
Tip #2 – Offer a Great Unit and Keep Up With Repairs and MaintenanceTenants want to live in places that are well-maintained, just as you do. If they have repair requests, and you aren’t meeting their needs, you can be sure they will leave as soon as they can. Make sure you are offering the best unit possible and that you are taking care of their repairs quickly. Chances are you can’t handle all of the maintenance on your own, so make sure you have a group of professionals who can handle the issues.
Tip #3 – Develop a Good Relationship With the TenantsIf you are merely a faceless landlord who never takes the time to send out a letter or email asking if the renters are happy and if they have any questions, then you don’t really have a good relationship with them. If you rent out multiple units, you might want to have an annual BBQ where you can get to know everyone better. It doesn’t mean you are going to become friends with the tenants, but it shows that you care more than 90% of the other landlords out there.
Tip #4 – Reward the TenantsIf you want the tenants to sign a new lease, then offer some type of incentive for doing it. For example, if they sign another 12-month lease, offer a discount on one month of rent. Send out a gift card to the tenants on their rental anniversary. It could be something simple – even $25 to a local restaurant or grocery store. Little things like that can make a tenant think twice before leaving.
Tip #5 – Keep the Rent FairIf you want your tenants to stay in the units, then you want to make sure that you keep your rental rates in line with other rentals in the Scottsdale area. By keeping the rentals in the same price range, it reduces the chance of a tenant thinking that they could leave and find someplace cheaper down the street.
Tip #6 – Work With a Professional Property Management Company in ScottsdaleProperty managers in Scottsdale live and breathe this field, and they know what it takes to keep great tenants in properties. You might find that working with a manager for your property in Scottsdale can actually make things much easier for you, and it can help to reduce the turnover rate in your unit.