Tenant turnover in rental properties is not only a cash flow killer, but unfortunately unavoidable. Unless there are certain circumstances, such as, if your tenants are moving because of a job, there are ways to reduce the amount and frequency of vacancies within your rental properties.
Follow these tips to attract long-term tenants and avoid missing out on monthly rental income:
1. Screen potential tenants
The screening process is an extremely important first step into finding suitable renters that you know will respect you and your property. You can do this by requiring a detailed rental application, carefully checking credit reports, criminal backgrounds and any other information that will help you to make an informed decision.
2. Build landlord tenant relationships
Fostering a healthy and positive relationship can help your tenants stick around for years and if they do leave, they are more likely to refer you to others.
This does not mean you need to be best friends. In fact, that wouldn’t be professional. Simply put, be an approachable, fair, and kind person, one that is not just there to collect rent.
3. Maintain your property
Seems like a no brainer but you’d be surprised. Have regularly scheduled maintenance checks to make sure everything is in working order. If tenants reach out about something being broken fix it in a timely manner. Simple upgrades throughout the unit can make a big difference in making your tenants want to stay.
At the end of the day, tenant turnover is unavoidable and part of being a landlord. However, taking the right steps will increase tenant retention.