Minimizing tenant turnover is in every landlord's best interest. When a tenant chooses to move, the time and money spent preparing the space for a new tenant, as well as the effort put into marketing the property and screening applicants are not insignificant. Keep in mind that empty properties mean less income – job vacancy it is certainly not your friend as an owner.

So how can a landlord reduce tenant turnover? Here are some tips to retain tenants and reduce turnover to increase revenue by letting tenants pay rent online to offer discounts and incentives to renew their lease.

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Find quality tenants

Good tenants do much more than just pay your rent on time. They will treat your property with respect, will not disturb you or your other tenants, and will take long-term rentals. Long-term tenants reduce the amount of time you have to spend marketing, repairing and renewing the lease between tenants.

Finding quality tenants takes time, but the extra work is worth it when you reduce vacancies and increase revenue.

What are the best ways to find good tenants?

Understand who your ideal tenant is:

The first step in finding quality tenants is to understand exactly who your ideal tenant is. If you are looking for rent who may be more likely to stay for multiple rentals, moving to a neighborhood with good schools can attract new families. Families tend to stay in a rental longer than perhaps a young professional fresh out of college.

Then, make sure your property matches the needs of your ideal tenant. For example, if you want to start housing new families, make sure your rental is child-friendly. You are more likely to succeed in finding your ideal tenants if your rental is in an area that suits them – if you prefer to house students, your rental should be close to a university. Young families want proximity to parks and good schools, and young professionals would likely prefer to be close to fun restaurants and bars.

However, keep in mind that no matter who your ideal tenant is, all applicants should be screened the same way. Follow fair housing regulations with each applicant and remain objective in your tenant screening process.

Full tenant screenings:

It's a good idea to have a goal tenant review system to ensure you are following Fair Housing laws and regulations. Tools like tenant screening checklists help you apply the same screening procedures to each applicant and reduce the chances of unconsciously biasing one applicant over another.

Work to keep them happy:

Once you find a good tenant, make sure you do what it takes to keep them living in your property. If they have maintenance requests, respond to them quickly and make sure to only raise the rent when appropriate. If you run into them at the leasing office or in the field, say hello! Small gestures like this can make a big difference in how a tenant feels at home in your property.

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Improve the property

Another measure that minimizes the turnover of tenants is storage and property improvement. Make sure the equipment is working and periodically upgrade the paint, flooring and other aesthetic aspects. All of these little things work to make the tenant feel more comfortable in their space and lessen their desire to live elsewhere.

Once you've improved the property to the best of your ability, it can be smart to offer discounts like coupon books or renewal incentives to make tenants feel appreciated. Coupon books with discounts from local businesses are convenient for those new to the area or anyone looking to get out on the town, while incentives can encourage tenants to renew their lease, refer a friend or make another task that benefits them and your business.

Collect rent online

Online rent collection minimizes tenant turnover by being more convenient than checks or cash, allowing tenants to pay in the way that is most convenient for them. If they want to pay from a savings account, checking account or credit card, electronic rent payments can allow them to do so. By meeting the needs of tenants by allowing them to submit a online rent paymentthey are more likely to stay on your property longer.

Choose quality property management software by shopping around and doing your research, and set it up with the help of their customer support team or online resources. Once you have everything up and running, share the payment portal with your tenants. You will be renting online in no time.

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Online rent collection and property management software is also useful for landlords because many of them come with a host of features. other benefits. Landlords can view rent payment history of tenants, automatically charge late fees and enjoy many other useful features.

Reducing tenant turnover should be one of your top considerations as a property investor. By keeping tenants in your properties, you can ensure that vacancies are few, saving you time and money.