Lowering your tenant turnover will increase what you earn on your Columbus rental property and help you avoid expensive vacancy costs. When you’re trying to limit the amount of tenant turnover you face, it’s important to ensure your high performing tenants are happy living in your rental home. They need to enjoy their rental experience, otherwise they’ll be looking for a better place to live.
Think of your tenants as customers. They pay rent, and just like with any customer, you need to show them that you appreciate and value them. At Solutions for Real Estate, we have average tenant stays of more than three years. That’s a pretty important statistic considering the average stay for tenants in Columbus is 16 months.
We’re sharing some tips for how to keep your great tenants in place.
Focus on Responding to Maintenance Requests
Emergency maintenance problems require your immediate attention as a landlord. This is understood by almost everyone who owns a rental property. If a tenant calls to report that the property is flooding or the toilet in a one-bathroom home isn’t flushing, you need to get these things fixed right away to keep your tenants safe and the property habitable.
When you want to create a tenant retention plan, we recommend responding to routine repair issues with the same sense of urgency. A garbage disposal that’s stuck might not seem like a big deal, but your tenants will appreciate your immediate response. It’s also a good way to protect the condition of your Columbus investment property.
Owners who are responsive to the needs of their tenants, especially when maintenance is concerned, will find that their residents stay longer.
Consider Cost-Effective Upgrades
You want to keep your property looking modern and attractive. If you’re renting out units in a multi-family building, paint the exterior when it starts to look faded and chipped. Think about hiring a professional landscaper to take care of things like lawn care and snow plowing.
Tenants will appreciate new carpets or floors when their lease agreements renew. You can offer a new appliance if the refrigerator or washing machine is looking old and dated. Installing energy efficient appliances and lighting will not cost a lot, but will go a long way in retaining great residents.
You don’t have to spend a lot of money or completely renovate your house. Just show your tenants that you care about the property and their happiness while they live there.
Provide High Quality Columbus Property Management
If you’re not already working with a qualified and experienced Columbus property management company, now is the time to consider it. Not only will property managers help you earn more and spend less on your investment in general, we’ll have plans in place to find, place, and retain the most qualified tenants in the Columbus market. They have the time, resources, and knowledge to respond to all of your tenant’s needs and to stay one step ahead of the market and the industry trends.
It doesn’t take much effort to make your tenants feel special and appreciated. Make a note of their birthdays, and send a card. Leave a welcome basket in the property when they move in that includes small housewarming presents. Tenants remember these things. If you’d like to hear more about how to reduce vacancy, please contact our team Solutions for Real Estate.