Contacting you when there’s an issue. Always paying on time. Respecting your property and the neighborhood. Finding great tenants that do all of these things isn’t easy, but once you lease to renters who take care of your place as if it is their own, you never want to see them move out.
According to the National Center for Housing Management, each year, 54% of apartment’s turnover to new tenants. For landlords, this period of time comes with expenses that range from cleaning costs to possible repairs. Lost rent (especially significant when you rely on rental income to pay your mortgage), utilities, and advertising fees can all add up the longer the unit is vacant.
Reducing or eliminating your turnover expenses by keeping good tenants longer could help you to be a more profitable landlord. There are many advantages, including:
- Showing New Tenants you care about them and your property from the beginning
- Having consistent rental income
- Spending less time and effort preparing the unit for rent (cleaning, property showings, advertising, etc.)
- Avoiding the uncertainty of bringing in a new tenant
At
Renpact.com, We focus on making a lasting first impression that says “Welcome Home” and also sets the tone of expectations of proper care for the rental property! You may ask, How is that?
Implementing techniques that landlords and property managers can do to keep their tenants happy and ultimately longer is key. Lower vacancies and higher occupancy equate to improved Return on Investment “ROI”, Period!
One tried and true technique is providing a Tenant Welcome Package. Think of a Tenant Welcome Package as a simple housewarming gift. It is more than just a Welcome Kit folder which typically contains paperwork highlighting rent payment policies, contact information, utility service providers and emergency maintenance procedures.
A Tenant Welcome Package is the “above and beyond” gesture that shows your tenant you care about them and your property. You will make them feel special and reinforce their decision to move into your rental.