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Reducing Unit Turnover Time and Costs

Best Property management Pocatello IdahoIf you own an investment property, you know that tenant turnover can be costly. Between cleaning and repairs, the cost of finding a new tenant, and the loss of rental income for each day the property sits vacant, tenant turnover can quickly take a chunk out of your profits for your property.

While the best practice is to reduce tenant turnover through good management, lease incentives and reasonable rental rates, people do leave—and they don’t always leave the property in the best condition. There are several things a property owner can do to reduce turnover costs and turnover time, as well as things they can do to make it easier to maintain the property, making it easier to turnover the next time a tenant leaves. At Rooftop Real Estate we pride ourselves on the low vacancy rate that we maintain for our owners.

Understanding the Costs of Tenant Turnover

Even with the best tenants who leave the property in impeccable condition, there will always be costs related to tenant turnover. You’ll need to change the locks or have them re-keyed, touch up the paint, and have the property cleaned to move-in condition for the next tenant. You’ll also need to advertise the rental property, screen tenants, and possibly offer an incentive to encourage a short turnover.

In the worst situations, you’ll be replacing carpeting, patching holes walls and doors, repairing broken or damaged appliances, and doing some heavy cleaning just to make the property livable again. In these situations, it’s best to weigh the costs of hiring a professional for some jobs versus the time it would take you to do the work yourself, thus leaving the property vacant in the meantime.

Add Low Maintenance Features and Upgrades

If you find yourself having to replace carpet each time a tenant moves out, you might consider installing a laminate, tile or other hard surface flooring. Hard flooring is generally more durable and easier to clean than carpet. You may opt to install hard flooring in higher traffic areas of the home, reducing the total area of carpeted areas that would need cleaned or replaced.

Use one or two colors of paint throughout the property, and if you have multiple properties use the same paint color in all of them to reduce confusion and the need to stock multiple paint colors. Choose a low cost, durable paint that is easy to clean but still looks appealing to potential renters.

You may choose to take the time during tenant turnovers to make improvements or renovations to the rental property, increasing its rental value and making it more appealing to potential renters. This could include installing a dishwasher, updating the bathroom or kitchen, upgrading lighting fixtures or improving closet storage. Find out what tenants in your area value, and cater to their wishes. Happier tenants will stay longer, reducing turnover frequency.

Reduce Tenant Turnover

The best way to lower your costs of a tenant turnover is to reduce turnover from the beginning. Make sure the property is well maintained, functionable, and that tenant concerns and needs are being addressed in a timely manner. If turnover is still a problem, offer lease-renewal incentives to existing tenants and coordinate referral programs. Rooftop Real Estate strives to create a community that renters love to call home. We recently invited all tenants to join us for a tenant appreciation BBQ where we offered food, prizes and entertainment on a beautiful summer evening. A great property management company should exceed expectations for their tenants and their property owners.

An experienced property management company can help manage the day-to-day operations of your rental properties, dealing with tenant issues, maintenance and rent collection. They can also offer assistance when it comes to setting a monthly rental amount, marketing, and lease agreements. Properties that utilize a property manager generally have lower turnover rates and fewer vacancies than those who manage their properties themselves, resulting in steady rental income for property owners.

Rooftop Real Estate is the premier property management company in Southeast Idaho. With properties in Rexburg, Idaho Falls, Blackfoot and Pocatello. For more information call us at 208-522-ROOF.