Tenant turnover. It is an inevitable reality that every rental property owner will deal with at some point. In fact, it is a major factor in the failure or success of an investment property. The reason it is such a huge concern is because it can be an absolute cash-flow killer. When a rental property turns over, there is a gap of time that occurs between tenant occupancies. During this gap, owners are obliged to prepare the property for new prospective tenants by updating to the property to make it rent-ready. Many times this includes cleaning the entire property, tending to the landscaping, and catching up on deferred maintenance. Once all that is done, owners still need to advertise the unit again, answer inquiries, schedule property viewings, screen applicants, and prepare lease agreements. It is an incredible expenditure of time and money for landlords. It’s painful to watch the days pass by as your property continues to sit vacant, accruing charges with zero rental income.
If you don’t know how to minimize this profit-draining event, you could jeopardize your entire investment. Thankfully, you don’t have navigate this process alone. With the help of professional residential property management, Fairfield landlords can breathe a sigh of relief knowing that the network of property managers at Real Property Management Southern Connecticut are happy to walk with you throughout every step of the tenant turnover process. Here we’ve outlined how you can minimize turnover and and make the process as efficient as possible.
Be Proactive About Tenant Retention
Tenants are the lifeblood of your investment. If your tenants’ overall experience is good, chances are they will stay longer and treat your property with respect. However, if their experience is bad, they will be compelled to leave sooner and with little regard to the property. The key here for landlords is to develop the habit of providing incredible customer service from day one so that even if when your tenant does leave, they leave with respect for you, your business and are more willing to offer a charitable review for future tenants. Here are a few tangible ways to can work toward positive tenant retention:
- Always Screen Applicants. Selecting the right tenant to move into your rental home is the first step. Working with professional residential property management in Fairfield like RPM Southern Connecticut can help you develop a thorough screening process for all potential tenants over the age of 18. This will help paint a clearer picture of the kind of person you want to rent your home. That is why RPM Southern Connecticut insists on background checks, rental histories, and credit checks which provide important insight into the character of an individual. Low credit scores, spotty work history, and general behavioral observations in the interview process can be red flags. Instead, hold out for applicants that demonstrate financial reliability and a trustworthy demeanor.
- Keep Your Property in Tip-Top Shape. The nicer you keep your property, the more likely your tenants will want to stick around. That means that when appliances break, or the unit incurs weather related damage, or the plumbing has failed, you are willing and able to make these repairs in a timely manner. If a tenant has a need or concern, respond as quickly as possible. Of course, proactive maintenance can help prevent future problems and save you money in the long run. This also sends a message to your tenant that you care about both them and your property. However, there will be instances when you won’t always be able to fix a tenant issue (ie: noisy neighbors, or an out-of-scope request) but merely acknowledging the problem and responding will show that you are willing to go the extra mile, which could keep your tenants around for a few additional years.
- Maintain a Good Relationship. You don’t have to bend over backward for your tenants, but a little flexibility can go a long way. Letting tenants know that if there is an emergency, they can contact someone quickly can speak volumes. However, you’re only one person and can’t be expected to be available every waking moment. That’s why partnering with a professional residential property management, Fairfield landlords can offer their tenants access to an emergency maintenance hotline 24/7 that is ready and able to address their urgent needs. The goal is to have an environment that is safe and maintained with open, honest, and regular communication. You can provide that to your tenants with the help of RPM Southern Connecticut. When tenants have an enjoyable renting experience and feel at home, they will want to stay as long as they can. The bottom line is the longer your rental is filled, the more regular your rent checks also are thanks to your wise rental management.
How Our Professional Residential Property Management in Fairfield Deals With Turnover
Even if you’ve done everything to encourage your tenants to rent faithfully for years, you can hardly expect someone to live in the same place forever. That’s why RPM Southern Connecticut believes it’s important for owners to have a plan for what to do when your tenant informs you of their intent to leave.
- Request Advanced Notice: The more prepared you are for this departure, the easier it’s going to be on you and your revenue streams. Requesting at least one month’s notice is standard practice among professional residential property management in Fairfield—so when your tenant is ready to leave, gently remind your tenants to provide their final notice in writing. This request should already be stipulated in the lease agreement they signed.
- Perform a Pre-Vacancy Inspection: Before any tenant leaves, be sure to do a pre-vacancy inspection, which is vital in helping you identify any key issues the property may have and understand what you have to work with before it becomes vacant. This will help you schedule contractors quickly to address needed repairs and improvements as soon as the tenant has vacated the premises, thereby shortening the time the property is inaccessible to prospective tenants.
- Look for New Tenants Immediately: Don’t wait until your tenant is gone to start looking for new renters. Be proactive and begin reviewing new applicants as soon as possible. A thorough screening process may take more than a few weeks to complete, so it’s vital to start your new tenants search as soon as possible.
We’re Here For You!
Our team of experienced property managers are here to help train and guide you toward being the best property owner and a sound real estate investor. With more than 25 years of experience in the industry, we have developed a tried-and-true method for handling all the ups and downs of rental real estate. You don’t have to do this alone. Call us today and see how we can help you grow your investment by helping you keep your tenants longer with impeccable customer service and unmatched client resources.