Reduce Tenant Turnover – 3 Tips How Landlords Can Reduce Tenant Turnover
It can be very expensive to lose a tenant. The landlord will not be collecting rent during the month or months the unit is vacant. Plus the landlord will have to pay for repairs in order to get the unit in rent ready condition. If the landlord is able to keep the tenant in the property, they can avoid the loss of rental income and the cost of completing the repairs. For this reason a landlord should try to keep tenants in their property if it is possible. Here are three tips any landlord can follow to keep tenants in their property.
Tenants will respect landlords that are fair to them. If they are having difficulties and they landlord is willing to work with them then they will remember this when it comes time to renew their lease. They would much rather stay with a landlord that has proven themselves to be fair than to take a chance on another landlord that may not be so fair.
Enforce the Rules
Your lease will outline the details of what you expect from every tenant. If you lease states that the rent is due on a certain day and any payment made after that date will incur a late fee then you should charge the late fee. There should not be any circumstance in which you fail to enforce your own rules. If you don’t enforce one rule then the tenants will not expect you to enforce the other rules.
The best thing you can do as a landlord is to handle all repair requests in a timely manner. Tenants are much more willing to move out of a property if the landlord is not willing to make repairs. These tenants would be willing to pay more in rent somewhere else instead of staying where they are now just because of repairs not being handled in a timely manner. If landlords handle repairs then they will have a great chance of getting that tenant to renew their lease at the end of the lease term.
There are many things a landlord can do to keep tenants in their property. It is very costly to lose a tenant because you lose rent and have to pay for repairs to get the unit rent ready. If you follow these 3 tips then you should be able to keep your tenants happy and in your property for a long time.