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Northridge – Property Management – Reduce Turnover

PROPERTY MANAGEMENT NORTHRIDGE

3 tips of landlords and property managers to reduce tenant turnover

For any landlord, it can be very expensive losing a tenant since the landlord will not be able to collect rental income during the time a property is empty. Moreover, the landlord will also have to pay for repairs in order the get the property back in to rentable condition. If the tenant stays put, all these costs can be avoided and this is the very reason why property managers look to reduce tenant turnover as much as possible. So if you are a landlord, the following tips are bound to help you.

Tip # 1 – Fairness

Every tenant wants a fair landlord/property manager. Just put yourself in their shoes and you will understand what I mean. If the renter is having problems and the landlord or property manager is offering helping hand, this will always be in the back of their mind and something they will remember at the time the lease is due to expire. If you are fair to them, they would much rather stay with you since they wouldn’t want to lose such a landlord or property manager who is nice and reasonable.

Tip # 2 -Play by the rules

Outline the details of what you expect from the tenant at the onset of the lease. Where the lease states a certain date for the payment of rent and any late payment have a certain fix charge, then stand by it and charge that fee. You should never look to relax your own set rules because if you show relaxation once, the tenants won’t take any of your rules seriously

Tip # 3 – Take care of the Repair work

The best thing any landlord can do is taking care of the repair requests. This is something which is given a lot of importance by most tenants because this can be a big hassle and therefore, renters are far more willing to move out of a property where the owner is taking care of this part. Renters would even be willing to pay more in terms of rent at other places if that means that the landlord will take care of the repair requests on a timely basis. If you do this, there is a great chance that your tenants will stay with you and renew their lease agreement when it expires.

The above 3 tips really work and are something that is expected of a good landlord or property manager.

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