When clients hop from unit to unit, they tend to take your money with them. Between cleaning and repair costs to showing and application costs, every time you have to fill an empty property, it’s costing your business. Here are four tips to reduce resident turnover:
Respond To Requests
The number one thing that’s going to frustrate residents and make them more likely to move is taking too long with repairs and other requests. No one wants to live in a home with broken appliances or safety hazards. If for some reason there’s going to be a delay in repairs, make sure you communicate this with the resident. This way, they know you’re aware of the problem and are working to make it better.
Keep Rents Within Market Range
You can bet that residents are keeping an eye on market prices. Since housing is the biggest expense for most households, you’ll be hard pressed to find anyone that wants to pay more than they need to. Some advice out there recommends you raise rent every year, but raise it too much, and you may just push them into moving.
Maintain Home Appearance
No one wants to live in a home that looks run down. Maintain your properties by keeping up with painting, roofing and other beautification projects. A home that looks nice is a home the resident will be proud to live in. When they feel good about their home, they’ll be less likely to move.
Avoid Home Jumpers
Some people are just more prone to moving homes. They tend to pick and leave every one to two years. You can see this on their rental history. If at all possible, and within your state’s regulations, avoid renting to these residents in the first place.
Follow these steps and you’ll increase profits by reducing turnover costs. Contact us at Marquette Management with any questions about property management or the multifamily industry.Back to all posts