Tenant Turnover: The Impostor among us.
Tenant turnover is the process of getting a new tenant to occupy the property after the previous owner vacates it.
Property management is best described as the most efficient way of keeping the property occupied, while both the property owner and tenants are happy.
However, all tenants move because ‘change is the only constant in life.’ You should welcome new tenants with open arms, but the process is not as easy as throwing a welcome party and signing the lease agreement.
Below, we have listed the many disadvantages of tenant turnover. Do not be surprised when most of them involve precious dollar bills.
Time is money.
No tenant, no income.
The property was once a home, but it remains lifeless now. Before new tenants show up, your property is no longer providing you with rent. Rather, it gives you more things to spend money on before it is rent-ready.
The property cannot be rent-ready unless maintenance and repairs are flawless. The property must have excellent curb appeal and follow safety guidelines as well. None of this comes without an investment.
If you were to make the repairs on your own, the property remains vacant for as long as you take to repair. You will be investing money, time, and energy. The profits of what you could be achieved in the meantime would be lost. Outsourcing services for repair will cost you double or triple the amount of doing it yourself. Both methods are not the most ideal, so you will have to settle for the least inconvenient of the two.
Obviously, if Freedom Rents has been your property management company, these costs will significantly reduce. We maintain the property with zero flaws during the lease agreement of the previous tenant. This also means repairs from wear and tear will be quick therefore making the property rent-ready in no time.
Marketing your rent-ready property.
You have got a few options here. However, unless you expect to find a tenant through word of mouth, every other option will cost you money. You can opt to advertise your property online. If it fails, you can choose old school methods. Print out flyers, post an advertisement in your local newspaper, post vacancies on your community billboard or order a cute yard sign/banner to up that curb appeal and attract prospective tenants.
Every method here does not guarantee the right tenant showing before you incur the loss of having your property unoccupied. Your property management company, however, would be prepared for the vacancy and would already have short-listed prospective tenants.
Loving tenants = A loved home.
The right tenants are the backbone of high-quality property management. The immediate disadvantage of tenant turnover is the loss of your previous tenant. After the long, tedious process of getting a prospective tenant to settle on your beloved property, you need to make sure the tenant can give your property the love and care it deserves.
Tenant screening must be done as accurately as possible while maintaining evidence and making sure all supporting documents are legitimate. The process requires much of your energy, time, and money.
With a property management company like Freedom Rents, finding the right tenant, after sufficient and satisfactory tenant screening while making sure the property is not vacant for too long- is as easy as cake.