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Tenant retention is the holy grail of the rental industry as per Property Management Flemington. Tenants that stay in your home long-term are not only more likely to pay rent on time and take care of the property, but they also save you money in turnover costs. In fact, it’s estimated that turnover costs can be as high as 30% of a month’s rent, depending on where you’re located. That means if you have a tenant staying for an extended period of time, it could be saving you thousands of dollars per year!
Introduction
Tenants that stay in your home long-term are not only more likely to pay rent on time and take care of the property, but they also save you money in turnover costs. In fact, it’s estimated that turnover costs can be as high as 30% of a month’s rent, depending on where you’re located. That means if you have a tenant staying for an extended period of time, it could be saving you thousands of dollars per year!
Clean and repair the home.
A clean and well-maintained property is a happy, safe, healthy and attractive place to live. In addition to these benefits, it will be more marketable when the time comes for you to sell the home.
When considering Property Management Flemington, you may not think that cleaning and repairing your property regularly can help you improve tenant retention rates, but in fact, it does. The longer tenants stay in their properties means fewer turnover costs associated with screening new tenants, including advertising costs, credit checks and even legal fees if necessary.
Advertise the property
- List the property on multiple sites.
- Advertise on social media, especially if the property is located in a dense urban area or next to a college campus where there are lots of young people who would be likely renters.
- Look into advertising in local newspapers, online newsletters and community calendars (or even local magazines). Some newspapers will let you run an ad as a full page at no charge if you’re willing to run ads for other businesses, too (you can always negotiate). You might also find ads for renters by searching Craigslist’s “For Rent” section and posting flyers around town or handing them out at events held by your community organizations and churches.
Conduct interviews
- Make sure to conduct interviews in person, so you can assess the way a potential tenant interacts with you and your staff.
- Interview all applicants, even if they’re not the best fit for your property.
Run background checks
When a potential tenant applies for a rental, you’ll want to conduct a background check. This can help ensure that the person will be able to pay on time and is unlikely to cause any damage during their stay. A good credit history, criminal records (if applicable), eviction history, and other information can help you make an informed decision as to whether or not they’re a good fit for your home.
You can run these checks yourself or hire an outside company that specializes in this type of thing—either way is fine, though some landlords may prefer the latter option because it gives them more control over what kind of information is being collected about their tenants. Either way is fine!
Conclusion
Tenant retention is an important part of managing your single-family rental properties as per Property Management Flemington . By following these best practices, you can make sure that you’re getting the most out of every tenant and helping them feel like they’re home.
