How to Reduce Tenant Turnover

Concept: Miniature house on keychain with keysFor a residential leasing company, tenant turnover is inevitable. Through career changes, income increases or decreases, and family growth, there are a multitude of reasons why a tenant would need to move. With that being said, a leasing company needs to do everything in its power to foster long-term relationships, which will decrease tenant turnover.

Qualifying Tenants

In order to make sure a tenant is a good fit, a leasing company needs to conduct proper background checks and collect exhaustive screening reports.

From screening reports, a residential leasing company can find credit reports, eviction records, criminal records, employment verification, and several other criteria that would suggest whether a tenant would be a good fit. Of course, these screening reports can not perfectly predict if a tenant is a perfect match, but it will help give a residential leasing company an indication of what to expect.

Aside from the screening reports, understanding the rental habits of perspective clients is one of the best predictive tools for a residential leasing company. If a would-be-tenant appears to move around every couple of months, that should signal a red flag. Perhaps they have a hard time keeping a job and are forced to move, or perhaps they are a nuisance or are constantly late with their rent.

Having the right people is the first step in preventing tenant turnover.

Respond to Tenants

With the power of social media, a residential leasing company can receive bad press rather quickly. We all have seen at least one of our friends on Facebook complain about their leasing company, and that’s obviously a major detractor for acquiring and maintaining tenants.

Individuals within close quarters will quickly make friends, and noticing a neighbor complain about similar issues is a catalyst for tenant turnover. A residential leasing company not only needs to respond to the tenant’s inquiries as soon as possible, but the repairs should be made extremely fast.

If the repairs will require more time than expected, a tenant deserves to be kept in the loop of the process, and should receive an accurate timeline on when the repairs will be completed.

Not responding to a tenant’s issues in a timely fashion will decrease tenant retention significantly.

Value Tenants to Avoid Turnover

Just like with any business transaction, a customer wants to feel valued. There are many choices when it comes to residential leasing, so a tenant wants to feel appreciated when he or she partakes in the services of a particular residential leasing company.

From rewarding loyal tenants with gifts and discounts to making sure the staff knows the names of the tenants they interact with, there are plenty of ways to provide value and avoid tenant turnover.

With extensive experience serving the greater Frederick area and Western Maryland, Clagett Enterprises has delivered superb service since 1987. Whether you are looking for residential rentals or plan on purchasing a home, the Clagett team is a full service real estate company that’s ready to help you find your new home today!

Speak with a Clagett professional at 301-665-6009, and make sure to connect with Clagett on Facebook, Twitter, Google+, Pinterest and YouTube.




This entry was posted on Friday, March 27th, 2015 at 9:02 pm. Responses are currently closed, but you can trackback from your own site.