How to Avoid High Tenant Turnover & Keep Good Tenants
Mar 08, 2022 Brooklyn Landlords,brooklyn real estate,brooklyn realestate,brooklyn realty,Brooklyn Renters,renters
By far, the most challenging part of being a landlord is finding, securing, and keeping good tenants. Once they’re in, all you have to worry about is receiving payments and responding to potential home repairs. But where do you find these unicorn renters who treat your home better than they’d treat their own? Where are the individuals and families who can be counted on to pay their bills on time every single month?
To start, a strong screening process is essential. But after that, the work is in your hands. By treating your tenants well and offering them appropriate incentives, you can ensure they’ll keep their composure as dream renters day in and day out.
The tips below are perfect places to start. Try them out today and let us know if they make a difference in the renters you receive and retain:
- Screen prospective tenants carefully – Besides the usual credit and background screenings, check out how long they’ve lived in their previous residences. Some people enjoy moving around and if you have to choose between tenants, opt for the one who stays put longer to help you avoid a high tenant turnover rate.
- Offer longer leases with rent incentive – Give tenants an option for a two-year lease with rent incentives for the second year. You’ll avoid the costs associated with annual tenant turnover and pass some of those savings onto their second year of tenancy.
- Be flexible – Although there’s nothing wrong with sticking to the exact terms of the lease or rental agreement, don’t be afraid to break the rules once in a while. If a tenant has paid the rent on time faithfully and needs a few extra days because of an emergency, back off the late fees. You may earn the appreciation and gratitude of your tenant that could give them enough incentive to extend a lease.
- Respond to tenant issues quickly – Instead of showing skepticism when tenants complain about their neighbors, go to bat for them when they have legitimate complaints. If the property is in a community with an HOA, you may have to file a complaint on their behalf.
- Make repairs on time – A quick way to irritate your tenants is to neglect repairs, especially those that affect their daily lives. HVAC repairs should be made quickly, and in some places, the state or local jurisdiction may mandate a quick turnaround. Property managers excel at scheduling and monitoring repairs and routine maintenance for rental units, and use preferred providers with a solid track record.
- Treat tenants well! – Your renters are your customers, and if you keep the property looking good and respond quickly to their issues, they might be more likely to extend their lease.
And that’s it! Treat your tenants as you would like to be treated if you were in their shoes. Start by ensuring they’re right for the living space and that they’re capable of making timely payments while simultaneously taking good care of your property. Then, show them the responsible, responsive, and caring landlord you are!
And if you ever struggle to find the right people to offer a lease, feel free to reach out to the Realty Collective team. We’re experienced in finding those dream tenants — leaving only the easy tasks for you to tackle.