Highly Effective Property Management Tips

Highly Effective Property Management Tips to Reduce Tenant Turnover

In a perfect world, you would never have to find new tenants for your investment rental properties. You’d purchase the properties, make any upgrades and repairs necessary, find the perfect tenants, and then you’d be set for years to come.

While that usually isn’t the case in reality, there are a few things you (or your property manager) can do to help you retain great tenants. With less tenant turnover, your property will spend less time vacant, and you won’t have to spend as much time and money preparing it for new tenants every time your old tenants move out.

Choose Your Tenants Wisely

In addition to doing a background check on your tenants and ensuring that they should be able to pay rent each month, you may want to look into a few other things. For example, if you’re deciding between two tenants who seem equally good, look at their employers’ locations. Is your property nearby or is it going to be a long and inconvenient commute? Tenants who live near their workplaces are much more likely to renew their leases, whereas those who have a long commute are more likely to terminate their leases and move closer to work.

While you’re reviewing your tenants’ applications, you should also take a look at how much they paid in rent at their last residence. If their rental rate was significantly lower than yours, you may want to consider a different tenant, as they may soon be looking for more affordable housing to fit their budget again.

Keep a Regular Maintenance Schedule

Next, instead of waiting on things to break around the house, you should keep a regular maintenance schedule. This will show your tenants that you care about the property and its upkeep, and it’ll ensure that fewer things break or fail while your tenants are living at the property. With fewer hassles like this, your tenants will be more likely to stay.

Make Sure Your Tenants Know Their Responsibilities

While you’re keeping up your end of the property maintenance deal, it’s important that you clearly inform your tenants about their responsibilities, as well. If you expect them to do basic upkeep on the landscaping, as well as mowing the lawn, you need to make sure that this is clear. If your tenants know what they’re responsible for doing around the property, they’ll be more likely to keep up with these tasks and chores, and they won’t think that you’re letting the house fall into disrepair.

Always Answer the Phone

Emergencies happen, and they often happen in the middle of the night or at other inconvenient times. Don’t turn your phone off at night and do make sure that your tenants have a number where they can reach you for emergencies, even if you’re out of town or it’s late in the evening. You can stress that this number is only to be used for emergencies, but you absolutely must answer the phone when your tenants call you. And you must take care of their problems as quickly as possible.

If you can handle problems that occur at inconvenient hours, and you can do it quickly and efficiently, your tenants will know that they have a great landlord and that they’re going to be taken care of if anything else happens while they live in your house.

Consider Hiring a Property Management Company

Finally, when it comes to finding and retaining great tenants, no one does it better than a professional. Property management firms are equipped to handle those late-night calls, to deal with maintenance and repairs, and to respond to your tenants’ needs whenever they arise. If you aren’t sure you can do all this on your own, you may want to hire a professional property manager to do it for you.

Remember these tips and you might be surprised at how much your tenant turnover rate drops!