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How Landlords Can Avoid High Tenant Turnover

How  Landlords Can Avoid High Tenant Turnover

Every successful landlord needs a rock-solid tenant retention plan or what we like to call “a happy tenant strategy”.

This is because happy tenants are loyal tenants. Loyal tenants are more likely to stay in your property for longer, helping you to avoid the ultimate landlord bugbear – high tenant turnover.

Whenever a tenant moves out, the landlord gets hit with extra costs such as end-of-tenancy repairs, marketing and reference checks to cover the new tenancy.

Then there is the issue of lost rent when a property sits empty in between tenancies.

So, it makes good business sense to minimise turnover by going the extra mile to keep hold of good tenants.

Here are six tips for  landlords for avoiding tenant turnover.

  • Choose the right tenant

By following a detailed selection process and carrying out thorough credit and reference checks, you’re more likely to land a “keeper” in the first place.

  • Good communication

Ensure your tenants can quickly get in touch with you (or your representative) when they need to. If they raise an issue, listen to their concerns and try to be accommodating. While you want the relationship to be business-like, it also needs to be personable.

  • Keep on top of maintenance and repairs

Ensure the property is kept in good condition and respond promptly when there is an issue. If you ignore a tenant’s complaints, they’ll wonder if the grass is greener elsewhere.

  • Be honest 

Don’t overpromise or be economical with the truth. Trust is important in the tenant/landlord relationship.

  • Don’t set the rent too high

Setting the rent too high can be a false economy. If a tenant feels that they’re getting ripped off, they’ll quickly move on – leaving you to fork out to find a new tenant.

  • Be flexible

Give requests about decorating or having pets due consideration (even if you’re initial instinct is to say no). If a tenant feels that they can create a home environment in your property, they’re more likely to stay for a long time. If a tenant is working out well, consider offering them a longer lease.

Get in touch with Knights Property Services to find out how we can help you find and retain good quality tenants.

Whether you are selling, buying, letting or renting, we’re here to help. Call Jon and our team on 01276 539111 or email: enquiries@knightspropertyservices.com  for expert advice which is honest, accurate and informative.

If you’re looking to sell, book your free sales valuation now

If you’re looking to let, book your free lettings valuation now

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