4 Tips for Avoiding Tenant Turnover
There is nothing like having a tenant turnover to kill your cash flow. Advertising, and maintenance work to get a unit rent-ready, plus showing costs are a few of the many hits your wallet will take when you have tenant turnover. That doesn’t even factor in the lack of rent checks during vacancy days. Real Property Management Salt Lake City has a few tips to help you keep your renters from jumping ship.
1. Properly Screen Applicants
After meeting a tenant in person, it is important to complete proper screenings as part of processing an application. Background and credit checks will help you determine how reputable this potential renter will be. By thoroughly prequalifying future tenants, you’ll avoid those who have questionable items in their pasts and who are more likely to be short-term renters causing a lot more tenant turnover for you, your number one expense with owning rental properties!. You may also want to check to make sure that they have the money to be able to afford your units, as that is a major reason why people leave.
2. Avoid Above Average Rent Increases
Real Property Management Salt Lake City is aware of market standards when it comes to rent averages. While annual rent increases are common, the profits you make from hiking the rent regularly will not cover the costs of rental turnover if your tenants become frustrated with rent increases. It is incredibly important to market your property at the correct rental amount in the beginning of the process in order to make sure that you can continue to profit, and not have to have huge rental increase hikes during each lease renewal. Keeping rent on par with the area averages will help keep renters around for a longer time. It is important to know the market that your rental unit is in and keep your rent at the right amount for that market. Real Property Management Salt Lake City knows the Salt Lake City rental market to price properties accurately. We even offer an incredibly unique rent lock program for our investors and tenants to help keep your great tenants in the property longer!!
3. Promptly Respond to Tenant Requests
Quick responses to requests for repairs and other such needs is a vital feature to good management. Real Property Management Salt Lake City knows that renters become disillusioned fast if management does not respond to complaints quickly. In spite of a myriad of other appealing features, a renter will leave if they feel a property is not managed adequately. Real Property Management Salt Lake City has 24-hour call centers to help with those unwanted emergencies that come at the most inconvenient times. Fast proactive maintenance completed by professional people is also important for both avoiding bigger maintenance problems in the future and keeping tenants comfortable in their homes right now.
4. Maintain Renter Relations
Open communication is key to maintaining long-term renters. The day a renter signs a lease should not be the last day they hear from you before moving out. Real Property Management Salt Lake City ensures that all renters know how to easily reach them in their time of need. Regularly touching base in a friendly, non-commercial way helps your renters develop a lasting relationship with you that will help them want to stick around. Also scheduling regular inspections at the time of leasing signing shows your concern for both tenant and property.
The majority of our tenants stay an entire year longer, with an average of 3 years! We have a decent amount of tenants that have been in our properties for 5 – 10 years as well!!
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