ExpenseIt’s important to remember that turnover is your biggest expense – If you have a good tenant, you should do everything in your power to keep them. In an example of a 30-year tenant, contrasted with that of a pattern of leasing to new tenants every two years, you’re looking at 15 turnovers! That translates into over a year of vacancy and lease income. Turnovers create more remodel repair and refresh costs. The longer you can keep a good tenant, the better it is for your bottom line.
Treating TenantsOne key guideline is to always treat your tenants well. Don’t be difficult to work with and then expect your tenant to want to resign at the expiry of their lease. Be prompt with their maintenance requests throughout the duration of their lease so that when it comes time to renew, the tenant will WANT to stay with you. Wants and needs are not always something a landlord wants to deal with because it means spending money and taking you time to deal with the request. Maintaining an objective attitude and fairly evaluating all requests is often hard, but necessary to maintain a great landlord-tenant relationship. Berkshire Hathaway HomeServices - Coastal Real Estate really takes pride in our ability to evaluate tenant needs and requests to make sure the tenant and the landlord are treated fairly. Balance, fairness and good will go a long way in establishing trust and a safe comfort zone all long term tenant’s desire. If we can help you find the sweet spot so you enjoy long term tenants, give us a call so we can help you keep turn over low.
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