One of the biggest challenges you’ll face as a landlord is a vacant rental property.
If you don’t have tenants, you are not collecting monthly rent payments, which of course means no money coming in for you.
Not to mention that a vacant rental property means you must take the time to advertise your property as available, perform thorough tenant screening, handle any maintenance and repairs needed before placing a new tenant in the property, and draft a new lease agreement.
If you own rental property and are curious to know the best ways to reduce tenant turnover, keep reading.
5 Simple Ways for Reducing Tenant Turnover
1. Handle Maintenance and Repairs
One of the biggest gripes tenants have about leasing rental property is the poor attention given to maintenance issues.
And let’s be honest, you would feel the same if the place you were calling “home” wasn’t properly tended to by your landlord.
Luckily, this doesn’t have to be your tenants’ number one complaint.
Here are some of the best things you can do to ensure your tenants are satisfied with how you handle maintenance, repairs, and even property improvements:
- Maintenance. Consider investing in a property management company that has an on-call maintenance crew to handle all maintenance and repair requests, no matter how minor. Better yet, look for a York property manager that provides 24/7 maintenance so your tenants never feel ignored.
- Repairs. Take the time to repair anything that needs fixing in your rental property. And if you can’t repair it properly, invest some money into replacing it with something that will make your tenant happy. This can include things such as: Energy Star appliances, upgraded windows that won’t let hot or cold air seep in, or even new flooring that can withstand long-term tenants.
- Improvements. Part of keeping tenant turnover rates low is making your tenants’ stay better than any other tenancy they have ever had. This also means taking a bit of your profit and putting it back into the property that your high quality tenants are leasing from you. If there is something your tenants are looking for in your property, such as a new coat of paint, upgraded carpet, better appliances, or even help with landscaping, consider giving it to them to encourage them to renew their lease agreement.
When your tenants see that you care about the home they live in, it makes them feel better about the monthly rent they pay you. It also makes their lives better, which is something that can help your reputation as a rental property owner.
2. Get Regular Feedback
What if there was something simple you could do to make your current tenants want to stay?
You would do it, right?
Well, what if you didn’t know about this simple thing and you lost a tenant as a result?
If you don’t know there is a problem that needs fixing, it’s tough to make your tenants’ stay better. That’s why utilizing the power of tenant feedback is so important.
Make sure you or your York property management company reach out to your tenants on a consistent basis and find out if they have any concerns they haven’t brought to your attention.
You can do this by offering a survey on your property management company’s website, a survey in the mail, through an email asking for questions or concerns, a simple phone call, or even an in-person meeting.
In addition, anytime a tenant decides not to renew a lease with you, send them a short survey asking them why. You may not be able to convince them to stay, but their answers to the survey may give you insight into what you and your York property management company can do better next time.
Who knows, you might even be able to tend to their concerns before they leave your property, thus dodging a property vacancy after all.
3. Thoroughly Screen Tenants, Every Single Time
One of the easiest ways to avoid tenant turnover is to make sure you lease your property to the right people.
You can do this in the following ways:
- Research the location of your rental so you can target the right potential tenants
- Be clear about what your tenancy requirements are so those with pets don’t apply when you have a strict no-pet policy in place
- Make sure to conduct a full background check, income verification, and reference check on any tenant interested in leasing from you
- Meet with your prospective tenant in person to get a feel for the kind of person they are
- Be honest about the monthly rent rate, security deposits, and other tenant responsibilities before placing someone in your property that cannot meet your demands
- Hire property management in York to do it for you
By taking the time to find the right kind of tenants for your rental property, you’ll save time and money because you won’t have to fill a vacant property at the end of a lease term, or worse yet, evict a problem tenant halfway through the tenancy.
4. Review Rent Increases
It can be tempting to increase your rent rates each tenancy.
After all, the point of owning investment properties is to make a profit. And, the best way to do this is to charge the highest rent rates possible.
However, tenants know how to look for better deals, especially when the end of their lease term is approaching. And, if your tenant finds out you’re raising their rent, chances are they will look elsewhere to live, leaving you with a vacant property.
Make sure to evaluate all rent increases with your York property manager to ensure you won’t end up with an empty rental generating you no money at all.
It is sometimes better to keep your rent rates the same, with your existing tenants in place, than to risk running them out for a few extra bucks.
As a result, you’ll continue to enjoy steady rental income, you’ll know you have high-quality, long-term tenants in your rental, and you’ll continue your venture towards financial freedom.
5. Ask Current Tenants for Referrals
If you own multiple rentals, and find yourself with a vacant one, consider asking your current tenants if they know anyone looking for a place to rent.
You might even offer a referral incentive, such as a rent discount or a small gift, for any tenants that are placed in your vacancy because of their referral.
High quality tenants tend to know others just like them. At the very least, your tenants are not likely to refer anyone to you that they feel will be a poor tenant, as that will be a direct reflection upon them.
Using tenant referrals reduces your advertising efforts, saves you money, and can lower the amount of time your rental is vacant, which is always welcome amongst property owners with vacancies.
Lastly, taking the time to reach out to your long-term tenants for referrals builds the landlord-tenant relationship and shows your tenant you value their opinion.
Managing tenant vacancies is something that comes with experience and knowledge. Usually many factors play into lowering tenant turnover, reducing vacancies, and finding the perfect tenant for your rental property.
If you own rental property and want help placing high quality tenants in your property that are not likely to leave at the end of the lease term, get in touch with York H-G Properties today.
We have the right kind of property managers on hand to help you find solid tenants for your property, keep tenants happy throughout your lease term, and reduce the length of time your property stays vacant just in case your tenant decides to leave after all.
With a good property management company helping you manage your rental, you’ll stress less about vacancies and enjoy the profit you generate from your investment property.