In our last blog, we discussed some simple ways to make tenants want to stay in your property. Your tenants are your business’s lifeblood, and when they move out, it can create a stressful situation for you. Of course, all tenants move out of apartments and homes for rent at some point, but if you have a high turnover rate, you can get trapped in the expensive process of perpetually moving people in and out. You can’t afford to have your business weakened this way, and the Real Property Management team is here to help. That is why we’re going to use today’s blog to share how to overcome turnover and turn it around.
How to Take Turnover and Turn It Around
Turnover happens to every landlord, but it doesn’t have to drag you down. Instead, you can use it to slingshot your business to higher success. Here are our tips for handling turnover and getting a new tenant in as quickly as possible.
What to Do When a Tenant Leaves
The minute a tenant indicates they want to move out, you have opportunities at your fingertips. Taking advantage of them isn’t that difficult; you just need to get on it quickly.
First, perform a pre-vacancy inspection. You need to understand how the property is doing and get a feel for what you’re working with. The sooner you know what needs to be done, the sooner you can get a contractor scheduled and the easier it will be to withhold the tenant’s deposit and cover the costs (if necessary).
Second, start looking for new tenants immediately. You don’t have to wait for the tenant to leave before lining up the next one. It is especially important to take action if your screening process takes a few weeks. This is where Real Property Management can help by making giving you a consistent pipeline of screened, qualified prospective tenants.
Third, make updates to the property. New appliances, paint, carpeting, and additions all make your property more appealing to incoming tenants. If you start before the current tenants leave, you may make them sorry they decided to go!
Once the tenant has moved out, it’s time to price your property, spread the word about its availability, and make sure you’re promoting it properly. This can be very time-consuming, but it’s important to get right. If you feel like you don’t have the time to do your research and maintain a pipeline of qualified prospective tenants, you aren’t alone! That is why we are here. We come alongside landlords all through Jonesboro and free them up to focus on their tenants and properties.
Let Real Property Management Make Your Life Easier
We understand that you need your tenants to rent your property for as long as possible, and when you’re dealing with the chaotic experience of landlordship, it can be difficult to find the energy to give your tenants reasons to stay. Let us shoulder the complexity and intensity and give you a chance to become the best landlord you can be. Contact us in Jonesboro today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
