Avoiding vacancies and turnover makes financial sense for rental property owners. When you have a tenant move out, you have to do a lot to the property to prepare it for the next tenant, and that costs you money. To avoid this expense, you want to keep your vacancies low. Today we have some advice on how to do that, and we’re sharing some of the things we practice at Cape Shore Property Management.
Be Responsive to Tenant Requests
Take care of reasonable tenant requests. If your tenants are making a request that seems annoying but you know they are good tenants, take care of it. For the $50 or $150 that you spend, you’ll be keeping a good tenant happy.
Moderate Rent Increases
When a great tenant’s lease is coming up for renewal, don’t raise the rent too high. You can decide to raise it a little, or you might not want to raise it at all. We have seen tenants move out because of a $25 rent increase. Make sure you know your market, and work hard on maintaining a good relationship with your tenants so you can keep them in place.
Maintain the property at all times, and don’t let things slide. If the sink is leaking or the toilet is running all the time or the screens are ripped, make those repairs right away. Keep those tenants happy because happy tenants will continue paying rent.
Lawn and pool care also needs attention. When you hire a vendor to maintain these things, you can be sure they are being done properly. The tenants will know the pool and lawn are being cared for, and they’ll be happy with the home.
Consider giving your tenants a gift card when they renew their lease. If you give them a $10 or $25 gift card to Starbucks or their favorite restaurant, you will make them feel appreciated. Treat your tenants with respect, and they will continue living in your property, taking care of it, and paying rent.