What is the number one killer of ROI?… Vacancy!
There are many tactical and strategic ways you can reduce property vacancy, but there’s not enough time to explain all of them here! But, I will be diving deep into them in my upcoming book and podcast, The Successful Landlord’s Playbook.
Today, let me touch on one element. RETENTION. It’s obvious, if you can keep a great tenant from moving out, you can avoid a vacancy. Did you know that 70% of tenant turnover is preventable?
So how can we do this? Well, here are a few things to consider which I’ll explore in more detail at a later time.
- Know What Your Tenants Want
- National surveys show that the top 3 things tenants want and complain about are: 1) Responsive Landlords, 2) Reliable Landlord & Housing, 3) Respectful Landlords.
So… let’s do these things. Let’s:
- Treat out current tenants as good as (or better than) we treat potential tenants!
- Invest money in them and retention rather than just in marketing and leasing
- Remember them and check on them regularly
- Provide them with resources (how-to guides, preferred vendors, etc.)
- Offer resident benefits (insurance, filters, discount books, etc.)
- Start renewals early
- Offer renewal incentives (discount if signed by X date, increase rent reduction)
Let’s work hard to keep out great tenants happy and begging to renew their lease with us!