Tenant turnover is often one of the most expensive problems landlords face, though it is a necessary evil. When a tenant leaves your property, you will face multiple expenses, all while your rental property isn’t bringing in a monthly paycheck. From cleaning costs to advertising fees, these expenses can rack up quickly. Minimizing tenant turnover can be accomplished by keeping good tenants in your rental properties for longer. Here are some tips to help you do exactly that.
Effective maintenance goes a long way toward increasing the satisfaction of your tenants. Few things are more frustrating to tenants than waiting around for repairs and maintenance to be made. By proactively providing maintenance to your rental property, you can keep it in better condition and keep your tenants happier.
It is important to ensure that your tenants are aware that you care about them and they can easily communicate with you. Respond to messages and maintenance requests as quickly as possible.
Encourage Longer Leases
Providing rewards for longer leases can minimize your tenant turnover rates. For example, you may want to offer a lower monthly rent in exchange for a tenant signing a two-year lease rather than a yearly one. Other rewards can also be implemented to lower the likelihood of tenant turnover. For example, offering rewards for recommendations will encourage tenants to recommend their friends. Not only will this get you more tenants, but tenants are more likely to stay in a rental property when they live near friends.
Ultimately, keeping your tenants happy and satisfied is the best way to ensure that they stay on your property. Make tenant satisfaction a priority for your business. To get more tips on how to keep good tenants on your rental property, contact us at the Keyrenter in Salt Lake today!