{"id":40253,"date":"2017-08-24T03:16:49","date_gmt":"2017-08-24T10:16:49","guid":{"rendered":"http:\/\/world.edu\/?p=40253"},"modified":"2017-08-24T03:16:49","modified_gmt":"2017-08-24T10:16:49","slug":"decrease-turnover-rental-property","status":"publish","type":"post","link":"https:\/\/world.edu\/decrease-turnover-rental-property\/","title":{"rendered":"How to decrease turnover in your rental property"},"content":{"rendered":"

\"\"<\/p>\n

Being a landlord sure isn\u2019t easy but, if you do it right, it can also be extremely rewarding\u2014financially and otherwise. The biggest pitfall to avoid is tenant turnover as, let\u2019s face it\u2014it\u2019s just a gigantic pain in the behind. If you\u2019re doing it right, the screening process is intense so the idea of doing it over and over again is morbidly depressing. Not only that, but it costs you a lot of money due to lost income, repairs to the place, cleaning, applicant processing, and more. How do you avoid it? Make your tenants happy! Read on for more tips on how to decrease turnover in your rental property.<\/p>\n

Make Your House (Or Whatever It is!) a Home<\/strong><\/p>\n

As a landlord, when you give respect, you get respect. That doesn\u2019t mean you have to decorate your place with all the goodies from Pottery Barn<\/a> or even incorporate the most modern amenities. However, there are homey touches you can provide that will make your property go from feeling like a house to a home. And as cheesy as it may sound, you should try and get to know as many of your tenants as possible\u2014you can never underestimate the power of the personal touch.<\/p>\n

Be Thorough with Your Screening Process<\/strong><\/p>\n

Retaining good tenants means landing them in the first place, which requires an intensive vetting process<\/a>. You\u2019ll need to have applicants fill out a thorough application, call their references, call past and current employers to assess ability to pay, and do a thorough background and credit check. Fortunately, you can get a free credit and eviction history check through companies like TransUnion. While you don\u2019t want to dismiss anyone out of hand for things like misdemeanors, if there is a long history of leaving jobs and\/or inability to pay rent, you may want to reconsider. Learn how to read a Transunion credit report<\/a> and discover which red flags to look for when screening prospective renters.<\/p>\n

Handle Issues Promptly<\/strong><\/p>\n

There will be inevitable issues with any rental property, even if it\u2019s in tip-top shape\u2014this simply goes with the territory. But if your tenant(s) can\u2019t get a hold of you, it\u2019s going to be a problem. It\u2019s one thing for you to be unreachable once, but if it\u2019s a recurrent issue, these people are going to begin to wonder what benefits they\u2019re getting from renting vs. buying and may consider leaving or raising legal issues<\/a>. You may want to consider hiring a property manager<\/a> to handle the daily nitty-gritty.<\/p>\n

Make Sure Your Location is Ideal<\/strong><\/p>\n

This is something you have to take care of from the get-go but, as anyone who is in real estate knows, it\u2019s all about location, location, location. If you can nab something in a prime area of a city or suburb that people love, you\u2019re less likely to have turnover. And even if you do, all you have to do is pop a sign up in the window. A prime location means it usually receives a lot of foot traffic, meaning you\u2019re sure to have your next renter applicants lining up at the door.<\/p>\n

Make Sure the Price is Right<\/strong><\/p>\n

Bob Barker isn\u2019t the only one interested in whether the price is right. If you\u2019re a \u201cnewbie\u201d landlord and you don\u2019t do your due diligence before setting the rent, you could be in trouble. If you try to price gouge, raise rent, and\/or aren\u2019t aligned in treating your tenant the way he or she deserves to be treated for the price you are charging, you\u2019re going to be left holding the bag (and it won\u2019t be filled with money). If you simply don\u2019t know, ask others in the field and study the market as much as possible to make sure you\u2019re setting a fair rate.<\/p>\n

Issue Incentives<\/strong><\/p>\n

On top of pricing your property correctly, you might consider adding incentives once tenants have moved in and shown themselves to be worthy. If they\u2019re coming up on a year lease, think of giving them something like half off of their first month\u2019s rent for the next year. This is not a ton of money for you in the big picture but, for them, this could seal the deal in making them long term tenants. You might also consider incentivizing them with upgrades, like a remodeled kitchen or master bathroom.<\/p>\n","protected":false},"excerpt":{"rendered":"

Being a landlord sure isn\u2019t easy but, if you do it right, it can also be extremely rewarding\u2014financially and otherwise. The biggest pitfall to avoid is tenant turnover as, let\u2019s face it\u2014it\u2019s just a gigantic pain in the behind. If you\u2019re doing it right, the screening process is intense so the idea of doing it […]\n… learn more→<\/a><\/p>","protected":false},"author":33,"featured_media":40254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[136845],"coauthors":[11733],"class_list":["post-40253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-renting"],"acf":[],"yoast_head":"\nHow to decrease turnover in your rental property - World leading higher education information and services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/world.edu\/decrease-turnover-rental-property\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_US\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"How to decrease turnover in your rental property - World leading higher education information and services\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Being a landlord sure isn\u2019t easy but, if you do it right, it can also be extremely rewarding\u2014financially and otherwise. The biggest pitfall to avoid is tenant turnover as, let\u2019s face it\u2014it\u2019s just a gigantic pain in the behind. 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